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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 08, 2026
DataAggregated Company Financials
Companies69
  • 7D0.2%
  • 3M-13.9%
  • 1Y9.0%
  • YTD-14.3%

The Energy sector gained 6.4% while the market remained flat over the last week. Meanwhile, the market is actually up 9.0% over the past year. Earnings are forecast to grow by 48% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

Has the Argentinian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Mar 2026AR$99.0tAR$86.0tAR$2.5t13.2x40.2x1.2x
Tue, 03 Feb 2026AR$118.4tAR$72.7tAR$3.0t15.6x39.6x1.6x
Thu, 01 Jan 2026AR$113.0tAR$72.7tAR$2.8t16.7x40.6x1.6x
Sat, 29 Nov 2025AR$112.6tAR$74.2tAR$3.5t15.4x32.6x1.5x
Mon, 27 Oct 2025AR$79.5tAR$73.7tAR$5.4t12.9x14.9x1.1x
Wed, 24 Sep 2025AR$70.9tAR$73.4tAR$5.2t12x13.5x1x
Fri, 22 Aug 2025AR$82.4tAR$72.7tAR$5.2t12.8x15.9x1.1x
Sun, 20 Jul 2025AR$82.5tAR$69.2tAR$5.7t14.7x14.6x1.2x
Tue, 17 Jun 2025AR$84.6tAR$68.8tAR$5.9t14.7x14.4x1.2x
Thu, 15 May 2025AR$90.5tAR$69.0tAR$8.1t12.7x11.1x1.3x
Sat, 12 Apr 2025AR$83.3tAR$68.2tAR$8.1t13.8x10.3x1.2x
Mon, 10 Mar 2025AR$90.8tAR$65.1tAR$7.5t17.2x12.1x1.4x
Wed, 05 Feb 2025AR$99.3tAR$48.2tAR$4.2t24.2x23.4x2.1x
Fri, 03 Jan 2025AR$101.7tAR$47.6tAR$4.3t24.5x23.8x2.1x
Sun, 01 Dec 2024AR$91.9tAR$49.0tAR$4.2t20x21.8x1.9x
Tue, 29 Oct 2024AR$73.1tAR$45.8tAR$3.0t22.2x24.2x1.6x
Thu, 26 Sep 2024AR$70.3tAR$45.0tAR$3.0t20.1x23.2x1.6x
Sat, 24 Aug 2024AR$63.9tAR$42.2tAR$2.9t19.2x22.3x1.5x
Mon, 22 Jul 2024AR$64.8tAR$36.6tAR$2.4t18.4x27.3x1.8x
Wed, 19 Jun 2024AR$66.4tAR$36.6tAR$2.4t17.5x27.9x1.8x
Fri, 17 May 2024AR$61.7tAR$40.1tAR$1.3t16.8x48.2x1.5x
Sun, 14 Apr 2024AR$50.4tAR$37.1tAR$567.7b17.1x88.8x1.4x
Tue, 12 Mar 2024AR$40.8tAR$31.7tAR$1.3t22.6x31.3x1.3x
Thu, 08 Feb 2024AR$54.6tAR$14.1tAR$1.8t41.3x30.8x3.9x
Sat, 06 Jan 2024AR$44.7tAR$13.9tAR$1.7t35x26.1x3.2x
Mon, 04 Dec 2023AR$38.8tAR$15.0tAR$1.7t24x22.3x2.6x
Wed, 01 Nov 2023AR$25.4tAR$12.5tAR$854.9b20.5x29.7x2x
Fri, 29 Sep 2023AR$25.5tAR$12.3tAR$841.4b22.6x30.3x2.1x
Sun, 27 Aug 2023AR$26.9tAR$11.8tAR$725.1b24.8x37.1x2.3x
Tue, 25 Jul 2023AR$20.0tAR$10.5tAR$550.6b22x36.3x1.9x
Thu, 22 Jun 2023AR$18.4tAR$10.4tAR$524.4b21.9x35.1x1.8x
Sat, 20 May 2023AR$14.7tAR$10.3tAR$521.7b18.2x28.2x1.4x
Mon, 17 Apr 2023AR$12.1tAR$9.8tAR$429.3b14.9x28.1x1.2x
Wed, 15 Mar 2023AR$9.6tAR$8.0tAR$305.7b15.8x31.5x1.2x
Price to Earnings Ratio

31.5x


Total Market Cap: AR$9.6tTotal Earnings: AR$305.7bTotal Revenue: AR$8.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.9x202420252026
Current Market PE
  • Investors are optimistic on the Argentinean market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 40.2x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 101% per year over the last three years.
  • Revenues for these companies have grown 121% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Argentinian Market?

AR Market0.25%
Energy6.43%
Materials4.44%
Tech2.84%
Utilities1.85%
Industrials0.92%
Real Estate-2.52%
Telecom-3.43%
Consumer Staples-3.47%
Healthcare-3.64%
Consumer Discretionary-3.78%
Financials-5.34%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.4x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 121% over the next 5 years.
  • In contrast, the Consumer Staples sector is expected to see its earnings decline by 23% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
YPFD YPF Sociedad AnónimaAR$55.10k8.5%
+AR$1.7t		34.9%PS0.8xEnergy
PAMP Pampa EnergíaAR$4.70k4.4%
+AR$268.7b		21.2%PE11.8xUtilities
TXAR Ternium ArgentinaAR$661.506.8%
+AR$189.7b		-13.0%PE35.8xMaterials
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$4.01k8.7%
+AR$142.3b		68.2%PE12.9xUtilities
ALUA Aluar Aluminio ArgentinoI.CAR$851.504.9%
+AR$112.0b		5.1%PE2463.2xMaterials
See more

Market Insights

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Latest News

GGAL
AR$6,160.00
Grupo Financiero Galicia
7D
-5.9%
1Y
-12.5%
BBAR
AR$6,870.00
Banco BBVA Argentina
7D
-5.7%
1Y
-10.1%
BMA
AR$10,380.00
Banco Macro
7D
-7.4%
1Y
0.3%

BMA: Large Cash Dividend And Fintech Partnership Will Support Future Upside

Analysts have adjusted their view on Banco Macro with a refreshed ARS 12,040 price target, reflecting updated assumptions for discount rate, revenue growth, profit margin and future P/E that together indicate a more conservative earnings and valuation profile than previously modeled. What's in the News Banco Macro has a Board Meeting scheduled for December 17, 2025, with an agenda that includes considering payment of instalment No. 7 of the cash dividend to shareholders (Key Developments).
TECO2
AR$3,247.50
Telecom Argentina
7D
-3.8%
1Y
18.1%
PAMP
AR$4,695.00
Pampa Energía
7D
4.4%
1Y
21.2%

PAMP: Future Returns Will Reflect Buybacks And Improved Margin And Risk Outlook

Analysts now see fair value for Pampa Energía at ARS 6,149.67, up from ARS 5,747.17, citing updated assumptions around revenue growth, profit margins, and a lower discount rate that also indicate a reduced future P/E estimate. What's in the News Pampa Energía completed a share buyback tranche between September 8, 2025 and March 2, 2026, repurchasing 830,000 shares for $168.8 million.
CGPA2
AR$2,245.00
Camuzzi Gas Pampeana
7D
11.1%
1Y
-17.3%
SUPV
AR$2,469.00
Grupo Supervielle
7D
-9.4%
1Y
-26.2%

SUPV: Neutral Stance And Lower P/E Will Support Recovery Potential

Analysts have trimmed their fair value estimate for Grupo Supervielle to ARS 3,801.50 from ARS 4,164.50, reflecting lower price targets, such as the recent cut to ARS 11 from ARS 12, and slightly more cautious assumptions on profit margins and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see the reaffirmed Neutral stance alongside a US$11 price target as a sign that current valuation already reflects a fair balance between risks and potential execution on profitability.
TXAR
AR$661.50
Ternium Argentina
7D
6.8%
1Y
-13.0%
BPAT
AR$2,005.00
Banco Patagonia
7D
-6.7%
1Y
-5.0%
TRAN
AR$4,012.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
8.7%
1Y
68.2%
YPFD
AR$55,100.00
YPF Sociedad Anónima
7D
8.5%
1Y
34.9%
ALUA
AR$851.50
Aluar Aluminio ArgentinoI.C
7D
4.9%
1Y
5.1%
CEPU
AR$2,159.00
Central Puerto
7D
-6.9%
1Y
44.4%

CEPU: Steady Fair Value Will Support Future Upside Potential

Analysts have kept their ARS 2,900 price target for Central Puerto broadly unchanged, citing only small tweaks in discount rate, revenue growth, profit margin and forward P/E assumptions that offset each other in their updated model. Valuation Changes Fair Value: ARS 2,900 remains unchanged in the updated model.
IRSA
AR$2,120.00
IRSA Inversiones y Representaciones Sociedad Anónima
7D
-7.0%
1Y
30.9%
CAPX
AR$4,190.00
Capex
7D
12.2%
1Y
-31.9%
TGSU2
AR$8,630.00
Transportadora de Gas del Sur
7D
0.9%
1Y
40.6%