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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies69
  • 7D-6.6%
  • 3M-16.6%
  • 1Y5.8%
  • YTD-16.0%

Over the last 7 days, the market has dropped 6.6%, driven by a loss of 11% in the Financials sector. In the last year, the market is actually up 5.8%. Looking forward, earnings are forecast to grow by 47% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026AR$97.1tAR$82.7tAR$2.9t12.7x33.7x1.2x
Sat, 31 Jan 2026AR$118.6tAR$72.7tAR$3.0t15.7x39.7x1.6x
Mon, 29 Dec 2025AR$114.7tAR$72.6tAR$2.8t16.7x41.2x1.6x
Wed, 26 Nov 2025AR$104.6tAR$75.4tAR$3.6t15.6x28.9x1.4x
Fri, 24 Oct 2025AR$77.0tAR$73.7tAR$5.3t12.9x14.4x1x
Sun, 21 Sep 2025AR$66.1tAR$73.6tAR$5.3t10.8x12.5x0.9x
Tue, 19 Aug 2025AR$89.5tAR$72.9tAR$5.1t14.5x17.6x1.2x
Thu, 17 Jul 2025AR$82.3tAR$69.2tAR$5.7t14.8x14.5x1.2x
Sat, 14 Jun 2025AR$86.7tAR$68.8tAR$5.9t14.7x14.8x1.3x
Mon, 12 May 2025AR$84.1tAR$68.9tAR$8.1t13.1x10.4x1.2x
Wed, 09 Apr 2025AR$80.8tAR$68.2tAR$8.1t12.6x10x1.2x
Fri, 07 Mar 2025AR$91.9tAR$60.8tAR$6.3t17.4x14.5x1.5x
Sun, 02 Feb 2025AR$102.1tAR$48.2tAR$4.2t24.4x24x2.1x
Tue, 31 Dec 2024AR$103.6tAR$47.7tAR$4.3t23.5x24.2x2.2x
Thu, 28 Nov 2024AR$91.3tAR$48.6tAR$4.1t19x22.1x1.9x
Sat, 26 Oct 2024AR$71.9tAR$45.8tAR$3.0t22.6x23.8x1.6x
Mon, 23 Sep 2024AR$72.2tAR$45.0tAR$3.0t20.4x23.9x1.6x
Wed, 21 Aug 2024AR$67.4tAR$41.7tAR$2.8t19.5x24.3x1.6x
Fri, 19 Jul 2024AR$63.6tAR$36.6tAR$2.4t18.6x26.8x1.7x
Sun, 16 Jun 2024AR$66.4tAR$36.3tAR$2.3t18.3x29x1.8x
Tue, 14 May 2024AR$56.9tAR$40.1tAR$1.3t16.1x43.6x1.4x
Thu, 11 Apr 2024AR$50.2tAR$37.0tAR$626.3b21.6x80.2x1.4x
Sat, 09 Mar 2024AR$43.5tAR$29.9tAR$1.2t28.4x36.3x1.5x
Mon, 05 Feb 2024AR$58.6tAR$13.9tAR$1.7t43.6x34.3x4.2x
Wed, 03 Jan 2024AR$41.6tAR$13.9tAR$1.7t31.4x24.3x3x
Fri, 01 Dec 2023AR$35.4tAR$15.0tAR$1.7t23.5x20.2x2.4x
Sun, 29 Oct 2023AR$28.9tAR$12.5tAR$854.9b22.3x33.8x2.3x
Tue, 26 Sep 2023AR$24.1tAR$12.3tAR$845.9b21.5x28.5x2x
Thu, 24 Aug 2023AR$26.3tAR$11.1tAR$631.5b26.1x41.6x2.4x
Sat, 22 Jul 2023AR$20.1tAR$10.5tAR$550.6b22.1x36.6x1.9x
Mon, 19 Jun 2023AR$17.5tAR$10.4tAR$524.5b20.9x33.4x1.7x
Wed, 17 May 2023AR$13.8tAR$10.1tAR$450.5b17.6x30.7x1.4x
Fri, 14 Apr 2023AR$11.8tAR$9.8tAR$429.0b14.9x27.6x1.2x
Sun, 12 Mar 2023AR$10.3tAR$7.0tAR$295.6b17x34.8x1.5x
Price to Earnings Ratio

34.8x


Total Market Cap: AR$10.3tTotal Earnings: AR$295.6bTotal Revenue: AR$7.0tTotal 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 33.7x which is higher than its 3-year average PE of 28.9x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 114% per year over the last three years.
  • Revenues for these companies have grown 128% 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 Market-6.57%
Tech4.34%
Telecom1.23%
Healthcare-1.78%
Consumer Discretionary-2.46%
Industrials-2.86%
Real Estate-4.21%
Utilities-4.34%
Consumer Staples-4.48%
Materials-5.25%
Energy-6.49%
Financials-10.72%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 14.3x.
    • 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 116% over the next 5 years.
  • In contrast, the Consumer Staples sector is expected to see its earnings decline by 26% 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
TECO2 Telecom ArgentinaAR$3.34k1.8%
+AR$123.8b		19.0%PS1.2xTelecom
TRAN Compañía de Transporte de Energía Eléctrica en Alta Tensión TransenerAR$3.92k2.1%
+AR$35.6b		73.6%PE12.7xUtilities
RAGH RAGHSA Sociedad AnonimaAR$1.65k3.1%
+AR$19.9b		n/aPE12.5xReal Estate
GCLA Grupo ClarínAR$3.08k2.5%
+AR$8.0b		9.0%PE6.5xTelecom
ECOG Ecogas InversionesAR$2.89k0.9%
+AR$5.7b		-2.9%PE8.9xUtilities
See more

Market Insights

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Latest News

TECO2
AR$3,342.50
Telecom Argentina
7D
1.8%
1Y
19.0%
PAMP
AR$4,490.00
Pampa Energía
7D
-5.4%
1Y
18.2%
BMA
AR$10,820.00
Banco Macro
7D
-16.8%
1Y
2.8%
BBAR
AR$6,815.00
Banco BBVA Argentina
7D
-15.5%
1Y
-13.5%

BBAR: Lower Discount Rate Will Support Higher Future Earnings Multiple

Analysts have maintained their ARS 25,308 price target for Banco BBVA Argentina, noting that changes to discount rate, revenue growth, profit margin, and future P/E assumptions in their updated models offset one another. Valuation Changes Fair Value: ARS 25,308 remains unchanged in the updated model, with offsetting shifts across key inputs.
TRAN
AR$3,922.50
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
2.1%
1Y
73.6%
YPFD
AR$50,625.00
YPF Sociedad Anónima
7D
-7.4%
1Y
18.8%
GRIM
AR$2,695.00
Grimoldi
7D
4.1%
1Y
120.0%
ALUA
AR$738.50
Aluar Aluminio ArgentinoI.C
7D
-9.9%
1Y
-4.6%
CEPU
AR$2,183.00
Central Puerto
7D
-6.5%
1Y
45.5%

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.
GGAL
AR$6,415.00
Grupo Financiero Galicia
7D
-9.1%
1Y
-10.7%

GGAL: Overweight Rating And Dividend Actions Should Support Future Upside

Analysts have trimmed their ARS price target on Grupo Financiero Galicia, with the updated fair value moving from ARS 11,743.27 to ARS 11,609.67. This reflects JPMorgan's recent cut to ARS 72 and a shift to a lower assumed future P/E multiple.
RAGH
AR$1,650.00
RAGHSA Sociedad Anonima
7D
3.1%
1Y
n/a
HARG
AR$1,530.00
Holcim (Argentina)
7D
0.7%
1Y
-15.2%
GCLA
AR$3,080.00
Grupo Clarín
7D
2.5%
1Y
9.0%
ECOG
AR$2,885.00
Ecogas Inversiones
7D
0.9%
1Y
-2.9%
TGSU2
AR$8,390.00
Transportadora de Gas del Sur
7D
-4.7%
1Y
33.8%
GAMI
AR$204.50
B-Gaming
7D
4.3%
1Y
13.3%