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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJan 06, 2026
DataAggregated Company Financials
Companies68
  • 7D0.3%
  • 3M67.0%
  • 1Y3.2%
  • YTD0.4%

The Materials sector gained 4.8% while the market remained flat over the last week. Meanwhile, the market is actually up 3.2% over the past year. Earnings are forecast to grow by 49% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 06 Jan 2026AR$115.1tAR$72.8tAR$2.8t16.4x41.2x1.6x
Thu, 04 Dec 2025AR$113.7tAR$73.3tAR$2.9t16.7x38.6x1.6x
Sat, 01 Nov 2025AR$105.3tAR$73.7tAR$5.3t18.2x20x1.4x
Mon, 29 Sep 2025AR$69.9tAR$73.3tAR$5.2t11.7x13.4x1x
Wed, 27 Aug 2025AR$79.9tAR$72.2tAR$5.1t12.9x15.8x1.1x
Fri, 25 Jul 2025AR$82.6tAR$69.3tAR$5.7t15.4x14.6x1.2x
Sun, 22 Jun 2025AR$81.8tAR$69.1tAR$6.0t13.7x13.6x1.2x
Tue, 20 May 2025AR$91.9tAR$71.4tAR$6.4t14.9x14.3x1.3x
Thu, 17 Apr 2025AR$90.7tAR$68.1tAR$8.0t13.7x11.3x1.3x
Sat, 15 Mar 2025AR$89.6tAR$72.0tAR$8.5t15.3x10.6x1.2x
Mon, 10 Feb 2025AR$96.6tAR$48.2tAR$4.2t22.4x22.7x2x
Wed, 08 Jan 2025AR$110.9tAR$47.6tAR$4.3t24.8x25.9x2.3x
Fri, 06 Dec 2024AR$90.7tAR$47.6tAR$4.2t21.7x21.4x1.9x
Sun, 03 Nov 2024AR$74.4tAR$45.8tAR$3.0t24.3x24.6x1.6x
Tue, 01 Oct 2024AR$68.5tAR$45.0tAR$3.0t19.2x22.6x1.5x
Thu, 29 Aug 2024AR$65.5tAR$43.2tAR$2.8t19.2x23.2x1.5x
Sat, 27 Jul 2024AR$63.5tAR$36.6tAR$2.4t18.8x26.7x1.7x
Mon, 24 Jun 2024AR$66.1tAR$36.3tAR$2.4t17.6x28.1x1.8x
Wed, 22 May 2024AR$64.6tAR$39.4tAR$1.8t16.8x36.5x1.6x
Fri, 19 Apr 2024AR$49.0tAR$37.8tAR$655.2b16.1x74.8x1.3x
Sun, 17 Mar 2024AR$45.7tAR$35.2tAR$780.0b26.3x58.6x1.3x
Tue, 13 Feb 2024AR$51.2tAR$14.0tAR$1.8t43.4x28.9x3.7x
Thu, 11 Jan 2024AR$47.2tAR$13.9tAR$1.7t35x27.7x3.4x
Sat, 09 Dec 2023AR$42.4tAR$14.9tAR$1.8t25.8x23.9x2.8x
Mon, 06 Nov 2023AR$27.8tAR$12.5tAR$855.0b23.5x32.5x2.2x
Wed, 04 Oct 2023AR$24.5tAR$12.5tAR$844.9b21.3x28.9x2x
Fri, 01 Sep 2023AR$27.8tAR$11.8tAR$724.6b26.1x38.3x2.4x
Sun, 30 Jul 2023AR$19.4tAR$10.5tAR$550.6b20.7x35.3x1.9x
Tue, 27 Jun 2023AR$18.3tAR$10.4tAR$530.0b21.7x34.6x1.8x
Thu, 25 May 2023AR$14.8tAR$10.3tAR$525.4b17.8x28.2x1.4x
Sat, 22 Apr 2023AR$12.7tAR$9.8tAR$428.5b15.2x29.6x1.3x
Mon, 20 Mar 2023AR$9.7tAR$9.5tAR$389.3b14.1x24.8x1x
Wed, 15 Feb 2023AR$11.4tAR$6.8tAR$394.9b17.4x28.8x1.7x
Fri, 13 Jan 2023AR$10.4tAR$6.8tAR$430.1b16.3x24.2x1.5x
Price to Earnings Ratio

24.2x


Total Market Cap: AR$10.4tTotal Earnings: AR$430.1bTotal Revenue: AR$6.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 28.5x202420252026
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 41.2x which is higher than its 3-year average PE of 28.5x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 87% 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 Market0.31%
Materials4.81%
Financials2.10%
Telecom1.93%
Tech-0.22%
Energy-0.90%
Consumer Discretionary-1.19%
Real Estate-1.84%
Industrials-1.94%
Utilities-2.07%
Healthcare-2.12%
Consumer Staples-2.39%
Sector PE
  • Investors favour the Consumer Staples sector the most for future growth, which is trading above its 3-year average PE ratio of 12.7x.
    • Analysts are expecting annual earnings decline of 32.1% which is lower than the prior year's growth of 0.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 109% over the next 5 years.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 67% 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
BYMA Bolsas y Mercados ArgentinosAR$317.7511.7%
+AR$253.4b		19.5%PE12.9xFinancials
GGAL Grupo Financiero GaliciaAR$8.52k1.7%
+AR$232.9b		0.06%PB1.9xFinancials
TECO2 Telecom ArgentinaAR$3.58k2.3%
+AR$172.3b		6.7%PS1.3xTelecom
TXAR Ternium ArgentinaAR$725.505.4%
+AR$167.1b		-16.2%PE199.2xMaterials
BMA Banco MacroAR$14.06k1.8%
+AR$159.9b		1.7%PB1.9xFinancials
See more

Market Insights

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Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
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Latest News

BBAR
AR$9,400.00
Banco BBVA Argentina
7D
0.4%
1Y
-0.8%

BBAR: Election Reset Will Support Healthier Credit Cycle Despite Capital Concerns

The analyst price target for Banco BBVA Argentina has moved from ARS 15,200 to ARS 25,308 as analysts weigh improved growth expectations, a higher assumed discount rate, and a richer future P/E multiple against concerns about profitability and capital strength. Analyst Commentary Recent Street research on Banco BBVA Argentina shows a split view, with some bullish analysts leaning into Argentina's political reset and potential for renewed credit growth, while others remain cautious on profitability and capital strength.
TRAN
AR$3,390.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
-10.3%
1Y
14.3%
YPFD
AR$55,275.00
YPF Sociedad Anónima
7D
-1.0%
1Y
2.6%

YPFD: Future Export Agreements Will Support Efficiency Gains And Forward Momentum

Analysts have modestly lowered their price target on YPF Sociedad Anónima to $44 from $47, reflecting updated models that incorporate stronger top line growth but more conservative assumptions on profitability and valuation multiples. Analyst Commentary Analysts describe the modest price target reduction as a recalibration rather than a shift in fundamental conviction.
EDN
AR$2,305.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-2.8%
1Y
-11.7%
CAPX
AR$5,440.00
Capex
7D
-4.2%
1Y
-37.5%
GGAL
AR$8,515.00
Grupo Financiero Galicia
7D
1.7%
1Y
0.06%

GGAL: Shares Will Rise With Pro Reform Agenda Despite Reduced External Support

Analysts narrowed their price target on Grupo Financiero Galicia to about $11,665 from roughly $11,825, balancing faster expected revenue growth and slightly higher margins against a higher discount rate and a more cautious sector stance following recent rating and target revisions across the Argentine banking space. Analyst Commentary Recent Street research on Grupo Financiero Galicia reflects a mix of optimism about Argentina's improving macro backdrop and caution around the durability of that trend, leading to a more balanced stance on the shares.
BMA
AR$14,060.00
Banco Macro
7D
1.8%
1Y
1.7%

BMA: Higher Capital Strength Will Support Post Election Credit Upside

Analysts have raised their price target on Banco Macro to $111 from ARS 18,000, reflecting higher expected revenue growth, expanding profit margins and the bank's strong capital position relative to other Argentine peers. Analyst Commentary Recent Street research reflects a generally constructive stance on Banco Macro, with several upgrades and positive initiations following Argentina's improved macroeconomic outlook and post election policy visibility.
CGPA2
AR$2,785.00
Camuzzi Gas Pampeana
7D
-7.5%
1Y
-22.9%
TXAR
AR$725.50
Ternium Argentina
7D
5.4%
1Y
-16.2%
ALUA
AR$1,022.00
Aluar Aluminio ArgentinoI.C
7D
4.8%
1Y
16.9%
CTIO
AR$2,335.00
Consultatio
7D
-4.1%
1Y
-5.3%
TECO2
AR$3,580.00
Telecom Argentina
7D
2.3%
1Y
6.7%
PATA
AR$1,450.00
Sociedad Anónima Importadora y Exportadora de la Patagonia
7D
-5.5%
1Y
-22.9%
HARG
AR$2,525.00
Holcim (Argentina)
7D
3.7%
1Y
12.5%
METR
AR$2,483.00
MetroGAS
7D
-5.1%
1Y
-12.7%
BYMA
AR$317.75
Bolsas y Mercados Argentinos
7D
11.7%
1Y
19.5%