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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies69
  • 7D-1.0%
  • 3M-11.4%
  • 1Y9.7%
  • YTD-13.1%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 11%. More promisingly, the market is up 9.7% over the past year. Earnings are forecast to grow by 44% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026AR$99.2tAR$90.4tAR$3.3t12.8x30x1.1x
Fri, 13 Feb 2026AR$110.9tAR$72.6tAR$3.0t14.6x37.4x1.5x
Sun, 11 Jan 2026AR$112.6tAR$72.7tAR$2.8t15.8x40.4x1.5x
Tue, 09 Dec 2025AR$114.1tAR$73.2tAR$2.9t15.9x38.9x1.6x
Thu, 06 Nov 2025AR$114.9tAR$73.8tAR$5.3t18.9x21.7x1.6x
Sat, 04 Oct 2025AR$70.2tAR$73.5tAR$5.3t11.7x13.4x1x
Mon, 01 Sep 2025AR$78.5tAR$72.4tAR$5.3t12.5x14.7x1.1x
Wed, 30 Jul 2025AR$88.0tAR$69.3tAR$5.7t16.7x15.5x1.3x
Fri, 27 Jun 2025AR$80.1tAR$69.1tAR$6.0t13.2x13.3x1.2x
Sun, 25 May 2025AR$92.2tAR$70.5tAR$6.8t14.3x13.5x1.3x
Tue, 22 Apr 2025AR$86.4tAR$68.4tAR$8.2t12.4x10.6x1.3x
Thu, 20 Mar 2025AR$91.6tAR$69.2tAR$8.1t16x11.4x1.3x
Sat, 15 Feb 2025AR$94.9tAR$49.2tAR$4.3t22.9x22.2x1.9x
Mon, 13 Jan 2025AR$110.8tAR$47.6tAR$4.3t24.9x25.9x2.3x
Wed, 11 Dec 2024AR$91.4tAR$47.6tAR$4.2t22.4x21.6x1.9x
Fri, 08 Nov 2024AR$78.7tAR$45.5tAR$2.9t26.5x27x1.7x
Sun, 06 Oct 2024AR$69.5tAR$45.0tAR$3.0t20.7x22.9x1.5x
Tue, 03 Sep 2024AR$68.8tAR$44.6tAR$2.8t19.2x24.2x1.5x
Thu, 01 Aug 2024AR$62.1tAR$37.9tAR$919.2b17.5x67.6x1.6x
Sat, 29 Jun 2024AR$68.4tAR$36.3tAR$2.4t18.7x29x1.9x
Mon, 27 May 2024AR$63.3tAR$40.7tAR$2.0t17.8x32.3x1.6x
Wed, 24 Apr 2024AR$51.8tAR$37.8tAR$660.4b16.3x78.4x1.4x
Fri, 22 Mar 2024AR$50.2tAR$35.3tAR$772.9b29.5x65x1.4x
Sun, 18 Feb 2024AR$48.1tAR$14.1tAR$1.8t34.1x27.3x3.4x
Tue, 16 Jan 2024AR$47.8tAR$13.9tAR$1.7t35.7x27.9x3.4x
Thu, 14 Dec 2023AR$45.0tAR$14.9tAR$1.8t33.2x25.6x3x
Sat, 11 Nov 2023AR$27.3tAR$13.5tAR$1.3t21.1x20.8x2x
Mon, 09 Oct 2023AR$27.6tAR$12.5tAR$843.0b23.5x32.8x2.2x
Wed, 06 Sep 2023AR$25.7tAR$11.8tAR$724.7b25.5x35.4x2.2x
Fri, 04 Aug 2023AR$19.1tAR$10.5tAR$550.6b20.1x34.7x1.8x
Sun, 02 Jul 2023AR$18.2tAR$10.4tAR$530.9b21.5x34.3x1.7x
Tue, 30 May 2023AR$15.0tAR$10.3tAR$517.2b17.7x29x1.5x
Thu, 27 Apr 2023AR$13.4tAR$9.8tAR$429.9b16.5x31.1x1.4x
Sat, 25 Mar 2023AR$9.6tAR$9.5tAR$403.0b14.6x23.9x1x
Price to Earnings Ratio

23.9x


Total Market Cap: AR$9.6tTotal Earnings: AR$403.0bTotal Revenue: AR$9.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29x202420252026
Current Market PE
  • Investors are relatively neutral on the Argentinean market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 102% per year over the last three years.
  • Revenues for these companies have grown 112% 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-1.00%
Tech11.44%
Energy3.95%
Utilities-0.022%
Consumer Staples-1.42%
Telecom-1.64%
Consumer Discretionary-1.71%
Real Estate-2.57%
Industrials-3.92%
Financials-5.19%
Materials-5.72%
Healthcare-7.97%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 15.1x.
    • 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 93% 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$55.88k4.2%
+AR$894.8b		28.3%PS0.9xEnergy
TGSU2 Transportadora de Gas del SurAR$9.35k5.4%
+AR$361.3b		42.7%PE16.7xEnergy
PAMP Pampa EnergíaAR$4.94k2.0%
+AR$131.0b		25.2%PE12.6xUtilities
CRES Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y AgropecuariaAR$1.68k1.7%
+AR$120.1b		23.3%PE6.1xConsumer Staples
VALO Banco de ValoresAR$602.5015.8%
+AR$94.3b		72.9%PE12.4xFinancials
See more

Market Insights

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Latest News

TGSU2
AR$9,350.00
Transportadora de Gas del Sur
7D
5.4%
1Y
42.7%
VALO
AR$602.50
Banco de Valores
7D
15.8%
1Y
72.9%
BBAR
AR$6,410.00
Banco BBVA Argentina
7D
-9.4%
1Y
-16.0%

BBAR: Dividend Proposal And Lower Discount Rate Will Support Future Upside

Analysts have kept their ARS 25,308 price target for Banco BBVA Argentina unchanged, noting only small tweaks in assumptions for discount rate, revenue growth, profit margin and future P/E that did not materially shift their overall valuation view. What's in the News A board meeting is scheduled for March 4, 2026, with an agenda that includes calling the Annual Ordinary and Extraordinary General Shareholders Meeting for April 28, 2026, in Buenos Aires (Key Developments).
GCLA
AR$3,290.00
Grupo Clarín
7D
11.7%
1Y
5.3%
TXAR
AR$630.00
Ternium Argentina
7D
-5.5%
1Y
-22.3%
TECO2
AR$3,365.00
Telecom Argentina
7D
-1.3%
1Y
25.6%
CEPU
AR$2,296.00
Central Puerto
7D
1.6%
1Y
52.1%
CRES
AR$1,683.00
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria
7D
1.7%
1Y
23.3%
GGAL
AR$6,100.00
Grupo Financiero Galicia
7D
-5.8%
1Y
-14.3%
YPFD
AR$55,875.00
YPF Sociedad Anónima
7D
4.2%
1Y
28.3%
PAMP
AR$4,940.00
Pampa Energía
7D
2.0%
1Y
25.2%
CGPA2
AR$2,205.00
Camuzzi Gas Pampeana
7D
-13.2%
1Y
-15.7%
BMA
AR$9,790.00
Banco Macro
7D
-8.9%
1Y
-3.5%

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).
SUPV
AR$2,378.00
Grupo Supervielle
7D
-10.5%
1Y
-29.2%

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.
ALUA
AR$800.50
Aluar Aluminio ArgentinoI.C
7D
-7.3%
1Y
-7.1%
ECOG
AR$3,130.00
Ecogas Inversiones
7D
4.3%
1Y
23.0%