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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies69
  • 7D-1.1%
  • 3M14.3%
  • 1Y47.8%
  • YTD4.3%

Over the last 7 days, the market has dropped 1.1%, driven by losses in the Communication Services and Energy sectors of 7.2% and 2.0%, respectively. In the last year, the market is actually up 48%. As for the next few years, earnings are expected to grow by 35% per annum.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Jun 2026AR$122.5tAR$95.1tAR$4.8t14.1x25.8x1.3x
Fri, 22 May 2026AR$106.5tAR$95.8tAR$4.5t12.3x23.4x1.1x
Sun, 19 Apr 2026AR$107.3tAR$91.0tAR$3.3t14x32.6x1.2x
Tue, 17 Mar 2026AR$100.6tAR$89.9tAR$3.2t13.2x31x1.1x
Thu, 12 Feb 2026AR$112.8tAR$72.5tAR$3.0t15.2x37.9x1.6x
Sat, 10 Jan 2026AR$112.3tAR$72.7tAR$2.8t15.8x40.3x1.5x
Mon, 08 Dec 2025AR$114.1tAR$73.2tAR$2.9t15.9x38.9x1.6x
Wed, 05 Nov 2025AR$116.7tAR$73.8tAR$5.3t18.8x22x1.6x
Fri, 03 Oct 2025AR$68.8tAR$73.5tAR$5.3t11.6x13.1x0.9x
Sun, 31 Aug 2025AR$78.6tAR$72.6tAR$5.3t12.5x14.8x1.1x
Tue, 29 Jul 2025AR$87.1tAR$69.3tAR$5.7t16.7x15.4x1.3x
Thu, 26 Jun 2025AR$81.8tAR$69.1tAR$6.0t13.2x13.6x1.2x
Sat, 24 May 2025AR$91.4tAR$70.5tAR$6.8t14.6x13.4x1.3x
Mon, 21 Apr 2025AR$86.4tAR$68.5tAR$8.2t13.7x10.6x1.3x
Wed, 19 Mar 2025AR$94.1tAR$69.4tAR$8.0t15.9x11.8x1.4x
Fri, 14 Feb 2025AR$92.1tAR$49.2tAR$4.3t22.1x21.6x1.9x
Sun, 12 Jan 2025AR$110.8tAR$47.6tAR$4.3t24.9x25.9x2.3x
Tue, 10 Dec 2024AR$90.1tAR$47.6tAR$4.2t22.2x21.3x1.9x
Thu, 07 Nov 2024AR$76.6tAR$45.9tAR$3.1t26.1x24.9x1.7x
Sat, 05 Oct 2024AR$69.3tAR$45.0tAR$3.0t20.7x22.8x1.5x
Mon, 02 Sep 2024AR$68.8tAR$43.2tAR$2.8t19.9x24.4x1.6x
Wed, 31 Jul 2024AR$61.0tAR$36.5tAR$2.4t16.7x25.9x1.7x
Fri, 28 Jun 2024AR$65.5tAR$36.3tAR$2.4t18.7x27.8x1.8x
Sun, 26 May 2024AR$63.3tAR$40.7tAR$2.0t17.8x32.3x1.6x
Tue, 23 Apr 2024AR$49.7tAR$37.6tAR$635.9b16.2x78.1x1.3x
Thu, 21 Mar 2024AR$48.0tAR$35.3tAR$782.2b28.8x61.4x1.4x
Sat, 17 Feb 2024AR$49.5tAR$14.1tAR$1.8t34.1x28.1x3.5x
Mon, 15 Jan 2024AR$47.1tAR$13.9tAR$1.7t36.2x27.5x3.4x
Wed, 13 Dec 2023AR$43.5tAR$14.9tAR$1.8t31.5x24.7x2.9x
Fri, 10 Nov 2023AR$25.6tAR$12.6tAR$886.9b21.9x28.9x2x
Sun, 08 Oct 2023AR$27.6tAR$12.5tAR$843.2b23.5x32.8x2.2x
Tue, 05 Sep 2023AR$27.0tAR$11.8tAR$724.7b26.6x37.2x2.3x
Thu, 03 Aug 2023AR$19.3tAR$10.5tAR$550.6b20.5x35x1.8x
Sat, 01 Jul 2023AR$18.2tAR$10.4tAR$530.1b21.9x34.3x1.8x
Price to Earnings Ratio

34.3x


Total Market Cap: AR$18.2tTotal Earnings: AR$530.1bTotal Revenue: AR$10.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 29x202420252026
Current Market PE
  • Investors are pessimistic on the Argentinean market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 25.8x which is lower than its 3-year average PE of 29.0x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 108% per year over the last three years.
  • Revenues for these companies have grown 109% 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-1.06%
Real Estate2.57%
Financials1.09%
Healthcare0.96%
Materials0.87%
Utilities-0.71%
Consumer Discretionary-0.90%
Consumer Staples-1.39%
Industrials-1.87%
Energy-1.95%
Telecom-7.23%
Tech-13.02%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 26.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 45.3% which is higher than its past year's earnings decline of 12.7% per year.
  • The Utilities sector is the least preferred by investors for future growth, which is trading below its 3-year average of 13.9x.
Forecasted Growth
  • Analysts are most optimistic on the Energy sector, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings decline by 45% 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
BBAR Banco BBVA ArgentinaAR$10.53k2.9%
+AR$183.8b		50.4%PB1.7xFinancials
BPAT Banco PatagoniaAR$2.30k10.0%
+AR$151.0b		8.2%PB0.9xFinancials
ALUA Aluar Aluminio ArgentinoI.CAR$1.03k4.9%
+AR$134.4b		64.2%PE31.7xMaterials
BYMA Bolsas y Mercados ArgentinosAR$318.504.7%
+AR$108.5b		56.9%PE14.2xFinancials
BMA Banco MacroAR$14.63k0.9%
+AR$83.1b		67.8%PB135.8xFinancials
See more

Market Insights

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Latest News

BMA
AR$14,630.00
Banco Macro
7D
0.9%
1Y
67.8%
BPAT
AR$2,300.00
Banco Patagonia
7D
10.0%
1Y
8.2%
BBAR
AR$10,530.00
Banco BBVA Argentina
7D
2.9%
1Y
50.4%
Narrative Update • Jun 17

BBAR: Upcoming Dividend Decision And Bylaw Changes Will Support Virtuous Credit Cycle

Analysts have nudged their fair value estimate for Banco BBVA Argentina slightly higher to ARS 16,259.81 from ARS 16,252.79, citing updated assumptions on the discount rate, revenue growth, profit margins, and future P/E. What’s in the News for Banco BBVA Argentina A board meeting is scheduled for May 15, 2026 to consider a potential dividend payment, according to company disclosures.
TECO2
AR$4,025.00
Telecom Argentina
7D
-8.5%
1Y
84.6%
YPFD
AR$74,700.00
YPF Sociedad Anónima
7D
-2.7%
1Y
82.2%
Narrative Update • Jun 14

YPFD: Higher Revenue Assumptions Will Eventually Expose Execution Risk

Narrative Update on YPF Sociedad Anónima Analysts have raised their ARS price target on YPF Sociedad Anónima to ARS 48 from ARS 45, citing updated assumptions around revenue growth, profit margins and a slightly lower future P/E multiple. Analyst Commentary Recent research points to a mixed stance on YPF Sociedad Anónima, with the latest move being a price target adjustment to $48 from $45 while keeping a Neutral rating on the stock.
CEPU
AR$2,345.00
Central Puerto
7D
-1.1%
1Y
64.0%
GGAL
AR$7,960.00
Grupo Financiero Galicia
7D
-2.5%
1Y
26.6%
SUPV
AR$3,142.50
Grupo Supervielle
7D
-3.8%
1Y
15.3%
Narrative Update • Jun 07

SUPV: Bylaw Changes And Share Cancellations Will Support Future Upside

Analysts have adjusted their fair value estimate for Grupo Supervielle from ARS 3,351.50 to ARS 3,367.50, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E that align with recent Street research, including the latest price target change at Morgan Stanley. What's in the News At the Ordinary and Extraordinary Shareholders' Meeting on April 23, 2026, shareholders approved an amendment to Article Five of Grupo Supervielle's bylaws and a restated version of the bylaws, delegating authority to the Board of Directors to issue the updated text.
RAGH
AR$1,890.00
RAGHSA Sociedad Anonima
7D
8.3%
1Y
n/a
EDN
AR$1,975.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-3.6%
1Y
20.1%
CTIO
AR$2,040.00
Consultatio
7D
6.0%
1Y
24.0%
HARG
AR$1,660.00
Holcim (Argentina)
7D
-8.8%
1Y
8.9%
BYMA
AR$318.50
Bolsas y Mercados Argentinos
7D
4.7%
1Y
56.9%
TRAN
AR$3,790.00
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener
7D
-3.4%
1Y
65.5%
TGSU2
AR$9,460.00
Transportadora de Gas del Sur
7D
0.6%
1Y
49.4%
ALUA
AR$1,033.00
Aluar Aluminio ArgentinoI.C
7D
4.9%
1Y
64.2%