Executive Summary
Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina. More Details
Rewards
Risk Analysis
Snowflake Analysis
Flawless balance sheet established dividend payer.
Similar Companies
Share Price & News
How has Banco Macro's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: BMA is more volatile than 75% of AR stocks over the past 3 months, typically moving +/- 7% a week.
Volatility Over Time: BMA's weekly volatility (7%) has been stable over the past year, but is still higher than 75% of AR stocks.
Market Performance
7 Day Return
-0.5%
BMA
-1.7%
AR Banks
0.9%
AR Market
1 Year Return
24.0%
BMA
27.7%
AR Banks
40.1%
AR Market
Return vs Industry: BMA underperformed the AR Banks industry which returned 26.9% over the past year.
Return vs Market: BMA underperformed the AR Market which returned 37.9% over the past year.
Shareholder returns
| BMA | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.5% | -1.7% | 0.9% |
| 30 Day | 20.2% | 26.4% | 21.8% |
| 90 Day | 30.9% | 34.1% | 28.9% |
| 1 Year | 24.0%24.0% | 28.5%27.7% | 41.9%40.1% |
| 3 Year | 70.8%62.9% | 56.3%50.1% | 101.5%88.2% |
| 5 Year | 208.1%180.7% | 194.1%170.3% | 310.1%257.7% |
Long-Term Price Volatility Vs. Market
How volatile is Banco Macro's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Valuation
Is Banco Macro undervalued compared to its fair value and its price relative to the market?
8.17x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: BMA (ARS290.25) is trading above our estimate of fair value (ARS170.21)
Significantly Below Fair Value: BMA is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: BMA is good value based on its PE Ratio (8.1x) compared to the AR Banks industry average (9.9x).
PE vs Market: BMA is good value based on its PE Ratio (8.1x) compared to the AR market (10.9x).
Price to Earnings Growth Ratio
PEG Ratio: BMA is good value based on its PEG Ratio (0.3x)
Price to Book Ratio
PB vs Industry: BMA's PB Ratio (1.1x) is in line with the AR Banks industry average.
Future Growth
How is Banco Macro forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
24.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BMA's forecast earnings growth (24.6% per year) is above the savings rate (7.6%).
Earnings vs Market: BMA's earnings (24.6% per year) are forecast to grow slower than the AR market (40.7% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: BMA's revenue (26.6% per year) is forecast to grow faster than the AR market (19.6% per year).
High Growth Revenue: BMA's revenue (26.6% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BMA's Return on Equity is forecast to be low in 3 years time (17.7%).
Past Performance
How has Banco Macro performed over the past 5 years?
41.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BMA has high quality earnings.
Growing Profit Margin: BMA's current net profit margins (25.6%) are lower than last year (45%).
Past Earnings Growth Analysis
Earnings Trend: BMA's earnings have grown significantly by 41.3% per year over the past 5 years.
Accelerating Growth: BMA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: BMA had negative earnings growth (-48.2%) over the past year, making it difficult to compare to the Banks industry average (-20.5%).
Return on Equity
High ROE: BMA's Return on Equity (13.4%) is considered low.
Financial Health
How is Banco Macro's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Financial Institutions Analysis
Asset Level: BMA's Assets to Equity ratio (4.5x) is low.
Allowance for Bad Loans: BMA has a sufficient allowance for bad loans (388%).
Low Risk Liabilities: 77% of BMA's liabilities are made up of primarily low risk sources of funding.
Loan Level: BMA has an appropriate level of Loans to Assets ratio (35%).
Low Risk Deposits: BMA's Loans to Deposits ratio (58%) is appropriate.
Level of Bad Loans: BMA has an appropriate level of bad loans (0.9%).
Dividend
What is Banco Macro current dividend yield, its reliability and sustainability?
5.36%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BMA's dividend (5.39%) is higher than the bottom 25% of dividend payers in the AR market (0.94%).
High Dividend: BMA's dividend (5.39%) is in the top 25% of dividend payers in the AR market (3.21%)
Stability and Growth of Payments
Stable Dividend: BMA's dividend payments have been volatile in the past 10 years.
Growing Dividend: BMA's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (43.8%), BMA's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BMA's dividends in 3 years are forecast to be well covered by earnings (33.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.6yrs
Average management tenure
CEO
Gustavo Alejandro Manriquez (51 yo)
3.58yrs
Tenure
Mr. Gustavo Alejandro Manriquez has been CEO of Banco Macro S.A. since November 2017 and served as its General Manager from May 30, 2016 to November 8, 2017. Mr. Manriquez served as a Deputy General Manage...
Leadership Team
Experienced Management: BMA's management team is considered experienced (3.6 years average tenure).
Board Members
Experienced Board: BMA's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Banco Macro S.A.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Banco Macro S.A.
- Ticker: BMA
- Exchange: BASE
- Founded: 1966
- Industry: Diversified Banks
- Sector: Banks
- Market Cap: AR$184.643b
- Shares outstanding: 639.41m
- Website: https://www.macro.com.ar
Number of Employees
Location
- Banco Macro S.A.
- Avenida Madero 1182
- Buenos Aires
- Capital Federal
- 1182
- Argentina
Listings
Biography
Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking accounts...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/06/15 03:54 |
| End of Day Share Price | 2021/06/14 00:00 |
| Earnings | 2021/03/31 |
| Annual Earnings | 2020/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.