BASE:BMA

Stock Analysis Report

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Executive Summary

Banco Macro S.A. provides various banking products and services to retail and corporate customers in Argentina. More Details


Snowflake Analysis

Outstanding track record with flawless balance sheet and pays a dividend.


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 not significantly more volatile than the rest of AR stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: BMA's weekly volatility (6%) has been stable over the past year.


Market Performance


7 Day Return

-1.2%

BMA

-1.9%

AR Banks

-2.5%

AR Market


1 Year Return

-15.3%

BMA

4.3%

AR Banks

22.5%

AR Market

Return vs Industry: BMA underperformed the AR Banks industry which returned 4.4% over the past year.

Return vs Market: BMA underperformed the AR Market which returned 23.3% over the past year.


Shareholder returns

BMAIndustryMarket
7 Day-1.2%-1.9%-2.5%
30 Day-6.1%-7.1%-7.7%
90 Day-17.9%-15.9%-16.7%
1 Year-15.3%-15.3%4.7%4.3%23.2%22.5%
3 Year-3.3%-10.3%-15.1%-19.2%24.0%16.1%
5 Year122.6%102.1%100.2%83.5%196.2%159.0%

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?

2.85x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BMA (ARS200.05) is trading above our estimate of fair value (ARS174.97)

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 (2.8x) compared to the AR Banks industry average (4.3x).

PE vs Market: BMA is good value based on its PE Ratio (2.8x) compared to the AR market (8.9x).


Price to Earnings Growth Ratio

PEG Ratio: BMA is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: BMA is overvalued based on its PB Ratio (1x) compared to the AR Banks industry average (0.8x).


Next Steps

Future Growth

How is Banco Macro forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

13.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BMA's forecast earnings growth (13.7% per year) is above the savings rate (7.9%).

Earnings vs Market: BMA's earnings (13.7% per year) are forecast to grow slower than the AR market (39.6% per year).

High Growth Earnings: BMA's earnings are forecast to grow, but not significantly.

Revenue vs Market: BMA's revenue (25.4% per year) is forecast to grow faster than the AR market (20.8% per year).

High Growth Revenue: BMA's revenue (25.4% 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 high in 3 years time (24.9%)


Next Steps

Past Performance

How has Banco Macro performed over the past 5 years?

49.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BMA has high quality earnings.

Growing Profit Margin: BMA's current net profit margins (44%) are higher than last year (28.5%).


Past Earnings Growth Analysis

Earnings Trend: BMA's earnings have grown significantly by 49.9% per year over the past 5 years.

Accelerating Growth: BMA's earnings growth over the past year (101.9%) exceeds its 5-year average (49.9% per year).

Earnings vs Industry: BMA earnings growth over the past year (101.9%) exceeded the Banks industry 13.9%.


Return on Equity

High ROE: BMA's Return on Equity (33.6%) is considered high.


Next Steps

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 (5.5x) is low.

Allowance for Bad Loans: BMA has a sufficient allowance for bad loans (302%).

Low Risk Liabilities: 83% 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 (32%).

Low Risk Deposits: BMA's Loans to Deposits ratio (48%) is appropriate.

Level of Bad Loans: BMA has an appropriate level of bad loans (1.2%).


Next Steps

Dividend

What is Banco Macro current dividend yield, its reliability and sustainability?

10.00%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BMA's dividend (10%) is higher than the bottom 25% of dividend payers in the AR market (1.15%).

High Dividend: BMA's dividend (10%) is in the top 25% of dividend payers in the AR market (2.91%)


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 (28.4%), 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 (35.1% payout ratio).


Next Steps

  • Explore strong dividend paying companies in the Banks industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Gustavo Alejandro Manriquez (51 yo)

3.33yrs

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

NamePositionTenureCompensationOwnership
Gustavo Alejandro Manriquez
GM & CEO3.33yrsno datano data
Jorge Francisco Scarinci
CFO & IR Manager3.33yrsno datano data
Eduardo Roque Covello
Banking Operations Managerno datano datano data
Daniel Hugo Violatti
Accounting & Taxes Managerno datano datano data
Marcelo Devoto
Investment Banking Managerno datano datano data
Leonardo Maglia
Technology Manager2.58yrsno datano data
Gerardo Adrián Álvarez
Administration Managerno datano datano data
Ernesto López
Legal Manager11.25yrsno datano data
Gustavo Pessagno
Head of Compliance Department1.33yrsno datano data
Francisco Muro
Distribution & Sales Manager6.42yrsno datano data
Ernesto Eduardo Medina
Human Resources Manager4.5yrsno datano data
Alberto Figueroa
Head of Internal Audit Department1.33yrsno datano data

3.3yrs

Average Tenure

51yo

Average Age

Experienced Management: BMA's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Delfín Jorge Ezequiel Carballo
Chairman of the Board0.33yrno data17.47%
ARS 22.4b
Jorge Pablo Brito
Director19.08yrsno datano data
Guillermo Eduardo Stanley
Director2.92yrsno datano data
Constanza Brito
Non-Independent Director2.92yrsno datano data
Delfin Federico Ezequiel Carballo
Director4.92yrsno datano data
Carlos Alberto Giovanelli
Director4.92yrsno datano data
Mario Vicens
Independent Director4.92yrsno datano data
Nelson Damián Pozzoli
Director4.92yrsno datano data
Alejandro Eduardo Fargosi
Independent Director4.92yrsno datano data
Fabián Alejandro de Paul
Independent Director1.92yrsno datano data
Guillermo Merediz
Independent Director0.92yrno datano data
Ramiro Tosi
Independent Director0.92yrno datano data

3.9yrs

Average Tenure

55.5yo

Average Age

Experienced Board: BMA's board of directors are considered experienced (3.9 years average tenure).


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$128.215b
  • Shares outstanding: 639.41m
  • Website: https://www.macro.com.ar

Number of Employees


Location

  • Banco Macro S.A.
  • Avenida Eduardo Madero
  • Buenos Aires
  • Capital Federal
  • 1182
  • Argentina

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BMABASE (Buenos Aires Stock Exchange)YesClass B Ordinary SharesARARSJun 1994
BMA.5BASE (Buenos Aires Stock Exchange)Class A Ordinary SharesARARSJul 1998
BMANYSE (New York Stock Exchange)SPON ADR BUSUSDMar 2006
B4WDB (Deutsche Boerse AG)SPON ADR BDEEURMar 2006
BMA NBMV (Bolsa Mexicana de Valores)SPON ADR BMXMXNMar 2006

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/06 22:03
End of Day Share Price2021/03/05 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.