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BMA

Banco Macro BASE:BMA Stock Report

Last Price

AR$437.30

Market Cap

AR$279.6b

7D

-10.5%

1Y

32.2%

Updated

30 Sep, 2022

Data

Company Financials +
BMA fundamental analysis
Snowflake Score
Valuation0/6
Future Growth2/6
Past Performance3/6
Financial Health6/6
Dividends3/6

BMA Stock Overview

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

Banco Macro Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Banco Macro
Historical stock prices
Current Share PriceAR$437.30
52 Week HighAR$521.50
52 Week LowAR$264.50
Beta2.2
1 Month Change5.27%
3 Month Change47.51%
1 Year Change32.21%
3 Year Change143.28%
5 Year Change104.20%
Change since IPO2,834.90%

Recent News & Updates

Shareholder Returns

BMAAR BanksAR Market
7D-10.5%-7.2%-1.6%
1Y32.2%25.2%74.6%

Return vs Industry: BMA exceeded the AR Banks industry which returned 25.4% over the past year.

Return vs Market: BMA underperformed the AR Market which returned 73.3% over the past year.

Price Volatility

Is BMA's price volatile compared to industry and market?
BMA volatility
BMA Average Weekly Movement7.8%
Banks Industry Average Movement7.9%
Market Average Movement6.9%
10% most volatile stocks in AR Market9.0%
10% least volatile stocks in AR Market5.2%

Stable Share Price: BMA is not significantly more volatile than the rest of AR stocks over the past 3 months, typically moving +/- 8% a week.

Volatility Over Time: BMA's weekly volatility (8%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1966n/aGustavo Alejandro Manriquezhttps://www.macro.com.ar

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, time deposits, credit and debit cards, consumer finance loans, mortgage loans, automobile loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines (ATMs), and money transfers. The company also provides personal loans, document discounts, residential mortgages, overdrafts, pledged loans, and credit card loans to retail customers.

Banco Macro Fundamentals Summary

How do Banco Macro's earnings and revenue compare to its market cap?
BMA fundamental statistics
Market CapAR$279.63b
Earnings (TTM)AR$26.78b
Revenue (TTM)AR$218.72b

10.4x

P/E Ratio

0.8x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BMA income statement (TTM)
RevenueAR$218.72b
Cost of RevenueAR$3.29b
Gross ProfitAR$215.43b
Other ExpensesAR$188.65b
EarningsAR$26.78b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)41.88
Gross Margin98.50%
Net Profit Margin12.24%
Debt/Equity Ratio16.4%

How did BMA perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

37%

Payout Ratio

Does BMA pay a reliable dividends?

See BMA dividend history and benchmarks
When do you need to buy BMA by to receive an upcoming dividend?
Banco Macro dividend dates
Ex Dividend DateSep 30 2022
Dividend Pay DateOct 04 2022
Days until Ex dividend2 days
Days until Dividend pay date2 days

Does BMA pay a reliable dividends?

See BMA dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is BMA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BMA?

Other financial metrics that can be useful for relative valuation.

BMA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio2x

Price to Earnings Ratio vs Peers

How does BMA's PE Ratio compare to its peers?

BMA PE Ratio vs Peers
The above table shows the PE ratio for BMA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.5x
GGAL Grupo Financiero Galicia
13.4x23.4%AR$345.2b
BBAR Banco BBVA Argentina
7.8x18.1%AR$193.5b
BPAT Banco Patagonia
8.1xn/aAR$76.0b
BHIP Banco Hipotecario
4.7xn/aAR$15.7b
BMA Banco Macro
10.4x5.2%AR$279.6b

Price-To-Earnings vs Peers: BMA is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the peer average (8.5x).


Price to Earnings Ratio vs Industry

How does BMA's PE Ratio compare vs other companies in the South American Banks Industry?

Price-To-Earnings vs Industry: BMA is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the South American Banks industry average (7.4x)


Price to Earnings Ratio vs Fair Ratio

What is BMA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BMA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.4x
Fair PE Ratio9.1x

Price-To-Earnings vs Fair Ratio: BMA is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the estimated Fair Price-To-Earnings Ratio (9.1x).


Share Price vs Fair Value

What is the Fair Price of BMA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BMA (ARS437.3) is trading above our estimate of fair value (ARS200.95)

Significantly Below Fair Value: BMA is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.


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Future Growth

How is Banco Macro forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


5.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BMA's forecast earnings growth (5.2% per year) is below the savings rate (7.7%).

Earnings vs Market: BMA's earnings (5.2% per year) are forecast to grow slower than the AR market (14% per year).

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

Revenue vs Market: BMA's revenue (35.5% per year) is forecast to grow faster than the AR market (21% per year).

High Growth Revenue: BMA's revenue (35.5% 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 (13.6%).


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Past Performance

How has Banco Macro performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


25.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BMA has high quality earnings.

Growing Profit Margin: BMA's current net profit margins (12.2%) are higher than last year (11.2%).


Past Earnings Growth Analysis

Earnings Trend: BMA's earnings have grown significantly by 25.4% per year over the past 5 years.

Accelerating Growth: BMA's earnings growth over the past year (0.4%) is below its 5-year average (25.4% per year).

Earnings vs Industry: BMA earnings growth over the past year (0.4%) underperformed the Banks industry 29.9%.


Return on Equity

High ROE: BMA's Return on Equity (7.9%) is considered low.


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Financial Health

How is Banco Macro's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: BMA's Assets to Equity ratio (4.1x) is low.

Allowance for Bad Loans: BMA has a sufficient allowance for bad loans (150%).

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 (33%).

Low Risk Deposits: BMA's Loans to Deposits ratio (52%) is appropriate.

Level of Bad Loans: BMA has an appropriate level of bad loans (1.3%).


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.53%

Current Dividend Yield

Dividend Yield vs Market

Banco Macro Dividend Yield vs Market
How does Banco Macro dividend yield compare to the market?
SegmentDividend Yield
Company (Banco Macro)3.5%
Market Bottom 25% (AR)0.7%
Market Top 25% (AR)4.5%
Industry Average (Banks)4.8%
Analyst forecast in 3 Years (Banco Macro)9.1%

Notable Dividend: BMA's dividend (3.53%) is higher than the bottom 25% of dividend payers in the AR market (0.71%).

High Dividend: BMA's dividend (3.53%) is low compared to the top 25% of dividend payers in the AR market (4.5%).


Stability and Growth of Payments

Stable Dividend: BMA has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BMA's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (36.9%), 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 covered by earnings (67.1% payout ratio).


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Management

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

6.0yrs

Average management tenure


CEO

Gustavo Alejandro Manriquez (53 yo)

4.83yrs

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 seasoned and experienced (6 years average tenure).


Board Members

Experienced Board: BMA's board of directors are considered experienced (5.4 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

What is the ownership structure of BMA?
Owner TypeNumber of SharesOwnership Percentage
General Public188,149,55029.4%
Individual Insiders223,519,16035.0%
Institutions227,744,69835.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 70.04% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
28.8%
Argentine Social Security Administration
184,156,124ARS80.5b0%18.9%
17.68%
Delfin Jorge Ezequiel Carballo
113,049,283ARS49.4b1.18%no data
17.28%
Jorge Pablo Brito
110,469,877ARS48.3b0%no data
2.46%
Odey Asset Management LLP
15,760,220ARS6.9b-4.63%1.23%
0.7%
Discovery Capital Management, LLC
4,462,550ARS2.0b-51.92%0.81%
0.54%
Citadel Advisors LLC
3,453,800ARS1.5b155.31%0.01%
0.42%
Eaton Vance Management
2,697,236ARS1.2b16.65%no data
0.36%
Arrowstreet Capital, Limited Partnership
2,282,720ARS998.2m39.52%no data
0.16%
Consultatio Asset Management G.F.C.I.S.A.
1,051,859ARS460.0m0%6.85%
0.14%
Santander Asset Management, S.A., S.G.I.I.C.
899,283ARS393.3m0%0.01%
0.14%
ICBC Investments Argentina S.A.S.G.F.C.I.
864,989ARS378.3m0%4.74%
0.13%
Mirae Asset Global Investments Co., Ltd
857,450ARS375.0m-9.62%no data
0.13%
HSBC Global Asset Management (UK) Limited
828,712ARS362.4m-18.21%no data
0.12%
Galileo Argentina S.G.F.C.I., S.A.
776,430ARS339.5m0%5.09%
0.11%
Schroder S.A. Sociedad Gerente de Fondos Comunes de Inversión
734,396ARS321.2m0%7.67%
0.11%
Investis Asset Management S.A. S.G.F.C.I
728,090ARS318.4m0%5.05%
0.11%
Group One Trading LP, Asset Management Arm
685,920ARS300.0m36.33%0.03%
0.097%
Morgan Stanley, Investment Banking and Brokerage Investments
621,410ARS271.7m-8.49%no data
0.095%
BNP Paribas Arbitrage Sa, Asset Management Arm
606,880ARS265.4m0%no data
0.094%
Universal-Investment-Gesellschaft Mit BeschrÄNkter Haftung
600,000ARS262.4m50%0.01%
0.086%
Bbva Francés Asset Management S.A.
548,743ARS240.0m0%6.8%
0.082%
Envestnet Asset Management, Inc.
524,770ARS229.5m151.41%no data
0.076%
Galicia Administradora de Fondos S.A.
488,168ARS213.5m0%4.55%
0.058%
Susquehanna Fundamental Investments, LLC
369,910ARS161.8m0%0.01%
0.054%
Leap Investments LP
347,920ARS152.1m4.17%0.03%

Company Information

Banco Macro S.A.'s 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
  • Implied Market Cap: AR$279.635b
  • Shares outstanding: 639.41m
  • Website: https://www.macro.com.ar

Number of Employees


Location

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


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BMABASE (Buenos Aires Stock Exchange)YesClass B Ordinary SharesARARSJun 1994
BMA.DBASE (Buenos Aires Stock Exchange)YesClass B Ordinary SharesARUSDJun 1994
BMA.5BASE (Buenos Aires Stock Exchange)Class A Ordinary SharesARARSJul 1998
BMANYSE (New York Stock Exchange)ADR REP 10 CLS'B' SHS ARS1USUSDMar 2006
B4WDB (Deutsche Boerse AG)ADR REP 10 CLS'B' SHS ARS1DEEURMar 2006
BMA NBMV (Bolsa Mexicana de Valores)ADR REP 10 CLS'B' SHS ARS1MXMXNMar 2006

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.