NYSE:BMA

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

High growth potential with excellent balance sheet and pays a dividend.

Risks

  • Banco Macro has significant price volatility in the past 3 months.

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


Market Performance


7 Day Return

-6.6%

NYSE:BMA

2.4%

US Banks

2.9%

US Market


1 Year Return

-29.9%

NYSE:BMA

-14.8%

US Banks

0.2%

US Market

BMA underperformed the Banks industry which returned -15.3% over the past year.

BMA underperformed the Market in United States of America which returned -0.7% over the past year.


Share holder returns

BMAIndustryMarket
7 Day-6.6%2.4%2.9%
30 Day-47.0%-6.3%-2.3%
90 Day-30.3%-2.1%3.1%
1 Year-26.5%-29.9%-12.4%-14.8%2.4%0.2%
3 Year-54.3%-57.8%41.7%32.0%41.7%32.4%
5 Year4.5%-4.9%52.2%35.7%55.1%37.9%

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

Valuation

Is Banco Macro undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Banco Macro's share price is below the future cash flow value, and at a moderate discount (> 20%).

Banco Macro's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Banco Macro is overvalued based on earnings compared to the US Banks industry average.

Banco Macro is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Banco Macro is good value based on expected growth next year.


Price Based on Value of Assets

Banco Macro is overvalued based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is Banco Macro expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

33.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Banco Macro's revenue is expected to grow by 14.6% yearly, however this is not considered high growth (20% yearly).

Banco Macro's earnings are expected to grow significantly at over 20% yearly.

Banco Macro's revenue growth is expected to exceed the United States of America market average.

Banco Macro's earnings growth is expected to exceed the United States of America market average.

Banco Macro's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Banco Macro is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).


Next Steps

Past Performance

How has Banco Macro performed over the past 5 years?

24.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Banco Macro has delivered over 20% year on year earnings growth in the past 5 years.

Banco Macro's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Banco Macro's 1-year earnings growth is negative, it can't be compared to the US Banks industry average.


Return on Equity

Banco Macro has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Banco Macro used its assets more efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if Banco Macro improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


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

Information is not available.

Information is not available.


Financial Institutions Analysis

Banco Macro has an acceptable proportion of non-loan assets held.

Banco Macro has a sufficient allowance for bad loans.

Banco Macro's liabilities are made up of primarily low risk sources of funding.

Banco Macro's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at Banco Macro are broadly funded by customer deposits.

Banco Macro has a high level of bad loans (greater than 2%).


Next Steps

Dividend

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

6.22%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Banco Macro's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).

Banco Macro's dividend is above the markets top 25% of dividend payers in United States of America (3.85%).

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).

Dividends per share have increased over the past 10 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be well covered by earnings (3.9x coverage).


Next Steps

Management

What is the CEO of Banco Macro's salary, the management and board of directors tenure and is there insider trading?

2.8yrs

Average management tenure


CEO

Gustavo Alejandro Manriquez (50yo)

1.8yrs

Tenure

0

Mr. Gustavo Alejandro Manriquez has been Chief Executive Officer of Banco Macro S.A. since November 8, 2017 and served as its General Manager from May 30, 2016 to November 8, 2017. Mr. Manriquez served as  ...


Management Age and Tenure

2.8yrs

Average Tenure

49.5yo

Average Age

The tenure for the Banco Macro management team is about average.


Board Age and Tenure

3.3yrs

Average Tenure

46.5yo

Average Age

The tenure for the Banco Macro board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Daniel Hugo Violatti (57yo)

    Accounting & Taxes Manager

    • Tenure: 0.0yrs
  • Ernesto Eduardo Medina (52yo)

    Human Resources Manager

    • Tenure: 2.9yrs
  • Jorge Francisco Scarinci (49yo)

    CFO and Finance & IR Manager

    • Tenure: 1.8yrs
  • Eduardo Roque Covello (62yo)

    Banking Operations Manager

    • Tenure: 0.0yrs
  • María José Van Morlegan (45yo)

    Legal Manager

    • Tenure: 3.6yrs
  • Francisco Muro (46yo)

    Distribution & Sales Manager

    • Tenure: 0.0yrs
  • Gerardo Adrián Álvarez (50yo)

    Administration Manager

    • Tenure: 0.0yrs
  • Gustavo Alejandro Manriquez (50yo)

    Chief Executive Officer

    • Tenure: 1.8yrs
  • Agustín Devoto (43yo)

    Investment Banking Manager

    • Tenure: 0.0yrs
  • Máximo Luis Casal (49yo)

    Legal Recovery Head

    • Tenure: 2.8yrs

Board Members

  • Delfín Jorge Ezequiel Carballo (67yo)

    Chairman of the Board

    • Tenure: 1.3yrs
  • Jorge Pablo Brito (40yo)

    Vice Chairman of the Board

    • Tenure: 1.3yrs
  • Marcos Brito (37yo)

    Director

    • Tenure: 10.3yrs
  • Guillermo Eduardo Stanley (71yo)

    Director

    • Tenure: 13.6yrs
  • Constanza Brito (38yo)

    Non-Independent Director

    • Tenure: 0.0yrs
  • Delfin J. Federico Carballo (35yo)

    Director

    • Tenure: 4.6yrs
  • Carlos Alberto Giovanelli (62yo)

    Director

    • Tenure: 3.3yrs
  • Nelson Damián Pozzoli (53yo)

    Director

    • Tenure: 3.3yrs
  • Martin Estanislao Gorosito (35yo)

    Independent Director

    • Tenure: 3.3yrs
  • Mario Luis Vicens (68yo)

    Independent Director

    • Tenure: 3.3yrs

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: NYSE
  • Founded: 1988
  • Industry: Diversified Banks
  • Sector: Banks
  • Market Cap: AR$120.741b
  • Listing Market Cap: AR$2.198b
  • Shares outstanding: 639.00m
  • 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)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

Biography

Banco Macro S.A. provides various banking products and services to individuals and corporate customers in Argentina. It offers various retail banking products and services, such as savings and checking acc ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/21 23:57
End of Day Share Price2019/08/21 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.