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Argentinian (MERVAL) Market Analysis & Valuation

UpdatedNov 15, 2025
DataAggregated Company Financials
Companies69
  • 7D5.6%
  • 3M31.1%
  • 1Y34.4%
  • YTD4.8%

The market is up 5.6% in the last 7 days, led by the Energy and all sectors gaining ground. In the last year, the market has climbed 34%. Earnings are forecast to grow by 45% annually.

Trending IndustriesOil and Gas

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Nov 2025AR$108.6tAR$73.7tAR$3.7t17x29.7x1.5x
Thu, 16 Oct 2025AR$72.5tAR$73.3tAR$5.2t13x13.9x1x
Sat, 13 Sep 2025AR$71.7tAR$73.6tAR$5.3t10.9x13.5x1x
Mon, 11 Aug 2025AR$102.5tAR$69.7tAR$5.8t18.9x17.6x1.5x
Wed, 09 Jul 2025AR$80.8tAR$69.1tAR$6.0t13.7x13.5x1.2x
Fri, 06 Jun 2025AR$84.7tAR$68.2tAR$5.8t15.3x14.6x1.2x
Sun, 04 May 2025AR$83.1tAR$68.8tAR$8.2t12.8x10.1x1.2x
Tue, 01 Apr 2025AR$94.9tAR$68.3tAR$8.1t16.4x11.7x1.4x
Thu, 27 Feb 2025AR$92.5tAR$49.2tAR$4.4t18.4x20.9x1.9x
Sat, 25 Jan 2025AR$104.1tAR$48.2tAR$4.2t25.1x24.5x2.2x
Mon, 23 Dec 2024AR$99.2tAR$47.7tAR$4.3t23.3x23.2x2.1x
Wed, 20 Nov 2024AR$83.3tAR$45.8tAR$2.6t18.4x31.5x1.8x
Fri, 18 Oct 2024AR$70.0tAR$45.9tAR$3.0t19.8x23x1.5x
Sun, 15 Sep 2024AR$72.5tAR$45.4tAR$3.1t20x23.5x1.6x
Tue, 13 Aug 2024AR$64.8tAR$34.9tAR$2.1t18.8x31.4x1.9x
Thu, 11 Jul 2024AR$68.2tAR$36.2tAR$2.4t18.5x29x1.9x
Sat, 08 Jun 2024AR$62.4tAR$34.7tAR$2.1t17.9x29.1x1.8x
Mon, 06 May 2024AR$59.8tAR$38.5tAR$833.7b16.7x71.7x1.6x
Wed, 03 Apr 2024AR$51.2tAR$36.9tAR$629.8b28.8x81.3x1.4x
Fri, 01 Mar 2024AR$44.0tAR$14.7tAR$1.8t38x25x3x
Sun, 28 Jan 2024AR$55.9tAR$13.9tAR$1.7t42x32.7x4x
Tue, 26 Dec 2023AR$42.4tAR$13.9tAR$1.7t30.5x24.8x3x
Thu, 23 Nov 2023AR$33.5tAR$13.8tAR$1.7t21.4x19.7x2.4x
Sat, 21 Oct 2023AR$34.7tAR$12.5tAR$853.3b26x40.7x2.8x
Mon, 18 Sep 2023AR$24.5tAR$12.1tAR$799.7b21x30.7x2x
Wed, 16 Aug 2023AR$22.4tAR$11.1tAR$650.8b21.8x34.5x2x
Fri, 14 Jul 2023AR$19.3tAR$10.5tAR$550.6b20.2x35x1.8x
Sun, 11 Jun 2023AR$16.4tAR$10.4tAR$525.8b18.3x31.3x1.6x
Tue, 09 May 2023AR$13.2tAR$9.7tAR$430.4b16.8x30.7x1.4x
Thu, 06 Apr 2023AR$11.1tAR$9.6tAR$408.1b14.9x27.2x1.2x
Sat, 04 Mar 2023AR$10.7tAR$6.6tAR$233.2b17.5x45.8x1.6x
Mon, 30 Jan 2023AR$11.3tAR$6.8tAR$430.3b16.9x26.2x1.7x
Wed, 28 Dec 2022AR$8.8tAR$6.8tAR$435.6b14.8x20.3x1.3x
Fri, 25 Nov 2022AR$7.1tAR$6.6tAR$430.2b11.2x16.6x1.1x
Price to Earnings Ratio

16.6x


Total Market Cap: AR$7.1tTotal Earnings: AR$430.2bTotal Revenue: AR$6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Argentinian Market Price to Earnings3Y Average 27.7x202320242025
Current Market PE
  • Investors are relatively neutral on the Argentinean market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 27.6x.
Past Earnings Growth
  • The earnings for Argentinean listed companies have grown 104% per year over the last three years.
  • Revenues for these companies have grown 123% 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 Market5.59%
Consumer Staples18.24%
Industrials17.57%
Materials11.77%
Consumer Discretionary9.52%
Healthcare8.70%
Energy7.72%
Utilities6.47%
Telecom5.73%
Real Estate5.07%
Tech3.41%
Financials0.37%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 32.1x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 120% over the next 5 years.
  • In contrast, the Real Estate sector is expected to see its earnings decline by 67% 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
CELU Celulosa ArgentinaAR$484.0015,412.8%
+AR$4.9t		4,894.8%PS24.7xMaterials
TECO2 Telecom ArgentinaAR$3.84k5.1%
+AR$403.8b		32.6%PS1.4xTelecom
YPFD YPF Sociedad AnónimaAR$56.85k1.7%
+AR$382.6b		55.6%PS1xEnergy
INVJ Inversora JuramentoAR$711.0051.9%
+AR$172.0b		61.0%PS2.6xConsumer Staples
PATA Sociedad Anónima Importadora y Exportadora de la PatagoniaAR$1.73k20.6%
+AR$147.5b		20.6%PE27.4xConsumer Staples
See more

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GGAL
AR$7,905.00
Grupo Financiero Galicia
7D
-3.8%
1Y
24.7%
BMA
AR$12,390.00
Banco Macro
7D
-0.8%
1Y
38.3%

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Analysts have raised their price target for Banco Macro significantly, increasing the fair value estimate from ARS 12,062 to ARS 16,878. They cite stronger capital ratios, a more favorable macroeconomic outlook in Argentina, and improving growth prospects for domestic banks.
TECO2
AR$3,702.50
Telecom Argentina
7D
1.4%
1Y
27.9%
PATA
AR$1,715.00
Sociedad Anónima Importadora y Exportadora de la Patagonia
7D
19.5%
1Y
19.5%
PAMP
AR$5,370.00
Pampa Energía
7D
3.8%
1Y
57.2%

PAMP: Future Earnings Will Depend On Power-Gas Integration Execution Success

Analysts have raised their price target for Pampa Energía from $92 to $113. They cite expected benefits from improvements in the company’s power generation and gas monetization businesses.
HARG
AR$1,910.00
Holcim (Argentina)
7D
-2.3%
1Y
-7.7%
COME
AR$79.90
Sociedad Comercial del Plata
7D
29.7%
1Y
-29.4%
TGNO4
AR$4,377.50
Transportadora de Gas del Norte
7D
-2.6%
1Y
18.6%
EDN
AR$2,432.00
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima
7D
-1.7%
1Y
27.7%
YPFD
AR$58,150.00
YPF Sociedad Anónima
7D
4.1%
1Y
59.2%
BBAR
AR$7,845.00
Banco BBVA Argentina
7D
2.4%
1Y
30.1%

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Analysts have raised their price target for Banco BBVA Argentina from ARS 7,817 to ARS 11,606. They cite renewed optimism in the bank's growth prospects following recent election results, which are expected to reduce risk and support a stronger credit cycle.
TGSU2
AR$9,210.00
Transportadora de Gas del Sur
7D
4.8%
1Y
50.7%
TXAR
AR$825.50
Ternium Argentina
7D
-4.9%
1Y
-1.7%
GBAN
AR$2,415.00
Naturgy BAN
7D
-2.8%
1Y
34.9%
DGCE
AR$2,410.00
Distribuidora de Gas del Centro
7D
-2.6%
1Y
9.5%
INVJ
AR$648.00
Inversora Juramento
7D
38.5%
1Y
46.8%