Merval Analysis

Independent equity research on Argentine listed companies. Each report starts from audited financial statements, reconciled across the Balance Sheet, Income Statement, Cash Flow Statement and Statement of Changes in Equity, and is valued with discounted cash flow, market multiples and dividend models.

Assumptions are explicit, the models are open to scrutiny, and the conclusions follow the numbers.

In God we trust, all others must bring data.

Company directory

Banks

BMA Banco Macro S.A.

Private-capital domestic bank with a strong presence in the interior of the country.

Coming soon Merval

Consumer

BOLT Boldt S.A.

Gaming, telecom and technology services group.

Coming soon Panel General

Financial services

Food & beverages

Gas transport & distribution

METR MetroGAS S.A.

Natural gas distributor in the city of Buenos Aires and its surroundings.

Coming soon Merval

Electricity transmission & distribution

Health

Holdings & investment

Industrials & machinery

DOME Domec S.A.

Domestic stoves and kitchen appliances manufacturer.

Coming soon Panel General

Construction & infrastructure

Materials & metals

CARC Carboclor S.A.

Petrochemical producer of benzene, toluene and derivatives.

Coming soon Panel General

Oil & gas

YPFD YPF S.A.

Argentina's largest integrated oil and gas company.

Coming soon Merval

Power generation

CAPX Capex S.A.

Thermal power generator and oil and gas producer in Neuquén.

Coming soon Panel General

Real estate & land

Telecom & media

Latest reports

DateTicker Type Report Format Size Language Access
GGAL Note Grupo Financiero Galicia – ROE vs Ke: what ROE is the market pricing in?At 1.04x book, the market prices in a long-term real ROE of about 12.6%, close to the 13.2% normalized level. PDF 538,8 KB EN Download — Grupo Financiero Galicia – ROE vs Ke: what ROE is the market pricing in? (PDF)
AGRO Financial data Agrometal - Outlooks workbook (Excel)Six outlooks generated from the AGRO financial database. XLSX 44,2 KB EN / ES Subscribers only — Agrometal - Outlooks workbook (Excel)
AGRO Initiation Agrometal - Initiation of coverage (Word)Editable Word version of the initiation report, with the full financial tables. DOCX 1,2 MB EN Request access — Agrometal - Initiation of coverage (Word)
AGRO Initiation Agrometal - Initiation of coverage: Sowing through the credit squeezeBuy (High Risk) with an ARS 64,0 target (82% upside). A record harvest but no bank credit for machinery; unlevered balance sheet, valued 70/30 on DCF and multiples. PDF 1,6 MB EN Download — Agrometal - Initiation of coverage: Sowing through the credit squeeze (PDF)
AGRO Valuation model Agrometal - Valuation report (Word, in Spanish)Editable Word version of the Spanish valuation report, with all tables and figures. DOCX 1,2 MB ES Request access — Agrometal - Valuation report (Word, in Spanish)