Stock BMA BANCO MACRO S.A.
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Financials Banco Macro S.A.

Equities

BMA

ARBANS010010

Banks

End-of-day quote Buenos Aires S.E.
Other stock markets
 03:30:00 24/06/2024 am IST 		5-day change 1st Jan Change
7,860 ARS -2.56% Intraday chart for Banco Macro S.A. -2.90% +194.37%
14/06 Banco Macro S.A. Announces Instalment No. 2 of the Cash Dividend, Payable on June 26, 2024 CI
24/05 Transcript : Banco Macro S.A., Q1 2024 Earnings Call, May 24, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,73,775 1,45,476 1,82,978 3,57,403 16,82,167 48,19,098 - -
Enterprise Value (EV) 1 1,73,775 1,45,476 1,82,978 3,57,403 16,82,167 48,19,098 48,19,098 48,19,098
P/E ratio 4.29 x 4.8 x 6.78 x 8.34 x - 6.24 x 6.27 x 6.89 x
Yield 7.31% 6.88% 5.37% - - 4.87% 5.02% 12.3%
Capitalization / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.07 x 0.96 x 0.72 x
EV / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.07 x 0.96 x 0.72 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.65 x 0.98 x 0.77 x 0.7 x - 1.03 x 0.87 x 0.69 x
Nbr of stocks (in thousands) 6,39,398 6,39,413 6,39,413 6,39,413 6,39,413 6,39,413 - -
Reference price 2 273.6 227.3 287.6 561.1 2,670 7,664 7,664 7,664
Announcement Date 19/02/20 10/03/21 23/02/22 24/02/23 28/02/24 - - -
1ARS in Million2ARS
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 87,062 1,18,942 1,64,451 3,73,314 10,50,118 44,93,202 50,22,655 67,03,876
EBITDA - - - - - - - -
EBIT 1 50,797 50,512 63,555 1,66,277 20,69,678 31,73,793 22,80,669 23,24,400
Operating Margin 58.35% 42.47% 38.65% 44.54% 197.09% 70.64% 45.41% 34.67%
Earnings before Tax (EBT) 1 48,769 42,509 28,786 62,500 8,70,083 10,68,617 13,84,008 12,30,319
Net income 1 40,800 30,300 27,122 43,039 5,87,304 10,43,341 8,93,354 7,11,085
Net margin 46.86% 25.47% 16.49% 11.53% 55.93% 23.22% 17.79% 10.61%
EPS 2 63.85 47.36 42.42 67.31 - 1,227 1,222 1,113
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 20.00 15.64 15.44 - - 373.0 384.5 945.1
Announcement Date 19/02/20 10/03/21 23/02/22 24/02/23 28/02/24 - - -
1ARS in Million2ARS
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 44,440 52,127 65,052 77,730 1,00,668 - - - 2,39,261 2,41,576 16,66,480 - - -
EBITDA - - - - - - - - - - - - - -
EBIT 1 18,791 24,487 28,223 31,218 47,555 - 1,73,082 2,35,012 10,58,044 - 5,14,899 4,64,131 5,76,630 5,23,855
Operating Margin 42.28% 46.98% 43.39% 40.16% 47.24% - - - 442.21% - 30.9% - - -
Earnings before Tax (EBT) 7,236 7,584 6,217 16,667 21,329 - - - - 3,64,743 - - - -
Net income 10,534 6,020 4,148 8,865 16,604 - - - - 2,75,420 - - - -
Net margin 23.7% 11.55% 6.38% 11.4% 16.49% - - - - 114.01% - - - -
EPS 2 16.49 9.400 6.500 13.90 26.00 15.30 69.02 11.71 718.9 430.7 204.8 187.6 317.6 373.0
Dividend per Share 15.44 - - - - - - - - - - - - -
Announcement Date 23/02/22 23/05/22 24/08/22 23/11/22 24/02/23 17/05/23 24/08/23 22/11/23 28/02/24 23/05/24 - - - -
1ARS in Million2ARS
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 59% 20.8% 12.2% 9.7% 32.3% 30.5% 24.5% 15.5%
ROA (Net income/ Total Assets) 10.4% 4.4% 2.8% 2.3% 8.88% 3.21% 3.46% 2.73%
Assets 1 3,92,308 6,88,636 9,68,643 18,71,261 66,14,529 3,25,02,835 2,58,19,480 2,60,47,070
Book Value Per Share 2 166.0 232.0 373.0 802.0 - 7,435 8,776 11,161
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 19/02/20 10/03/21 23/02/22 24/02/23 28/02/24 - - -
1ARS in Million2ARS
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Banco Macro S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
7,664 ARS
Average target price
10,127 ARS
Spread / Average Target
+32.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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