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
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
5,551 ARS +4.67% Intraday chart for Banco Macro S.A. +4.67% +107.92%
Mar. 06 Banco Macro S.A. Announces Resignation of Delfín Jorge Ezequiel Carballo as Alternate Director CI
Feb. 29 Transcript : Banco Macro S.A., Q4 2023 Earnings Call, Feb 29, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 173,775 145,476 182,978 357,403 1,682,167 3,492,198 - -
Enterprise Value (EV) 1 173,775 145,476 182,978 357,403 1,682,167 3,492,198 3,492,198 3,492,198
P/E ratio 4.29 x 4.8 x 6.78 x 8.34 x - 10.6 x 9.07 x 6.45 x
Yield 7.31% 6.88% 5.37% - - 2.44% 8.12% -
Capitalization / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.35 x 0.9 x 0.69 x
EV / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.35 x 0.9 x 0.69 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.65 x 0.98 x 0.77 x 0.7 x - 2.02 x 1.03 x -
Nbr of stocks (in thousands) 639,398 639,413 639,413 639,413 639,413 639,413 - -
Reference price 2 273.6 227.3 287.6 561.1 2,670 5,551 5,551 5,551
Announcement Date 2/19/20 3/10/21 2/23/22 2/24/23 2/28/24 - - -
1ARS in Million2ARS
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 87,062 118,942 164,451 373,314 1,050,118 2,592,343 3,872,573 5,046,304
EBITDA - - - - - - - -
EBIT 1 50,797 50,512 63,555 166,277 2,069,678 2,558,062 2,132,216 1,534,652
Operating Margin 58.35% 42.47% 38.65% 44.54% 197.09% 98.68% 55.06% 30.41%
Earnings before Tax (EBT) 1 48,769 42,509 28,786 62,500 870,083 516,974 631,569 782,154
Net income 1 40,800 30,300 27,122 43,039 587,304 316,470 346,068 550,246
Net margin 46.86% 25.47% 16.49% 11.53% 55.93% 12.21% 8.94% 10.9%
EPS 2 63.85 47.36 42.42 67.31 - 523.4 612.1 860.5
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 20.00 15.64 15.44 - - 135.4 450.9 -
Announcement Date 2/19/20 3/10/21 2/23/22 2/24/23 2/28/24 - - -
1ARS in Million2ARS
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 37,572 44,440 52,127 65,052 77,730 100,668 - - - 239,261 837,659 - - -
EBITDA - - - - - - - - - - - - - -
EBIT 1 20,669 18,791 24,487 28,223 31,218 47,555 - 173,082 235,012 1,058,044 843,279 548,320 428,676 466,665
Operating Margin 55.01% 42.28% 46.98% 43.39% 40.16% 47.24% - - - 442.21% 100.67% - - -
Earnings before Tax (EBT) 1 7,640 7,236 7,584 6,217 16,667 21,329 - - - - 224,078 - - -
Net income 1 7,355 10,534 6,020 4,148 8,865 16,604 - - - - 157,639 - - -
Net margin 19.58% 23.7% 11.55% 6.38% 11.4% 16.49% - - - - 18.82% - - -
EPS 2 11.50 16.49 9.400 6.500 13.90 26.00 15.30 69.02 11.71 718.9 204.5 138.8 232.0 286.0
Dividend per Share 2 - 15.44 - - - - - - - - 184.9 - - -
Announcement Date 11/24/21 2/23/22 5/23/22 8/24/22 11/23/22 2/24/23 5/17/23 8/24/23 11/22/23 2/28/24 - - - -
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% - 26.8% 23.5% 23.3%
ROA (Net income/ Total Assets) 10.4% 4.4% 2.8% 2.3% - 0.98% 0.79% -
Assets 1 392,308 688,636 968,643 1,871,261 - 32,292,857 43,806,130 -
Book Value Per Share 2 166.0 232.0 373.0 802.0 - 2,751 5,364 -
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/19/20 3/10/21 2/23/22 2/24/23 2/28/24 - - -
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
5,551 ARS
Average target price
5,501 ARS
Spread / Average Target
-0.91%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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