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 2024-06-09 pm EDT 		5-day change 1st Jan Change
7,773 ARS +6.00% Intraday chart for Banco Macro S.A. -8.29% +191.12%
May. 24 Transcript : Banco Macro S.A., Q1 2024 Earnings Call, May 24, 2024
May. 23 Banco Macro S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

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 4,887,632 - -
Enterprise Value (EV) 1 173,775 145,476 182,978 357,403 1,682,167 4,887,632 4,887,632 4,887,632
P/E ratio 4.29 x 4.8 x 6.78 x 8.34 x - 6.33 x 6.36 x 6.98 x
Yield 7.31% 6.88% 5.37% - - 4.83% 4.98% 12.2%
Capitalization / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.87 x 0.97 x 0.73 x
EV / Revenue 2 x 1.22 x 1.11 x 0.96 x 1.6 x 1.87 x 0.97 x 0.73 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.65 x 0.98 x 0.77 x 0.7 x - 1.05 x 0.89 x 0.7 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 7,773 7,773 7,773
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 2,619,930 5,022,655 6,703,876
EBITDA - - - - - - - -
EBIT 1 50,797 50,512 63,555 166,277 2,069,678 3,173,793 2,280,669 2,324,400
Operating Margin 58.35% 42.47% 38.65% 44.54% 197.09% 121.14% 45.41% 34.67%
Earnings before Tax (EBT) 1 48,769 42,509 28,786 62,500 870,083 977,966 1,240,162 1,230,319
Net income 1 40,800 30,300 27,122 43,039 587,304 1,043,341 893,354 711,085
Net margin 46.86% 25.47% 16.49% 11.53% 55.93% 39.82% 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 - - 375.3 386.9 945.1
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 2025 Q1
Net sales 37,572 44,440 52,127 65,052 77,730 100,668 - - - 239,261 241,576 1,666,480 - - -
EBITDA - - - - - - - - - - - - - - -
EBIT 20,669 18,791 24,487 28,223 31,218 47,555 - 173,082 235,012 1,058,044 - 514,899 464,131 576,630 523,855
Operating Margin 55.01% 42.28% 46.98% 43.39% 40.16% 47.24% - - - 442.21% - 30.9% - - -
Earnings before Tax (EBT) 1 7,640 7,236 7,584 6,217 16,667 21,329 - - - - 364,743 - - - -
Net income 1 7,355 10,534 6,020 4,148 8,865 16,604 - - - - 275,420 - - - -
Net margin 19.58% 23.7% 11.55% 6.38% 11.4% 16.49% - - - - 114.01% - - - -
EPS 2 11.50 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 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 5/23/24 - - - -
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 1 392,308 688,636 968,643 1,871,261 6,614,529 32,502,835 25,819,480 26,047,070
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 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
7,773 ARS
Average target price
10,191 ARS
Spread / Average Target
+31.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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