A3 Mercados S.A. (A3) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of A3 Mercados S.A. ARS 1,613, price ARS 2,860, upside -43.6%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 12.59 ARS – 3,460 ARS · fair‑value band 1,323 ARS – 2,041 ARS · the 2,860 ARS price screens above the 1,613 ARS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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A3 Mercados S.A. operates as a market for negotiable securities in Argentina and internationally. It offers financial and agricultural instruments, including spot, derivatives, and OTC transactions; guaranteed spot PPT; over the counter registration A3; and surety rate futures.
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A3 Mercados S.A. operates as a market for negotiable securities in Argentina and internationally. It offers financial and agricultural instruments, including spot, derivatives, and OTC transactions; guaranteed spot PPT; over the counter registration A3; and surety rate futures. The company also provides primary placements, secondary spot trading, and foreign exchange market; and FCI market and warrants, as well as futures and options for financial, agricultural, metals, and energy. In addition, it offers compensation and liquidation of contracts; and software programs services. A3 Mercados S.A. is based in Rosario, Argentina.
Stock analysis
A3 Mercados S.A. (A3) currently trades at 2,860 ARS, while our model-based Fair Value estimate is 1,613 ARS, implying the stock looks roughly 77.3% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 3,389 ARS per share, and 6 of the 11 models we run sit above the 2,860 ARS price.
Bear case: the Multiples group reads lowest at 1,134 ARS, and 5 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 1,323 ARS (bear) to 2,041 ARS (bull), the price of 2,860 ARS sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
A3 Mercados S.A. reported revenue of 95.4B ARS in FY2025 versus 12.1B ARS in FY2022, a compound +99.0%/yr. Reported net income was 21.4B ARS in FY2025, compounding +100.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 843B ARS (≈ $590M) · P/S ratio 3.43 · EPS (TTM) −58.25 ARS · Net margin 22.5% · Return on equity 11.1% · Return on assets (EBIT) 5.6% · Operating margin 32.0% · Revenue (TTM) 245B ARS.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −26% fair-value upside, at −44%, A3 screens richer than that median.
Fair Value models
Bear 1,323 ARSFair Value 1,613 ARSBull 2,041 ARS
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+28.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+99.0%
’22
’23
’24
’25
What shareholders gained per year (last 3 years), in ARS ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ARS: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.5%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.58% → 25%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Argentina: IMF forecast 13.8% a year to 2030) that is about +10.7% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Financial Data & Stock Exchanges · 55 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Bottom 25%
Fair Value upside−37% · Below median
Profitability
Return on equity (TTM)11% · Bottom 25%
Return on assets6% · Above median
Net margin (TTM)46% · Top 25%
Operating margin (TTM)32% · Below median
Growth and dividend
Revenue growth60% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 69
PAST (return on equity)45· sector 77
HEALTH (low debt)100· sector 94
DIVIDEND (yield)0· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is A3 Mercados S.A. (A3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,613 ARS versus a price of 2,860 ARS, about −44% upside (overvalued).
What is the fair value of A3?
Our model-based fair value for A3 Mercados S.A. is 1,613 ARS (as of Sep 24, 2026), built from audited fundamentals. The current price: 2,860 ARS.
What is the quality score of A3?
A3 Mercados S.A. has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for A3 Mercados S.A. (A3)?
Our model-based price target is the fair value of 1,613 ARS (as of Sep 24, 2026) from 11 valuation models. Cautious scenario 1,323 ARS, optimistic scenario 2,041 ARS. It is a calculation from audited fundamentals, not an analyst target.
What is the A3 Mercados S.A. stock forecast for 2026?
Our models put fair value at 1,613 ARS, about −44% upside versus a price of 2,860 ARS (overvalued). Cautious scenario 1,323 ARS, optimistic scenario 2,041 ARS. The calculation is refreshed regularly with new filings.
What is the revenue of A3 Mercados S.A. (A3)?
A3 Mercados S.A. reported trailing-twelve-month revenue of about 245B ARS (latest available figure, as of Sep 24, 2026).
What growth is priced into A3 Mercados S.A. (A3)?
For today's price to be fair in a discounted-cash-flow model, A3 Mercados S.A. would have to grow free cash flow by +26.0 % per year for five years (discount rate 20.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +99.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of A3 use?
Our models discount A3 Mercados S.A. at 20.7 %: a base by market capitalisation (small), country premium for Argentina. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For A3 Mercados S.A. that is +26.0 % per year a year over ten years, using the same discount rate (20.7 %) and the same formula as our fair value.
How much growth has A3 Mercados S.A. (A3) delivered so far?
Over the past 3 years revenue at A3 Mercados S.A. grew +99.0 % a year. The price currently implies +26.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of A3 Mercados S.A. (A3) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into A3 Mercados S.A. (+26.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of A3 Mercados S.A. (A3)?
The free-cash-flow yield on the price is 4.80 %: that much free cash flow A3 Mercados S.A. produces per unit of market value. When it exceeds the discount rate of our models (20.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of A3 Mercados S.A. (A3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For A3 Mercados S.A. it is 1,613 ARS per share (as of Sep 24, 2026), against a price of 2,860 ARS. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is A3 Mercados S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, A3 trades above its calculated fair value: price 2,860 ARS, fair value 1,613 ARS, a gap of about −44% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of A3?
No. The price is what the market pays today (2,860 ARS); the fair value is what the company's own numbers justify (1,613 ARS). For A3 Mercados S.A. the two are 1,247 ARS per share apart. That gap is exactly why we show both numbers side by side.
How much is A3 Mercados S.A. worth?
The market values A3 Mercados S.A. at about 843B ARS (market capitalisation, as of Sep 24, 2026). Per share that is 2,860 ARS; our models calculate a fair value of 1,613 ARS per share.
What do the bullish and bearish scenarios say about A3?
Our models span a range for A3 Mercados S.A.: cautious scenario 1,323 ARS, base 1,613 ARS, optimistic 2,041 ARS per share (as of Sep 24, 2026, price 2,860 ARS). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of A3 Mercados S.A. (A3)?
Balance-sheet figures for A3 Mercados S.A. (as of Sep 24, 2026): return on equity 11.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is A3 from its 52-week high?
A3 Mercados S.A. trades at 2,860 ARS, about 17% below its 52-week high of 3,460 ARS and 44% above the low of 1,985 ARS (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 1,613 ARS is for.
Which stocks are comparable to A3 Mercados S.A.?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Moody's Corporation, Intercontinental Exchange, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is A3 Mercados S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price 2,860 ARS, calculated fair value 1,613 ARS (−44%), Quality Score 51/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of A3 calculated?
We run A3 Mercados S.A. through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1,613 ARS, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. A3 Mercados S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of A3 Mercados S.A. (A3)?
The closing price on Sep 23, 2026 was 2,860 ARS. Our model-based fair value is 1,613 ARS, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with A3 Mercados S.A. right now?
The price sits above even our optimistic bull case (2,041 ARS). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of A3 Mercados S.A.
How large is the market capitalisation of A3 Mercados S.A. (A3)?
The market capitalisation of A3 Mercados S.A. is 843B ARS (≈ $590M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of A3 Mercados S.A. (A3)?
The price-to-sales ratio of A3 Mercados S.A. is 3.43 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of A3 Mercados S.A. (A3)?
Earnings per share at A3 Mercados S.A. are −58.25 ARS. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of A3 Mercados S.A. (A3)?
The net margin of A3 Mercados S.A. is 22.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of A3 Mercados S.A. (A3)?
The return on equity (ROE) of A3 Mercados S.A. is 11.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of A3 Mercados S.A. (A3)?
On an EBIT basis the return on assets of A3 Mercados S.A. is 5.6% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of A3 Mercados S.A. (A3)?
The operating margin of A3 Mercados S.A. is 32.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at A3 Mercados S.A. (A3)?
Revenue at A3 Mercados S.A. is growing +59.7% versus a year earlier (3y avg +99.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at A3 Mercados S.A. (A3)?
Earnings per share at A3 Mercados S.A. are growing +334% versus a year earlier. How much earnings per share grew versus a year earlier.
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