Bolsas y Mercados Argentinos SA (BYMA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Bolsas y Mercados Argentinos SA stock ARS 294, price ARS 198, upside +48.4%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 72.51 ARS – 1,632 ARS · fair‑value band 220.73 ARS – 367.88 ARS · the 198.25 ARS price screens below the 294.30 ARS fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.
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Bolsas y Mercados Argentinos S.A. operates as a stock exchange in Argentina. It offers investment access to organizations, companies, and the general public.
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The company provides primary placement, secondary negotiation, settlement, and delivery and payment of the traded securities; and the register of shareholders, safekeeping, and debt payment and allocation activities.
It also offers brokers ranking, trading, transaction, clearing and settlement, and safekeeping and related services, as well as services for broker-dealer members. The company was founded in 2013 and is based in Buenos Aires, Argentina.
Stock analysis
Bolsas y Mercados Argentinos SA (BYMA) currently trades at 198.25 ARS, while our model-based Fair Value estimate is 294.30 ARS, implying the stock looks roughly 33% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 567.85 ARS per share, and 9 of the 12 models we run sit above the 198.25 ARS price.
Bear case: the Asset-Based group reads lowest at 40.59 ARS, and 3 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: 220.73 ARS (bear) to 367.88 ARS (bull), the price of 198.25 ARS sits below 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 67/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bolsas y Mercados Argentinos SA reported revenue of 257B ARS in FY2025 versus 7.0B ARS in FY2021, a compound +146.4%/yr. Reported net income was 172B ARS in FY2025.
Key figures
Market cap 1.8T ARS (≈ $1.2B) Small · P/E ratio 8.0 · P/S ratio 6.34 · EPS (TTM) 24.72 ARS · Net margin 57.3% · Return on equity 27.5% · Return on assets (EBIT) 4.0% (5-year average) · Operating margin 57.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 88 out of 100 (medium confidence).
What moves the price
The share trades about 43% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 48%, BYMA screens cheaper than that median.
Fair Value models
Bear220.73 ARSFair Value 294.30 ARSBull367.88 ARS
Price 198.25 ARS · Upside +48.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (21.13 ARS per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+34.8%
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.
+177.5%
Revenue growth 5 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.
+121.9%
Start year 2020 (pandemic)
Revenue growth 8 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.
+80.0%
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What shareholders gained per year (last 5 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 5 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.
−6.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.4%
Dividend (yield on the price)0.0%
Profit margin 2020 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.37% → 64%
⚠ Revenue per share shrinking 3.8%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−10.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Argentina: IMF forecast 13.8% a year to 2030) that is about −21.0% a year for the price.
AI conclusion: High margins and ROE reflect strong pricing power and scale in Argentine capital markets, yet limited transparency on human capital, innovation and governance plus macro volatility pose key concerns.
Main risk: Argentina macro volatility and currency swings remain the biggest risk, directly hitting trading volumes and results that still depend on broader market activity.
BYMA is expanding beyond its core exchange and custody role by acquiring a 70 percent stake in fintech Quantex and rolling out a token registry for real-world assets. These steps tap into fixed-income platforms and emerging crypto activity in Argentina while the business stays capex-light with strong dividend capacity. Broader market swings still drive trading volumes and results. Will the new segments deliver steadier growth than traditional flows provide?
Compare Bolsas y Mercados Argentinos SA with another stock
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.Capital Markets · 384 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+48.4% · Above median
Profitability
Return on equity (12 months)27.5% · Top 25%
Return on assets6.8% · Top 25%
Net margin (12 months)57.3% · Top 25%
Operating margin (12 months)57.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)25.3% · Above median
Dividend yield (12 months)0.0% · Bottom 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)8.0× · Cheaper than median
P/B2.80× · Priciest 25%
P/S (12 months)6.34× · Pricier than median
Price / free cash flow (fiscal year)7.8× · Cheaper than median
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.
Cite: Fair Value Calculator (2026). "Bolsas y Mercados Argentinos SA Fair Value". https://www.fairvalue-calculator.com/stock/BYMA
Frequently asked questions
Is Bolsas y Mercados Argentinos SA (BYMA) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 294.30 ARS versus a price of 198.25 ARS, about +48% upside (undervalued).
What is the fair value of BYMA?
Our model-based fair value for Bolsas y Mercados Argentinos SA is 294.30 ARS (as of Nov 7, 2026), built from audited fundamentals. The current price: 198.25 ARS.
What is the quality score of BYMA?
Bolsas y Mercados Argentinos SA has a Quality Score of 67/100. 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 Bolsas y Mercados Argentinos SA (BYMA)?
Our model-based price target is the fair value of 294.30 ARS (as of Nov 7, 2026) from 12 valuation models. Cautious scenario 220.73 ARS, optimistic scenario 367.88 ARS. It is a calculation from audited fundamentals, not an analyst target.
What is the Bolsas y Mercados Argentinos SA stock forecast for 2026?
Our models put fair value at 294.30 ARS, about +48% upside versus a price of 198.25 ARS (undervalued). Cautious scenario 220.73 ARS, optimistic scenario 367.88 ARS. The calculation is refreshed regularly with new filings.
What is the revenue of Bolsas y Mercados Argentinos SA (BYMA)?
Bolsas y Mercados Argentinos SA reported trailing-twelve-month revenue of about 289B ARS (latest available figure, as of Nov 7, 2026).
What growth is priced into Bolsas y Mercados Argentinos SA (BYMA)?
For today's price to be fair in a discounted-cash-flow model, Bolsas y Mercados Argentinos SA would have to grow free cash flow by -10.0 % per year for five years (discount rate 19.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +121.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BYMA use?
Our models discount Bolsas y Mercados Argentinos SA at 19.2 %: a base by market capitalisation (small), damped by beta 0.04, 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 Bolsas y Mercados Argentinos SA that is -10.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (19.2 %) and the same formula as our fair value.
How much growth has Bolsas y Mercados Argentinos SA (BYMA) delivered so far?
Over the past 5 years revenue at Bolsas y Mercados Argentinos SA grew +121.9 % a year. The price currently implies free-cash-flow growth of -10.0 % per 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 Bolsas y Mercados Argentinos SA (BYMA) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Bolsas y Mercados Argentinos SA (-10.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bolsas y Mercados Argentinos SA (BYMA)?
The free-cash-flow yield on the price is 15.55 %: that much free cash flow Bolsas y Mercados Argentinos SA produces per unit of market value. When it exceeds the discount rate of our models (19.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bolsas y Mercados Argentinos SA (BYMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bolsas y Mercados Argentinos SA it is 294.30 ARS per share (as of Nov 7, 2026), against a price of 198.25 ARS. It is the blended result of 12 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Bolsas y Mercados Argentinos SA stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BYMA trades below its calculated fair value: price 198.25 ARS, fair value 294.30 ARS, a gap of about +48% (undervalued). 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 BYMA?
No. The price is what the market pays today (198.25 ARS); the fair value is what the company's own numbers justify (294.30 ARS). For Bolsas y Mercados Argentinos SA the two are 96.05 ARS per share apart. That gap is exactly why we show both numbers side by side.
How much is Bolsas y Mercados Argentinos SA worth?
The market values Bolsas y Mercados Argentinos SA at about 1.8T ARS (market capitalisation, as of Nov 7, 2026). Per share that is 198.25 ARS; our models calculate a fair value of 294.30 ARS per share.
What do the bullish and bearish scenarios say about BYMA?
Our models span a range for Bolsas y Mercados Argentinos SA: cautious scenario 220.73 ARS, base 294.30 ARS, optimistic 367.88 ARS per share (as of Nov 7, 2026, price 198.25 ARS). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BYMA?
Bolsas y Mercados Argentinos SA trades at a price-to-earnings ratio of 8.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 294.30 ARS is built from several models across several years. Other multiples: P/B 2.8, P/S 6.3, EV/EBITDA 5.9.
How solid is the balance sheet of Bolsas y Mercados Argentinos SA (BYMA)?
Balance-sheet figures for Bolsas y Mercados Argentinos SA (as of Nov 7, 2026): return on equity 27.5%. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is BYMA from its 52-week high?
Bolsas y Mercados Argentinos SA trades at 198.25 ARS, about 43% below its 52-week high of 346.48 ARS and at the low of 198.00 ARS (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 294.30 ARS is for.
Which stocks are comparable to Bolsas y Mercados Argentinos SA?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Bolsas y Mercados Argentinos SA stock attractive at the current price?
The data as of Nov 7, 2026: price 198.25 ARS, calculated fair value 294.30 ARS (+48%), Quality Score 67/100, from 12 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 BYMA calculated?
We run Bolsas y Mercados Argentinos SA through 12 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 294.30 ARS builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Bolsas y Mercados Argentinos SA currently trades 33% below its own fair value, and the market average says nothing about that. 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 Bolsas y Mercados Argentinos SA (BYMA)?
The closing price on Nov 6, 2026 was 198.25 ARS. Our model-based fair value is 294.30 ARS, about +48% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bolsas y Mercados Argentinos SA right now?
The price is below even our cautious bear case (220.73 ARS). The market is more pessimistic than our downside scenario. 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 quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Bolsas y Mercados Argentinos SA
How large is the market capitalisation of Bolsas y Mercados Argentinos SA (BYMA)?
The market capitalisation of Bolsas y Mercados Argentinos SA is 1.8T ARS (≈ $1.2B). 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 Bolsas y Mercados Argentinos SA (BYMA)?
The price-to-sales ratio of Bolsas y Mercados Argentinos SA is 6.34 (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 Bolsas y Mercados Argentinos SA (BYMA)?
Earnings per share at Bolsas y Mercados Argentinos SA are 24.72 ARS (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bolsas y Mercados Argentinos SA (BYMA)?
The net margin of Bolsas y Mercados Argentinos SA is 57.3% (last twelve months). 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 Bolsas y Mercados Argentinos SA (BYMA)?
The return on equity (ROE) of Bolsas y Mercados Argentinos SA is 27.5% (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 Bolsas y Mercados Argentinos SA (BYMA)?
On an EBIT basis the return on assets of Bolsas y Mercados Argentinos SA is 4.0% (avg 5y). 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 Bolsas y Mercados Argentinos SA (BYMA)?
The operating margin of Bolsas y Mercados Argentinos SA is 57.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bolsas y Mercados Argentinos SA (BYMA)?
Revenue at Bolsas y Mercados Argentinos SA is growing +25.3% versus a year earlier (3y avg +177%). 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 Bolsas y Mercados Argentinos SA (BYMA)?
Earnings per share at Bolsas y Mercados Argentinos SA are growing −37.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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Thin data
Nov 7, 2026