Pampa Energía surprises with 333% earnings growth: the week's ADR map

The Argentine ADR market experienced a negative week, marked by a rise in country risk (EMBI) and a drop in the Merval in dollars. Pampa Energía has stood out with impressive earnings growth of 333%, while banks suffered due to local risk aversion.

Multiples table — Argentine ADRs

Data as of market close on November 2, 2026. Source: yfinance / NYSE-NASDAQ.
Multiples colored in green are below
the cheap valuation threshold for the sector;
in red, above the expensive threshold.

■ Cheap for the sector  ■ Normal valuation  ■ Expensive for the sector

Sector analysis

Energy

In the energy sector, Pampa Energía (PAM) stands out with exceptional earnings growth of 333.3%, justifying its valuation multiples. Its price-to-earnings (P/E) ratio is 6.34, making it attractive compared to YPF, which has a P/E of 8.08. Lower oil prices have impacted stocks, but the Vaca Muerta export thesis remains solid.

Banking

In the banking sector, Grupo Galicia (GGAL) and Banco Macro (BMA) face pressure due to currency depreciation and country risk (EMBI). GGAL has an attractive forward P/E of 4.46, but its low ROE of 1.09% and revenue drop of 7.9% present challenges. Banco Macro, with a forward P/E of 5.23, shows a better relative position, although it also faces macroeconomic risks.

Technology

MercadoLibre (MELI) continues to show resilience, with a forward P/E of 30 and a strong ROE of 27.5%. However, its decline in earnings growth of -10.9% could be a point of attention for investors.

Featured companies

Pampa Energía

Pampa Energía stands out for its remarkable earnings growth of 333.3%, justifying its attractive valuation in the energy sector.

Grupo Galicia

Grupo Galicia trades at attractive multiples, but faces significant challenges in terms of profitability and revenue growth, which could affect its future performance.

MercadoLibre

MercadoLibre shows a high P/E, backed by a solid ROE, although the drop in its earnings growth could be concerning for investors.

About missing data

Some companies show missing data, such as Supervielle and Bioceres, which lack trailing P/E due to recent net losses. In the case of Bioceres, the high debt/equity of 369.42% could also influence the lack of data.

Signal of the day

The signal of the day is to closely follow Pampa Energía, which has shown outstanding earnings growth. In contrast, banks face a challenging environment that could affect their profitability. Investors should monitor the evolution of country risk (EMBI) and its impact on the financial sector.

ADR Radar

Profile of each ADR across 5 axes: Value, Growth, Health, Dividends, and Momentum.
Normalized score from 0 to 100.

Automatically generated by Nuestra Señal · November 2, 2026
Sources: yfinance (NYSE/NASDAQ). Does not constitute investment advice.