YPF stands out with 2550% earnings growth: the week's ADR map

In a week marked by global pressure and an increase in Argentine country risk (EMBI) to 675 basis points, Argentine ADRs faced significant challenges. YPF stood out with impressive 2550% earnings growth, while banks suffered from rising interest rates and the depreciation of local assets.

Multiples table — Argentine ADRs

Data as of the close of October 19, 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

Within the energy sector, YPF shows an attractive valuation with a forward P/E of 9.24, backed by revenue growth of 72.2% and exceptional earnings growth of 2550.7%. In contrast, Pampa Energía trades at a forward P/E of 6.79, but with a higher EV/EBITDA of 6.03, suggesting a more demanding valuation. TGS presents a forward P/E of 9.86 with earnings growth of 147.6%, which may justify its multiple.

Banking

In the banking sector, Grupo Galicia faces a trailing P/E of 39.43 but with a much lower forward P/E of 4.97, reflecting expectations of future improvement. Banco Macro, with a trailing P/E of 12.87 and a forward P/E of 5.76, appears cheaper in relative terms, although its earnings growth is modest at 3.5%. Supervielle shows concerning data with negative ROE and a missing trailing P/E.

Technology

MercadoLibre maintains high multiples, a trailing P/E of 50.65 and a forward P/E of 32.71, reflecting growth expectations despite negative earnings growth of -10.9%. Its ROE of 27.5% remains solid.

Featured companies

Featured Companies

YPF stands out as the most interesting, with earnings growth of 2550% and a forward P/E of 9.24, reflecting potential relative value in the energy sector. Grupo Galicia shows a notable divergence between its trailing P/E of 39.43 and its forward P/E of 4.97, suggesting recovery expectations. Bioceres faces significant challenges with a negative ROE of -28.05% and a revenue drop of -23.4%, which justifies its low multiples.

About the missing data

Several companies show missing data. In the banking sector, Supervielle lacks a trailing P/E, possibly due to recent net losses. Bioceres also shows missing data for trailing P/E and earnings growth, which may be related to its negative financial performance.

Signal of the day

The signal of the day focuses on the notable divergence of multiples in the banking sector, especially in Grupo Galicia, which could indicate imminent opportunities or risks. In addition, YPF's exceptional growth deserves continued attention, as it could continue to benefit from the favorable energy environment. Investors should closely monitor global interest rates and their impact on Argentine ADRs.

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 · October 19, 2026
Sources: yfinance (NYSE/NASDAQ). Does not constitute investment advice.