BMABanco Macro S.A.

Industry LatAm banks Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

ARS 10,870 → ARS 11,296

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

AR$10,870 → AR$11,296

Show the math

Price to book held where it is today, and book value compounded at the return management guides less what the central bank lets it pay out. Banco Macro reports in inflation-adjusted pesos, so the 9-12% return is a real one and every figure here is in today's pesos: a nominal price would be higher by Argentine inflation, and a dollar holder gets it only if the peso keeps its real value. The share count has not moved in five years, so each share keeps all of the growth. Net debt is not subtracted, because a bank's deposits and bonds are inside the book value being compounded. Each figure management gave as a range is taken at its middle.

Shares	Today	In 12 monthsOct 2027	In 24 monthsOct 2028	In 36 monthsOct 2029
Past pace: the share count held639.4M shares, unchanged for five years; no convertibles, no warrants, no share plan	AR$10,870	AR$11,296639M sh	AR$11,842639M sh	AR$12,413639M sh

Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

The multiple. Today's market value over total equity of Ps.6,294,591m at 2026-06-30, about 1.1 times book, held unchanged in every year. It is the one figure that is not management's forecast, and it cancels out of the later years by construction.
The compounding. The CFO's 2026 return on equity on the Q2 '26 call: about 12% adjusted, 9-10% reported. Less a payout of 48% (what was paid on 2025) to 60% (the cap the CEO says the central bank sets). Held for 2027-29, because no later year is guided; the "about 20%" for 2030 is nominal and has no path.
The arithmetic. (equity value if delivered) ÷ shares. Today: AR$10,870 × 639.4M shares is the market value. The share count stays at the 30 Jun 2026 count, as it has for five years; there are no convertibles and no warrants, so 0M shares are added. One ADS is ten shares.

Promises vs. what happened

11 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

Promise	Made in	What happened
Grow by acquisition	Q1 '19	Itaú Argentina bought in 2023	Held
Cards up from ~7% share	Q4 '21	~9% by Dec '24	Held
Liquidity ready to lend	Q4 '23	loans/deposits 54% to 69% by 4Q24	Held
2024 recession, then recovery	Q2 '24	-2.5%, milder than the -3.7% forecast	Held
Fiscal deficit to zero	Q4 '23	-6% to 0%	Held
Agent to four provinces	Q4 '23	held; Salta's deal runs to 2026	Held
FX controls removed	Q4 '23	for individuals only	Late
Dollar loans keep growing	Q4 '24	+1% in Q2 '26; dollar deposits -11%	Late
Biometrics in every branch, 2024	Q4 '23	slide cut; never reported	Dropped
Keep expanding the branches	Q1 '19	463 in 2019, 402 by Q2 '26	Missed
Personal loans keep growing	Q1 '19	rank #1 to #3, share 14% to 11%	Missed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q1
'19Q2
'19Q1
'21Q3
'21Q4
'21Q4
'23Q2
'24Q4
'24

Bank profileOff page one Q4 '23

MacroPage one since Q4 '23

ProvincesFirst seen Q1 '19

PeersFirst seen Q1 '19

LiquidityFirst seen Q1 '19

Buenos AiresFirst seen Q1 '19

DigitalFirst seen Q4 '23

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.