Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.27, read 2026-10-24
Ethical does not pass the values gate
Price66.04 USD
Fair value125.84
Our investment reviews on this name
2026-08-23Read Markdown86.20-23.4% to today ✓Markup gives way to Markdown with results news in the headlines
2026-07-02Read Markup84.94-22.3% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Banco Macro S.A. holds its Markdown at $66.04. The statistical read favours the sellers, held for 9 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 9 days
Price at the screen
$66.04
Valuation
12.87 trailing · 5.75 forward price to earnings
Values screen
FAIL
Beta
0.41
The Workings
Five Screens, Shown in Full
Does not pass. Business activity
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Financial sector: banks
Fail
Debt load
0.00%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
78.52%
Below 5%
78.5% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Banco Macro does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today BMA does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 100.0% margin of safety to the base estimate.
Third-party analyst targets: 9 covering, consensus Buy. The average target sits +63% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Argentine Lender Shows Cheap Numbers But Fails Ethics
Every time a family in Buenos Aires tries to protect savings from inflation, the cash ends up inside banks that operate in an economy built on repeated shocks. Banco Macro trades at a forward multiple of 9.1 times earnings with a stated margin of safety near 48 percent, yet revenue has collapsed 100 percent and return on equity sits at just 11 percent. The moat is weak and the ethical screen flags the business activity itself.
We pass for that ethical failure alone. Analyst targets cluster around 118 dollars and the consensus calls it a strong buy, but none of those views change the core problem. A low multiple on shrinking earnings is not value when the underlying activity does not clear our screen.
The real risk is not just currency swings or political noise. It is that weak profitability and an ethical block leave no margin for the surprises that always arrive in this market. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BMA trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markdown$62.92+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-10-21Markdown$62.92-3.1%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-10-14Markdown$64.96-1.7%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-10-02Markdown$66.05-23.4%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 23.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-08-23Markdown · changed$86.20-4.4%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-07-23Markup$90.14+6.1%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 6.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-07-18Markup$84.94+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading bullish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (9 analysts) rates it strong buy, with a mean price target of $113.
2026-07-03Markup$84.94+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$84.94Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
