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Grupo Financiero Galicia S.A. (GGAL)

NEGATIVE
Financial ServicesBanks - RegionalArgentina

Fundamental

12

Kurs

$43.41

Marktkapitalisierung

$7.36B

Teil 1 · Was das Unternehmen wert ist

Übersicht

Grupo Financiero Galicia is Argentina's largest private-sector financial group, built around Banco Galicia, one of the country's biggest banks by deposits and loans. Beyond traditional banking, it owns Naranja X, a digital wallet and consumer-finance business, an insurance arm, and asset management and brokerage units. In 2025 it absorbed the former HSBC Argentina banking, insurance and asset-management businesses, acquired through GGAL Holdings, more than doubling its branch and customer footprint inside a single fiscal year.

Wie das Geld verdient wird

Like any bank, Galicia earns mainly from the spread between what it pays depositors and what it charges borrowers, plus fees on cards, transfers, insurance and asset management sold to the same customer base. In Argentina that spread is unusually large and volatile, shaped as much by the central bank's policy rate and by high, swinging inflation as by ordinary lending demand — a structural feature of Argentine banking rather than something specific to Galicia. Results are reported under hyperinflation accounting, which restates the balance sheet for currency erosion each period.

Wettbewerbsvorteil

Skaleneffekte · Schmal

Banco Galicia's branch network, deposit base and now-absorbed HSBC Argentina customer base give it scale few private banks in Argentina can match, and a broad product suite — banking, cards, insurance, digital wallet — lets it cross-sell across the same relationship. That franchise is real, but it operates inside an economy prone to currency crises, capital controls and policy swings that can overwhelm any scale advantage almost overnight.

Was die Nachfrage antreibt

Zyklisch

Loan growth, deposit behaviour and net interest margin in Argentina move with the country's own economic and political cycle — inflation, interest rate policy, currency controls and periodic recessions or currency crises — far more than with any global cycle. A bank this exposed to one country's macro and political stability will have results that swing sharply from year to year regardless of how well it is run.

Wichtigste Risiken

  • Large exposure to Argentine government debt — Banco Galicia holds public-sector exposure equal to a large share of its net worth, so its solvency is tied to the Argentine government's own ability and willingness to repay.
  • Operates under high, volatile inflation — Results are prepared under hyperinflation accounting because Argentina's inflation has been persistently high and unpredictable, which distorts reported earnings and makes year-over-year comparisons difficult.
  • Central bank controls rates, fees and dividends — Argentina's central bank influences the interest rates and fees banks can charge and has capped dividend payments in the past, limiting how much cash the group can return to shareholders.
  • Controlled by a single shareholder — EBA Holding controls the majority of voting power through a separate class of shares, so minority shareholders have limited influence over strategic decisions.
  • Integration risk from the HSBC Argentina acquisition — The 2025 absorption of former HSBC Argentina operations roughly doubled parts of the customer and branch base in a short period; integration missteps could disrupt service or erase expected synergies.

Die Argumente dafür

Buyers argue that Banco Galicia's scale, its recently absorbed HSBC Argentina customer base, and its diversified banking, insurance and digital-wallet franchise position it to capture disproportionate loan growth as the Argentine economy stabilizes and credit penetration recovers from historically low levels.

Die Argumente dagegen

Sellers worry that a bank this exposed to Argentina's public-sector debt, inflation and currency controls has results that depend more on the country's macro and political stability than on the quality of its own management, and that a single shareholder's voting control limits what minority holders can influence.

Written by the editors, published on 18. August 2026

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Bilanz & Liquidität

Umsatz

$9.26T

Letzte 12 Monate (bis 31.3.2026)

Nettogewinn

$116.43B

Letzte 12 Monate (bis 31.3.2026)

Freier Cashflow

-

Gesamtes Eigenkapital

$473M

Gesamtverbindlichkeiten

$6.73T

Current Ratio

-

Zinsdeckungsgrad

-

Schulden/EBITDA

-

Gewinn je Aktie

Umsatz & Nettogewinn

Freier Cashflow

Ertragsaufschlüsselung

Historische Aufstellung

Margen im Zeitverlauf

Verschuldung im Zeitverlauf

Wie schwer die Schulden wiegen

Wachstumsraster

Wachstum — Umsatz

Innerer-Wert-Schätzung

Überbewertet

Innerer Wert

$28.32

Aktueller Kurs

$43.41

Sicherheitsmarge

-53.3%

Innerer-Wert-Spanne

$18.41 - $38.24

Bewertungsmethoden

Analyst Target:$67.84
DCF:$6.66
PE-based:$4.79
Graham Growth:$5.86
EPV:-
Analystenkonsens:Starker Kauf (12B / 2H / 0S)
Letzte Gewinnüberraschung:-4.50%

Bewertungskennzahlen

P/E-Verhältnis

120.69

ROE

0.9%

P/B-Verhältnis

12.18

P/FCF

-

Bruttomarge

0.0%

ROIC

1.3%

Rentabilitäts-Radar

Value Creation (Economic Moat)

ROIC

1.3%

WACC

6.1%

ROIC − WACC

-4.8 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamentalanalyse-Kriterien

Bestanden (1)

  • Analyst Consensus 86% Buy

Nicht bestanden (11)

  • Price CAGR 4.41%
  • ROIC 1.3%
  • Gross Margin 0.0%
  • P/B Ratio 12.18
  • Debt/Equity ratio
  • DCF valuation (Unknown)
  • ROE 1.2%
  • Earnings Surprise avg -201.9%
  • Earnings Quality (OCF/NI) -58677.00
  • Net Margin Trend 2.7% vs 26.0%
  • Piotroski F-Score 0/9

Nicht verfügbar (15)

  • EPS data insufficient
  • P/FCF NaN
  • Dividend Payout NaN%
  • Operating Margin NaN%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Price below Graham Number
  • Revenue Growth 5Y (Finnhub)
  • PEG Ratio (need PE > 0 and growth > 0)
  • Share Dilution (missing shares data)

Piotroski F-Score

0/9

Ernsthafte finanzielle Bedenken

score
criteria

Gewinnqualität

-58677.00

Niedrige Qualität: Rechnungslegung prüfen

Aktienverwässerung

-

Aktienrückkäufe. Aktionärsfreundlich

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Fabian Enrique KonGM & CEO-
Mr. Gonzalo Javier Fernández CovaroChief Financial Officer-
Mr. Jose Luis Ronsini CPAChief Administrative Officer54
Mr. Pablo Eduardo FirvidaChief Investor Relations Officer58
Esteban TresserrasChief Legal Officer-
Mr. Falvio DoglioloChief Human Resources Officer-
Mr. Adrian Enrique PedemonteHead of Market Relations-
Mr. Adrian Enrique PedemonteHead of Market Relations-
Mr. Ezequiel VallsChief Risk Officer-
Constanza GorleriChief Sustainability Officer-

Teil 2 · Der Preis und der Einstiegszeitpunkt

Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.

Latest News

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