Grupo Financiero Galicia S.A. (GGAL)
NEGATIVE基本面
12
价格
$43.93
市值
$7.36B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
护城河
规模效应 · 狭窄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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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 2026年8月18日
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资产负债表与流动性
营收
$9.26T
最近12个月(截至2026/3/31)
净利润
$116.43B
最近12个月(截至2026/3/31)
自由现金流
-
股东权益合计
$473M
负债合计
$6.73T
流动比率
-
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$28.32
当前价格
$43.93
安全边际
-55.1%
公允价值区间
$18.41 - $38.24
估算方法
估值指标
市盈率(P/E)
120.69
ROE
0.9%
市净率(P/B)
12.18
P/FCF
-
毛利率
0.0%
ROIC
1.3%
盈利能力雷达图
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.
基本面分析标准
通过(1)
- Analyst Consensus 86% Buy
未通过(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
不可用(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-评分
存在严重财务隐患
盈利质量
低质量:需深入审查会计处理
股权稀释
正在回购股份,对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Fabian Enrique Kon | GM & CEO | - |
| Mr. Gonzalo Javier Fernández Covaro | Chief Financial Officer | - |
| Mr. Jose Luis Ronsini CPA | Chief Administrative Officer | 54 |
| Mr. Pablo Eduardo Firvida | Chief Investor Relations Officer | 58 |
| Esteban Tresserras | Chief Legal Officer | - |
| Mr. Falvio Dogliolo | Chief Human Resources Officer | - |
| Mr. Adrian Enrique Pedemonte | Head of Market Relations | - |
| Mr. Adrian Enrique Pedemonte | Head of Market Relations | - |
| Mr. Ezequiel Valls | Chief Risk Officer | - |
| Constanza Gorleri | Chief Sustainability Officer | - |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for GGAL, sourced from Markets Gazette.