Mirgor S.A. (MIRG.BA) fair value

ACCE thesis

Mirgor is an Argentine manufacturer whose core business is contract electronics assembly, including consumer devices and automotive components, with a meaningful share of its revenue tied to the local market. The thesis here rests on the company's position as one of the few domestic producers with scale in electronics manufacturing, which can matter if Argentina's import rules and local demand firm up. The data is weak on that front, though: revenue fell 28.4% year on year, gross margin sits at 13.0% and operating margin at 7.9%, and ROE is only 7.0% against a trailing P/E near 98, so the market is paying heavily for earnings that are currently thin. There is no forward P/E in our data, which makes it hard to underwrite a recovery from the numbers alone. The name scores 28/100 and sits in no index, so it merits a deeper look only if the next filings show revenue stabilizing and margins rebuilding.