Telecom Argentina SA (TEO) Stock Price & How to Invest

Telecom Argentina S.A. is the largest integrated telecommunications operator in Argentina, selling mobile, fixed broadband, cable television and fixed voice under the Personal and Flow brands, plus fintech through Personal Pay. It is controlled through a shareholders' agreement between Cablevision Holding (the Grupo Clarin vehicle) and Fintech Telecom, with Argentina's ANSES pension fund holding roughly 11% of total capital. In February 2025 it closed the roughly US$1.245 billion purchase of Telefonica Moviles Argentina, the local Movistar business, which took the Argentine mobile market from three national operators to two. As of June 30, 2026 the combined group served about 19.4 million mobile lines under Telecom and another 19.5 million under the acquired Movistar unit, roughly 5.9 million fixed broadband accesses and about 3.8 million pay TV subscribers, with smaller operations in Paraguay (Nucleo), Uruguay, Chile and US wholesale.

The investment picture is dominated by three things that have little to do with subscriber counts. First, Argentina is a hyperinflationary economy under IAS 29, so every peso figure is restated into a current measuring unit and prior periods are re-expressed, which makes headline growth rates almost meaningless without knowing the inflation index used (33.5% for the twelve months to June 2026). Second, the company carries substantial US dollar debt against peso revenue, so reported net income swings on foreign exchange: a full-year 2025 net loss of about P$145 billion flipped to a first-half 2026 net profit of roughly P$869 billion largely because the dollar rose only 1.9% against the peso in the period versus 16.8% a year earlier. Third, Argentina's antitrust tribunal conditioned approval of the Movistar deal in June 2026 on transferring at least 6 million mobile customers, the associated spectrum and 211,400 residential internet subscribers to a new competitor, which means part of what was bought has to be handed back to the market.

The single largest risk is that the reported numbers are an artifact of Argentine macro rather than operations: IAS 29 restatement, the inflation index chosen and the peso-versus-dollar path can move net income by hundreds of billions of pesos in either direction without a single subscriber changing behavior, and the 2025 full-year loss versus the 2026 first-half profit is the clearest illustration. Dollar-denominated borrowings against peso revenue mean a renewed devaluation would reverse the foreign exchange gains that produced the recent profit, and Argentine capital controls have historically restricted transferring funds abroad, which affects both debt service and any distribution reaching ADR holders. Execution risk on the antitrust remedy is live and unresolved: transferring 6 million mobile customers, spectrum and 211,400 broadband subscribers requires finding a buyer and effectively funding a new national competitor, and the terms, timing and price of that transfer are not yet known. Competitively, Claro remains the other national mobile operator, Starlink is named in the company's own filings as having reached a meaningful Argentine subscriber base in under a year, and low-earth-orbit satellite broadband lowers the barrier to entry in exactly the fixed markets where Telecom's pricing has already lagged inflation. Finally, this is a controlled company with a shareholders' agreement between Cablevision Holding and Fintech Telecom, ADR holders vote only through the depositary, cash distributions have been small and irregular (some past distributions were made in Argentine sovereign bonds rather than cash), and Argentine consumer-protection courts have repeatedly ordered customer reimbursements.

5 analysts publish price targets on TEO, averaging $15.49 against a $13.83 price as of August 2026, or +12.0%. The published targets run from $9.20 to $19.00, a moderate spread, and the ratings split 4 buy, 0 hold, 1 sell. Over the last six months there have been 5 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full TEO forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Telecom Argentina SA. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Integrating Movistar Argentina while giving part of it away. The acquired unit contributed a full six months to first-half 2026 versus four months in the comparable 2025 period, which is most of the reported 16.0% consolidated revenue increase. The most optimistic published target, $19.00, assumes this works close to its best case.

The case against. The single largest risk is that the reported numbers are an artifact of Argentine macro rather than operations: IAS 29 restatement, the inflation index chosen and the peso-versus-dollar path can move net income by hundreds of billions of pesos in either direction without a single subscriber changing behavior, and the 2025 full-year loss versus the 2026 first-half profit is the clearest illustration. The most pessimistic target, $9.20, is roughly what TEO is worth if this bites instead.

Read the full bull and bear case on TEO, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Telecom Argentina SA's investor relations page or your broker.

• Revenue (1H 2026): ~P$5.08 trillion, roughly ~$3.4B at ~1,500 pesos per dollar, +16.0% vs 1H25 in constant pesos
• Operating income before D&A (1H 2026): ~P$1.82 trillion, a ~35.8% margin, up ~5.8 points year over year
• Net income (1H 2026): ~P$869 billion, versus a ~P$101 billion net loss in 1H 2025
• Full-year 2025 result: revenue ~P$8.33 trillion with a net loss of ~P$145 billion
• Market capitalization: ~$5.93B (company-stated, August 5, 2026), on ~2.15 billion shares across four classes
• Net financial debt and multiple: ~P$4.65 trillion (~$3.1B), down ~14.7% in real terms since December 2025; enterprise value near ~4x annualized first-half EBITDA

All peso figures are restated under IAS 29 hyperinflation accounting into the measuring unit at June 30, 2026, and prior-year comparatives are re-expressed using the 33.5% annual national CPI, so nominal growth and real growth are very different numbers here. Dollar conversions above use roughly 1,500 Argentine pesos per dollar and are approximations, because the constant-currency peso figures and the spot rate refer to different moments. Each ADR represents five Class B shares under a JP Morgan deposit agreement, which is why the ADR price is about five times the underlying BYMA-listed TECO2 share price translated into dollars.

Other names that sit close to TEO: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get TEO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TEO sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where TEO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

Telecom Argentina is a genuinely dominant operator carrying a deep valuation discount, and that discount is doing double duty as compensation for Argentine macro risk and for a mandated partial unwind of the acquisition that created the dominance.

Whether TEO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TEO a buy or a sell?, and where the stock could go from here in the TEO stock forecast.

For income investors, whether TEO pays a dividend and how the payout looks is covered in does TEO pay a dividend? And to weigh TEO against a peer, read the full side-by-side comparisons: TEO vs AMX and TEO vs VIV.