Mirgor S.A.

—

What it is

Mirgor is an Argentine company that produces electronics, mobile and automotive components, and exports agricultural products; its administrative headquarters are in Buenos Aires, with industrial sites in Río Grande, Garín and Baradero, and its own farmland in Bolívar — a footprint that reflects four decades of deliberate diversification.

It manufactures and distributes under licence for Samsung, Toyota, Ford, Fiat, GM, Mercedes-Benz and Volkswagen — meaning it is less a brand in its own right than the factory quietly behind many brands Argentines use every day. It produces roughly two million smartphones a year, representing about 25% of Argentina’s smartphone market, under the Samsung and Brightstar names.

—

Who owns it

Control sits with the Caputo family — Nicolás Martín Caputo, Roberto Gustavo Vázquez, José Luis Caputo, Jorge Antonio Nicolás Caputo, Mónica María Caputo and Hugo García Villanueva — through a holding company called Il Tevere S.A., in which they collectively hold 99.995% of the shares. Il Tevere controls Mirgor directly with a stake of approximately 48.27%.

The company was founded in 1983 by Nicolás Caputo, Roberto Gustavo Vázquez and Mauricio Macri, though Macri sold his shares in 1994 and left the board in 1996, leaving the Caputo-Vázquez axis firmly in command. The remaining free float — about 21% held by institutions, per EODHD — trades on the Buenos Aires exchange.

—

Who runs it

José Luis Alonso has served as CEO of the group since 2016. Roberto Gustavo Vázquez, one of the three founders — a Ford industry veteran — holds the position of President (board chair).

The CFO’s name is not disclosed in available sources. The workforce of over 3,000 has an average age of 28, and 53% are women — an unusual demographic profile for a manufacturing company.

—

The money, in plain words

Sales grew 20.3% in FY2025 from FY2024 (our calculation, ARS 2.73 trillion (US$1.9 bn) vs. ARS 2.27 trillion (US$1.6 bn)), but almost none of that growth flowed to the bottom line: the net profit margin — how many cents the company keeps from every peso of sales — collapsed to 0.46% in FY2025 from 11.9% in FY2024 (our calculations), dragged down by Argentina’s persistently high operating costs and financial charges in an inflationary environment.

The return on equity of 8.39% — about 8 cents earned per year per peso that owners have put in — is modest for a technology-sector name, and the price-to-earnings ratio of 144.7× signals that investors are betting heavily on a profit rebound rather than paying for today’s earnings. The company pays no dividend at present and has been actively buying back its own shares from the market, as reflected in repeated repurchase filings on its investor-relations page throughout late 2025.

—

What it is doing now

Mirgor’s most conspicuous strategic move is a partnership with Spain’s Meliá Hotels International to develop a luxury Gran Meliá-branded hotel in Ushuaia, with an investment exceeding US$50 million and a planned opening in 2028. The project is framed as part of Mirgor’s strategy to diversify and expand the economic base of Tierra del Fuego — a province it has called home since its founding.

Regionally, Mirgor now operates offices in Asunción, Paraguay, and entered Uruguay in 2023 through the acquisition of Anovo, an aftermarket services company. In 2023 it also signed a contract with Millicom and began US operations through Mirgor USA LLC, based in Miami, focused on smartphone supply-chain management.

—

What to watch

• Margin recovery: the near-total collapse in net profit — from ARS 268.6 billion (US$184 mn) in FY2024 to ARS 12.6 billion (US$9 mn) in FY2025 (our calculation) — is the single biggest question. Whether it reflects a one-off charge or a structural squeeze will define the next re-rating.
• Tierra del Fuego tax regime: Mirgor’s electronics manufacturing relies heavily on the province’s special industrial-promotion zone; any change to that framework is an existential risk to its cost model.
• Hotel build-out: the US$50 million Ushuaia project is large relative to the company’s current net cash position — watch how it is financed.
• Argentina macro: most revenue is in pesos; peso volatility directly erodes US-dollar value for international investors.

—

This is news, not investment advice.