"Mergers and acquisitions are slowed since the STEP". This statement sounds like an echo that echoes in the main companies in Argentina, which await the result of the presidential elections to see if operations are reactivated.All this, despite the fact that the market already reacted to an eventual mandate from Alberto Fernández from December. And he did not delay in letting him know: the dollar climbed 30% in just a few hours after the Primary, while the country risk - today at 2,000 points - today almost triples the pre-election values."Today, it is not even known how much the real valuation of a company is. We had to renegotiate many agreements that were already closed. All parties understand that they are the rules of the game," Juan Pablo Montero, director of RSM Consulting, tells iProUP.Indeed, the limits on the purchase of foreign exchange and the high pressure on companies are driving away investors, who do not want to bet on local companies in the fear that they will then have complications to become a "hard currency."The current complex political and economic scenario not only affects large corporations: the enterprises that were waiting for capital injections see how the possibilities of growth were reduced to a minimum in the last 45 days."From the STEP we noticed the slowdown. In the first half of the year we had a good amount of investments and projects in due diligence stage that now fell," says Juan Martín Rodríguez, Executive Director of the Center of Entrepreneurs of IAE Business School.The picture is discouraging. Investors level the court and impose requirements to buy "at the price of crisis." And it is not for less: none can ensure the chances of survival and what will happen to the Argentine risk.TermsAccording to the experts consulted by iProUP, among the financiers a word is imposed: caution. This, product of the lack of definitions on the future economic scenario, which strikes the two most frequent mechanisms to set the value of a company:1) Comparative analysis: the market value of similar firms is based2) Flow of funds: earnings are projected for subsequent years and are brought to present value affecting them, as shown in the infographic:"In comparative terms, the market value of a publicly traded company fell to only a quarter compared to the figure a year ago," José Bano, Research Director of InvertirOnline, tells iProUP.However, despite the "bargain" prices, nobody wants to risk. According to the executive, mergers and acquisitions are at a standstill: "Nobody knows what they are buying and at what price, because everything changes and constantly."Montero, from RSM, remarks to iProUP: "While fixed assets in foreign capital goods are dollarized, it takes longer to recover the disbursement made to a high real dollar.""We had operations that were quite underway since August, but we were forced to perform a new valuation job, given that the situations analyzed were no longer valid," he says.In the same direction, Ignacio Aquino, partner and head of Corporate Finance at PWC Argentina, points out that "although many financiers stopped their bets waiting for more predictability in the rules of the game, others have kept them standing. This group prioritizes the long term and choose the following types of companies:- Companies that export and have achieved a high level of efficiency in their processes that allows them to take advantage of the high dollar- Companies with low state regulation- Technology-based firms, especially fintech. This, because there is no clear dominator and that 50% of the economically active population is unbankedWhen and whereThe waiting measure for the Argentine mergers and acquisitions market will be maintained for a few months and experts cannot specify a precise date for this "wait and see" to be reversed."According to our vision, there will be no operations that are reactivated until the first half of next year. And much will depend on each particular item and whether it has export activities or not," says Montero.Meanwhile, the executive of Invest online, believes that the start line will run a little more. "The projects could be reactivated sooner if Macri wins, because the market knows him and knows how he thinks. Alberto Fernández is a much bigger intrigue and is in a very heterogeneous party," he analyzes.In addition, it emphasizes that the renegotiation of the external debt will be another factor that will deepen the bad mood of the investors. "If it is very aggressive, we will be years wanting to fix and it will take longer to get the disbursements. If it is more friendly, it will unlock more quickly," he adds.Even so, Aquino recommends that investors be very attentive to the opportunities generated by the market because "in this moment of uncertainty, interesting transactions can occur."The expert looks forward to companies in the tourism sector. In his vision, you have to bet on "products with added value since the high real exchange rate generates advantages in comparative terms". In fact, his company advised on the sale of Almundo to the Brazilian group CVC, also owner of Avantrip and Submarino, for US $ 77 million.On the opposite side, the analyst places those who are focused "on domestic consumption and on goods that are not of first necessity.""Energy is an enigma. If Macri wins, the market knows its policy for the development of Vaca Muerta. If Fernández succeeds, investors will want to understand if there will be a validation of the energy matrix," he says.For Montero, another great option is software companies or exportable commodities because of the attractiveness generated by dollarized markets. This, "as long as they have a good structure and good management.At this point, Bano agrees, who advises "to bet on technology since they are the least regulated by the State." In addition, he points out that "its main asset is human capital and there is no candidate that promises to hinder hiring but the opposite."Within that group, the fintech stands out that, according to the latest report of the Latin American Venture Capital Association (LAVCA), received one of four dollars from the venture capitals that arrived in the region. In the country, the equation was even higher: more than 50% of disbursements went to this segment.Andy Freire, managing partner for the Southern Cone of Softbank, which put together a fund of US $ 5 billion for Latin American startups, underlines iProUP: "There is a very nice challenge because you have, on the one hand, the new emerging players that they are 'pure digital' and, on the other, to traditional banks facing their digital transformation. "But the possibilities do not end there. Experts also look closely at the blockchain, a technology that promises great growth at the hands of its decentralized solutions.There, Argentina is one of those that shows the greatest potential for expansion by players like Ripio, RSK and Koibanx. But the country is also one of the global powers in crypto economics.Although Marcos Paviolo, consultant in Innovation and Development of Entrepreneurial Business, ensures that even the technological startups are not receiving the dollars to boost their plans. "They all stopped the investment rounds to get new capital," he says.It will be a matter of waiting who will win the elections to see if the long-awaited "investment rain" finally occurs. And they probably arrive in another "second semester."