CRES Cresud
Re: CRES Cresud
agarrense la ultima hora
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- Mensajes: 1329
- Registrado: Vie Ene 25, 2013 12:29 am
Re: CRES Cresud
Lamentablemente, no es el tipo de informes que terminan considerando los inversores de afuera a la hora de poner la tarasca? Por más absurdo que sea no darle valor a IDB
Re: CRES Cresud
HerrX escribió:
Miopia.
Y aun asi ven buen upside, sumen valor a IDB y que salga Solares este año...
PD: Gracias Gaston.
Están realmente en pe**.
Adhiero, gracias por subirlo.
Re: CRES Cresud
Gaston89 escribió:...
IRSA owns 68% of IDBD, which is
currently going through bankruptcy
protection proceedings and has a debt load
of +US$6bn. IRSA has so far invested north
of US$545mm into IDBD. We ascribe zero
value to IDBD, given the opaqueness and
uncertainty of the value creation
opportunity in this investment.
...
P
Miopia.
Y aun asi ven buen upside, sumen valor a IDB y que salga Solares este año...
PD: Gracias Gaston.
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- Mensajes: 3475
- Registrado: Jue Mar 13, 2008 6:15 pm
Re: CRES Cresud
Pone 50 mas que pegamos la vuelta
Re: CRES Cresud
me lleve 60k mas de papeles aca y 5k de adr para romper los 17
Re: CRES Cresud
Polaco escribió:Gaston89 sos vos??!!
Este es groso.
Un crack
Re: CRES Cresud
Gaston89 sos vos??!!
Este es groso.
Este es groso.
Re: CRES Cresud
la venta fuerte en estos dias esta en 17.50usd
Re: CRES Cresud
MS - IRSA
We increased our PT from US$20 to
US$25 (+40% return) based on a reduction
of discount to NAV (~50% to ~40%), driven
by : 1) increasing demand for residential and
commercial real estate; 2) a prospective
increase in capital availability for real estate
through a tax amnesty program; 3)
government initiatives to spur investment
We do not know if IRSA will get building
permits for Solares in BA; however, it could
be transformational and likely worth far
more than the market thinks. Permitting
should add US$ 13/share to IRS landbank.
IRSA owns 68% of IDBD, which is
currently going through bankruptcy
protection proceedings and has a debt load
of +US$6bn. IRSA has so far invested north
of US$545mm into IDBD. We ascribe zero
value to IDBD, given the opaqueness and
uncertainty of the value creation
opportunity in this investment.
Price Target $25
All cases below use Net Asset Value analysis. Major assumptions include 1) FX of 16.9 ARS
per USD, 2) a 7.3% Portfolio Cap Rate, 3) Lipstick (NYC Office Building) Ground Lease
Capitalized at 4%.
Bull $45
30% Discount to Bull Case Net Asset Value
We are valuing the mall assets at 7.5% and the office assets at 8.5%. Even in the bull case
we assume an important discount to NAV of ~30% due to the complexity and
transparency issues, but we assume a higher asset valuation driven by Solares de Santa
Maria's permits being approved, and also we assume that IRSA recovers US$545 of equity
value (similar to the capital invested) from IDBD. We arrive at an NAV almost US$ 62 and
apply a ~30% discount to arrive at US$45.
We increased our PT from US$20 to
US$25 (+40% return) based on a reduction
of discount to NAV (~50% to ~40%), driven
by : 1) increasing demand for residential and
commercial real estate; 2) a prospective
increase in capital availability for real estate
through a tax amnesty program; 3)
government initiatives to spur investment
We do not know if IRSA will get building
permits for Solares in BA; however, it could
be transformational and likely worth far
more than the market thinks. Permitting
should add US$ 13/share to IRS landbank.
IRSA owns 68% of IDBD, which is
currently going through bankruptcy
protection proceedings and has a debt load
of +US$6bn. IRSA has so far invested north
of US$545mm into IDBD. We ascribe zero
value to IDBD, given the opaqueness and
uncertainty of the value creation
opportunity in this investment.
Price Target $25
All cases below use Net Asset Value analysis. Major assumptions include 1) FX of 16.9 ARS
per USD, 2) a 7.3% Portfolio Cap Rate, 3) Lipstick (NYC Office Building) Ground Lease
Capitalized at 4%.
Bull $45
30% Discount to Bull Case Net Asset Value
We are valuing the mall assets at 7.5% and the office assets at 8.5%. Even in the bull case
we assume an important discount to NAV of ~30% due to the complexity and
transparency issues, but we assume a higher asset valuation driven by Solares de Santa
Maria's permits being approved, and also we assume that IRSA recovers US$545 of equity
value (similar to the capital invested) from IDBD. We arrive at an NAV almost US$ 62 and
apply a ~30% discount to arrive at US$45.
Re: CRES Cresud
Polaco escribió:Me preguntan si queremos mas o guardan algo para el lunes.
me gustan las subas parejas, pero creo que si esperan al lunes pagan peaje
Re: CRES Cresud
Raro que no salto el personaje de siempre para cargar a HerrX, ahora que esta 27.
Re: CRES Cresud
Polaco escribió:Dicen mis amigos los Argenyonies que no sean tan maracas y que ya van ver lo que hacen en un rato.
Me preguntan si queremos mas o guardan algo para el lunes.
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- Mensajes: 3475
- Registrado: Jue Mar 13, 2008 6:15 pm
Re: CRES Cresud
Rompioooooo
Re: CRES Cresud
se corre la venta en la local, vamos-!!
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