Intrinsic value of Cresud ADR - CRESY

Previous Close

$19.35

  Intrinsic Value

$53.26

stock screener

  Rating & Target

str. buy

+175%

  Value-price divergence*

-107%

Previous close

$19.35

 
Intrinsic value

$53.26

 
Up/down potential

+175%

 
Rating

str. buy

 
Value-price divergence*

-107%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CRESY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  525.69
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  2,265
  2,451
  2,644
  2,845
  3,053
  3,270
  3,495
  3,729
  3,973
  4,226
  4,490
  4,765
  5,051
  5,349
  5,660
  5,984
  6,323
  6,677
  7,046
  7,432
  7,836
  8,258
  8,700
  9,162
  9,647
  10,153
  10,684
  11,241
  11,824
  12,435
  13,075
Variable operating expenses, $m
 
  1,240
  1,338
  1,439
  1,545
  1,655
  1,769
  1,887
  2,010
  2,139
  2,272
  2,411
  2,556
  2,707
  2,864
  3,028
  3,199
  3,378
  3,565
  3,761
  3,965
  4,179
  4,402
  4,636
  4,881
  5,138
  5,406
  5,688
  5,983
  6,292
  6,616
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,047
  1,240
  1,338
  1,439
  1,545
  1,655
  1,769
  1,887
  2,010
  2,139
  2,272
  2,411
  2,556
  2,707
  2,864
  3,028
  3,199
  3,378
  3,565
  3,761
  3,965
  4,179
  4,402
  4,636
  4,881
  5,138
  5,406
  5,688
  5,983
  6,292
  6,616
Operating income, $m
  217
  1,211
  1,306
  1,405
  1,508
  1,615
  1,727
  1,842
  1,963
  2,088
  2,218
  2,354
  2,495
  2,642
  2,796
  2,956
  3,124
  3,298
  3,481
  3,671
  3,871
  4,080
  4,298
  4,526
  4,765
  5,016
  5,278
  5,553
  5,841
  6,143
  6,459
EBITDA, $m
  394
  1,402
  1,513
  1,628
  1,747
  1,871
  2,000
  2,134
  2,273
  2,418
  2,569
  2,726
  2,890
  3,061
  3,239
  3,424
  3,618
  3,820
  4,032
  4,253
  4,484
  4,726
  4,978
  5,243
  5,520
  5,810
  6,114
  6,432
  6,766
  7,115
  7,482
Interest expense (income), $m
  263
  390
  373
  418
  465
  513
  564
  616
  671
  728
  787
  848
  912
  979
  1,048
  1,121
  1,196
  1,275
  1,358
  1,444
  1,534
  1,628
  1,726
  1,829
  1,937
  2,050
  2,168
  2,292
  2,422
  2,557
  2,700
Earnings before tax, $m
  -171
  820
  933
  987
  1,044
  1,102
  1,163
  1,226
  1,292
  1,360
  1,431
  1,506
  1,583
  1,664
  1,748
  1,835
  1,927
  2,023
  2,123
  2,228
  2,337
  2,452
  2,571
  2,697
  2,828
  2,966
  3,110
  3,261
  3,419
  3,585
  3,759
Tax expense, $m
  -13
  222
  252
  267
  282
  298
  314
  331
  349
  367
  386
  407
  427
  449
  472
  496
  520
  546
  573
  601
  631
  662
  694
  728
  764
  801
  840
  880
  923
  968
  1,015
Net income, $m
  -90
  599
  681
  721
  762
  805
  849
  895
  943
  993
  1,045
  1,099
  1,156
  1,214
  1,276
  1,340
  1,407
  1,477
  1,550
  1,626
  1,706
  1,790
  1,877
  1,969
  2,065
  2,165
  2,270
  2,381
  2,496
  2,617
  2,744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,602
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,624
  9,764
  10,533
  11,333
  12,164
  13,028
  13,925
  14,858
  15,828
  16,838
  17,889
  18,983
  20,122
  21,310
  22,549
  23,842
  25,191
  26,600
  28,072
  29,610
  31,219
  32,901
  34,661
  36,504
  38,432
  40,452
  42,568
  44,784
  47,106
  49,541
  52,092
Adjusted assets (=assets-cash), $m
  9,022
  9,764
  10,533
  11,333
  12,164
  13,028
  13,925
  14,858
  15,828
  16,838
  17,889
  18,983
  20,122
  21,310
  22,549
  23,842
  25,191
  26,600
  28,072
  29,610
  31,219
  32,901
  34,661
  36,504
  38,432
  40,452
  42,568
  44,784
  47,106
  49,541
  52,092
Revenue / Adjusted assets
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
Average production assets, $m
  2,994
  3,240
  3,495
  3,761
  4,036
  4,323
  4,621
  4,930
  5,252
  5,587
  5,936
  6,299
  6,677
  7,071
  7,482
  7,911
  8,359
  8,826
  9,315
  9,825
  10,359
  10,917
  11,501
  12,113
  12,753
  13,423
  14,125
  14,860
  15,631
  16,439
  17,285
Working capital, $m
  -24
  -132
  -143
  -154
  -165
  -177
  -189
  -201
  -215
  -228
  -242
  -257
  -273
  -289
  -306
  -323
  -341
  -361
  -380
  -401
  -423
  -446
  -470
  -495
  -521
  -548
  -577
  -607
  -638
  -671
  -706
Total debt, $m
  7,507
  5,736
  6,429
  7,149
  7,897
  8,674
  9,482
  10,321
  11,195
  12,103
  13,049
  14,033
  15,059
  16,128
  17,243
  18,407
  19,621
  20,889
  22,214
  23,598
  25,046
  26,560
  28,144
  29,802
  31,538
  33,356
  35,260
  37,255
  39,345
  41,536
  43,832
Total liabilities, $m
  10,559
  8,787
  9,480
  10,200
  10,948
  11,725
  12,533
  13,372
  14,246
  15,154
  16,100
  17,084
  18,110
  19,179
  20,294
  21,458
  22,672
  23,940
  25,265
  26,649
  28,097
  29,611
  31,195
  32,853
  34,589
  36,407
  38,311
  40,306
  42,396
  44,587
  46,883
Total equity, $m
  66
  976
  1,053
  1,133
  1,216
  1,303
  1,393
  1,486
  1,583
  1,684
  1,789
  1,898
  2,012
  2,131
  2,255
  2,384
  2,519
  2,660
  2,807
  2,961
  3,122
  3,290
  3,466
  3,650
  3,843
  4,045
  4,257
  4,478
  4,711
  4,954
  5,209
Total liabilities and equity, $m
  10,625
  9,763
  10,533
  11,333
  12,164
  13,028
  13,926
  14,858
  15,829
  16,838
  17,889
  18,982
  20,122
  21,310
  22,549
  23,842
  25,191
  26,600
  28,072
  29,610
  31,219
  32,901
  34,661
  36,503
  38,432
  40,452
  42,568
  44,784
  47,107
  49,541
  52,092
Debt-to-equity ratio
  113.742
  5.880
  6.100
  6.310
  6.490
  6.660
  6.810
  6.950
  7.070
  7.190
  7.290
  7.390
  7.480
  7.570
  7.650
  7.720
  7.790
  7.850
  7.910
  7.970
  8.020
  8.070
  8.120
  8.160
  8.210
  8.250
  8.280
  8.320
  8.350
  8.380
  8.410
Adjusted equity ratio
  -0.160
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -90
  599
  681
  721
  762
  805
  849
  895
  943
  993
  1,045
  1,099
  1,156
  1,214
  1,276
  1,340
  1,407
  1,477
  1,550
  1,626
  1,706
  1,790
  1,877
  1,969
  2,065
  2,165
  2,270
  2,381
  2,496
  2,617
  2,744
Depreciation, amort., depletion, $m
  177
  192
  207
  223
  239
  256
  273
  292
  311
  331
  351
  373
  395
  418
  443
  468
  495
  522
  551
  581
  613
  646
  681
  717
  755
  794
  836
  879
  925
  973
  1,023
Funds from operations, $m
  197
  791
  888
  943
  1,001
  1,060
  1,122
  1,187
  1,254
  1,324
  1,396
  1,472
  1,551
  1,633
  1,719
  1,808
  1,901
  1,999
  2,101
  2,208
  2,319
  2,436
  2,558
  2,685
  2,819
  2,959
  3,106
  3,260
  3,421
  3,590
  3,767
Change in working capital, $m
  -63
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
Cash from operations, $m
  260
  801
  898
  954
  1,012
  1,072
  1,134
  1,199
  1,267
  1,337
  1,410
  1,487
  1,566
  1,649
  1,735
  1,825
  1,920
  2,018
  2,121
  2,228
  2,341
  2,458
  2,582
  2,710
  2,845
  2,987
  3,135
  3,290
  3,453
  3,623
  3,802
Maintenance CAPEX, $m
  0
  -177
  -192
  -207
  -223
  -239
  -256
  -273
  -292
  -311
  -331
  -351
  -373
  -395
  -418
  -443
  -468
  -495
  -522
  -551
  -581
  -613
  -646
  -681
  -717
  -755
  -794
  -836
  -879
  -925
  -973
New CAPEX, $m
  -82
  -246
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -349
  -363
  -378
  -394
  -411
  -429
  -448
  -468
  -488
  -510
  -534
  -558
  -584
  -611
  -640
  -670
  -702
  -735
  -771
  -808
  -847
Cash from investing activities, $m
  554
  -423
  -447
  -472
  -499
  -526
  -554
  -583
  -614
  -646
  -680
  -714
  -751
  -789
  -829
  -872
  -916
  -963
  -1,010
  -1,061
  -1,115
  -1,171
  -1,230
  -1,292
  -1,357
  -1,425
  -1,496
  -1,571
  -1,650
  -1,733
  -1,820
Free cash flow, $m
  814
  377
  451
  482
  514
  547
  581
  616
  653
  691
  731
  772
  815
  860
  906
  954
  1,004
  1,056
  1,110
  1,167
  1,226
  1,287
  1,351
  1,419
  1,489
  1,562
  1,639
  1,719
  1,803
  1,890
  1,982
Issuance/(repayment) of debt, $m
  113
  -268
  692
  720
  748
  777
  808
  840
  873
  909
  946
  985
  1,026
  1,069
  1,115
  1,163
  1,214
  1,268
  1,325
  1,385
  1,448
  1,514
  1,584
  1,658
  1,736
  1,818
  1,904
  1,995
  2,090
  2,191
  2,297
Issuance/(repurchase) of shares, $m
  0
  410
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -273
  142
  692
  720
  748
  777
  808
  840
  873
  909
  946
  985
  1,026
  1,069
  1,115
  1,163
  1,214
  1,268
  1,325
  1,385
  1,448
  1,514
  1,584
  1,658
  1,736
  1,818
  1,904
  1,995
  2,090
  2,191
  2,297
Total cash flow (excl. dividends), $m
  877
  520
  1,144
  1,202
  1,262
  1,324
  1,389
  1,456
  1,526
  1,600
  1,677
  1,757
  1,841
  1,929
  2,021
  2,117
  2,218
  2,324
  2,435
  2,551
  2,673
  2,801
  2,936
  3,077
  3,224
  3,380
  3,543
  3,713
  3,893
  4,081
  4,279
Retained Cash Flow (-), $m
  59
  -1,009
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -232
  -243
  -255
Prev. year cash balance distribution, $m
 
  99
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -390
  1,067
  1,122
  1,178
  1,237
  1,299
  1,363
  1,429
  1,499
  1,572
  1,648
  1,727
  1,810
  1,897
  1,988
  2,083
  2,183
  2,288
  2,397
  2,512
  2,633
  2,760
  2,892
  3,032
  3,178
  3,331
  3,492
  3,661
  3,838
  4,024
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -348
  837
  766
  692
  617
  542
  468
  399
  334
  274
  221
  175
  135
  102
  76
  55
  38
  26
  17
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria is an agricultural company engaged in the production of basic agricultural commodities with presence in the agricultural sector of Brazil, through its investment in Brasilagro, as well as in other Latin American countries. In addition, the Company leases lands to third parties and perform agency and agro-industrial services, including a meat packing plant. It operates in two businesses areas, namely, Agricultural and Investment and Development Properties. Its Agricultural business comprises eight segments: Crops, Cattle, Dairy, Sugarcane, Agricultural Rentals and Services, Land Transformation and Sales, Agro-industrial and Others. The Company's Investment and Development Properties comprises six segments: Shopping Center Properties, Offices, Sales and Developments, Hotels, International, and Financial Operations and Others. The Company's main crops include soybean, wheat, corn and sunflower.

FINANCIAL RATIOS  of  Cresud ADR (CRESY)

Valuation Ratios
P/E Ratio -106.7
Price to Sales 4.2
Price to Book 145.4
Price to Tangible Book
Price to Cash Flow 36.9
Price to Free Cash Flow 53.9
Growth Rates
Sales Growth Rate 525.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 446.7%
Cap. Spend. - 3 Yr. Gr. Rate 28.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 9097%
Total Debt to Equity 11374.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital -2.2%
Ret/ On T. Cap. - 3 Yr. Avg. -4.3%
Return On Equity -94.2%
Return On Equity - 3 Yr. Avg. -45.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 26.3%
Gross Margin - 3 Yr. Avg. 18.9%
EBITDA Margin 11.9%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 28.3%
Pre-Tax Margin -7.5%
Pre-Tax Margin - 3 Yr. Avg. -9.2%
Net Profit Margin -4%
Net Profit Margin - 3 Yr. Avg. -8.4%
Effective Tax Rate 7.6%
Eff/ Tax Rate - 3 Yr. Avg. 19.6%
Payout Ratio -16.7%

CRESY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRESY stock intrinsic value calculation we used $2265 million for the last fiscal year's total revenue generated by Cresud ADR. The default revenue input number comes from 2016 income statement of Cresud ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CRESY stock valuation model: a) initial revenue growth rate of 8.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 12.3%, whose default value for CRESY is calculated based on our internal credit rating of Cresud ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cresud ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CRESY stock the variable cost ratio is equal to 50.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CRESY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.5% for Cresud ADR.

Corporate tax rate of 27% is the nominal tax rate for Cresud ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CRESY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CRESY are equal to 132.2%.

Life of production assets of 16.9 years is the average useful life of capital assets used in Cresud ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CRESY is equal to -5.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $66 million for Cresud ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.193 million for Cresud ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cresud ADR at the current share price and the inputted number of shares is $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ALCO Alico 34.40 5.13  str.sell
AGRO Adecoagro 10.42 109.98  str.buy
BG Bunge 70.44 395.59  str.buy

COMPANY NEWS

▶ ETFs with exposure to Cresud SA : August 4, 2017   [Aug-04-17 07:29PM  Capital Cube]
▶ ETFs with exposure to Cresud SA : June 23, 2017   [Jun-23-17 02:15PM  Capital Cube]
▶ ETFs with exposure to Cresud SA : June 13, 2017   [Jun-13-17 12:23PM  Capital Cube]
▶ ETFs with exposure to Cresud SA : April 5, 2017   [Apr-05-17 04:34PM  Capital Cube]
▶ Cresud posts 2Q profit   [Feb-13-17 02:36PM  Associated Press]
▶ ETFs with exposure to Cresud SA : January 3, 2017   [Jan-03-17 01:53PM  Capital Cube]
▶ ETFs with exposure to Cresud SA : December 14, 2016   [Dec-14-16 11:38AM  Capital Cube]
▶ Is Iridium Communications Inc (IRDM) A Good Stock To Buy?   [Dec-09-16 07:28PM  Insider Monkey]
▶ The 'Trump Effect' On Latin America, Explained   [Nov-28-16 08:34AM  Benzinga]
▶ Cresud S.A.C.I.F. y A. Material Fact   [Nov-20  09:59AM  PR Newswire]
▶ How To Invest In Farming Without Owning a Farm   [Sep-16  05:01PM  at Investopedia]
▶ Cresud Sacifya (CRESY) Downgraded From Hold to Sell   [Nov-14  09:30AM  at TheStreet]
▶ Earnings Release 1Q15   [Nov-11  08:39PM  at noodls]
▶ Will Better Soybean Prices Boost Cresud?   [Jun-02  02:16PM  at Motley Fool]
▶ Cresud SA Stock Upgraded (CRESY)   [May-29  11:11AM  at TheStreet]
▶ SA PRO: Top Long And Short Ideas, Monday April 14   [Apr-15  05:00AM  at Seeking Alpha]
▶ Wall Street Breakfast: Must-Know News   [Apr-14  06:31AM  at Seeking Alpha]
▶ 3 Stocks Spiking on Unusual Volume   [Apr-08  08:05AM  at TheStreet]
▶ Macro Events Buffeting Adecoagro   [Mar-22  10:07AM  at Seeking Alpha]
▶ Better Times, Worse Times For Cresud   [Dec-19  09:37AM  at Seeking Alpha]
▶ Opportunities in Agriculture   [Nov-13  10:20AM  at TheStreet]
Financial statements of CRESY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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