Intrinsic value of Cresud ADR - CRESY

Previous Close

$18.85

  Intrinsic Value

$60.00

stock screener

  Rating & Target

str. buy

+218%

  Value-price divergence*

+5000%

Previous close

$18.85

 
Intrinsic value

$60.00

 
Up/down potential

+218%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*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 0.9

 

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
  488
  475
  528
  583
  640
  700
  762
  826
  893
  962
  1,035
  1,110
  1,189
  1,271
  1,356
  1,445
  1,538
  1,635
  1,737
  1,843
  1,954
  2,070
  2,191
  2,318
  2,451
  2,590
  2,736
  2,889
  3,049
  3,217
Earnings before tax, $m
  -171
  723
  831
  877
  925
  975
  1,027
  1,081
  1,137
  1,195
  1,256
  1,319
  1,385
  1,454
  1,525
  1,600
  1,678
  1,760
  1,845
  1,935
  2,028
  2,126
  2,228
  2,335
  2,447
  2,565
  2,688
  2,817
  2,952
  3,094
  3,242
Tax expense, $m
  -13
  195
  224
  237
  250
  263
  277
  292
  307
  323
  339
  356
  374
  392
  412
  432
  453
  475
  498
  522
  548
  574
  602
  630
  661
  692
  726
  761
  797
  835
  875
Net income, $m
  -90
  528
  607
  641
  675
  712
  750
  789
  830
  872
  917
  963
  1,011
  1,061
  1,113
  1,168
  1,225
  1,285
  1,347
  1,412
  1,480
  1,552
  1,626
  1,705
  1,786
  1,872
  1,962
  2,056
  2,155
  2,258
  2,367

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
  11,506
  12,412
  13,355
  14,334
  15,352
  16,409
  17,509
  18,652
  19,842
  21,080
  22,369
  23,712
  25,112
  26,572
  28,095
  29,685
  31,345
  33,080
  34,893
  36,788
  38,771
  40,845
  43,016
  45,289
  47,669
  50,162
  52,774
  55,510
  58,379
  61,386
Adjusted assets (=assets-cash), $m
  9,022
  11,506
  12,412
  13,355
  14,334
  15,352
  16,409
  17,509
  18,652
  19,842
  21,080
  22,369
  23,712
  25,112
  26,572
  28,095
  29,685
  31,345
  33,080
  34,893
  36,788
  38,771
  40,845
  43,016
  45,289
  47,669
  50,162
  52,774
  55,510
  58,379
  61,386
Revenue / Adjusted assets
  0.251
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
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
  7,304
  8,120
  8,968
  9,850
  10,766
  11,717
  12,707
  13,736
  14,807
  15,921
  17,081
  18,290
  19,550
  20,864
  22,235
  23,666
  25,160
  26,721
  28,352
  30,058
  31,843
  33,710
  35,663
  37,709
  39,851
  42,095
  44,445
  46,908
  49,490
  52,196
Total liabilities, $m
  10,559
  10,355
  11,171
  12,019
  12,901
  13,817
  14,768
  15,758
  16,787
  17,858
  18,972
  20,132
  21,341
  22,601
  23,915
  25,286
  26,717
  28,211
  29,772
  31,403
  33,109
  34,894
  36,761
  38,714
  40,760
  42,902
  45,146
  47,496
  49,959
  52,541
  55,247
Total equity, $m
  66
  1,151
  1,241
  1,335
  1,433
  1,535
  1,641
  1,751
  1,865
  1,984
  2,108
  2,237
  2,371
  2,511
  2,657
  2,810
  2,969
  3,135
  3,308
  3,489
  3,679
  3,877
  4,085
  4,302
  4,529
  4,767
  5,016
  5,277
  5,551
  5,838
  6,139
Total liabilities and equity, $m
  10,625
  11,506
  12,412
  13,354
  14,334
  15,352
  16,409
  17,509
  18,652
  19,842
  21,080
  22,369
  23,712
  25,112
  26,572
  28,096
  29,686
  31,346
  33,080
  34,892
  36,788
  38,771
  40,846
  43,016
  45,289
  47,669
  50,162
  52,773
  55,510
  58,379
  61,386
Debt-to-equity ratio
  113.742
  6.350
  6.540
  6.720
  6.870
  7.010
  7.140
  7.260
  7.360
  7.460
  7.550
  7.640
  7.710
  7.790
  7.850
  7.910
  7.970
  8.030
  8.080
  8.130
  8.170
  8.210
  8.250
  8.290
  8.330
  8.360
  8.390
  8.420
  8.450
  8.480
  8.500
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
  528
  607
  641
  675
  712
  750
  789
  830
  872
  917
  963
  1,011
  1,061
  1,113
  1,168
  1,225
  1,285
  1,347
  1,412
  1,480
  1,552
  1,626
  1,705
  1,786
  1,872
  1,962
  2,056
  2,155
  2,258
  2,367
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
  719
  814
  863
  914
  968
  1,023
  1,081
  1,141
  1,203
  1,268
  1,335
  1,406
  1,479
  1,556
  1,636
  1,720
  1,807
  1,898
  1,994
  2,093
  2,198
  2,307
  2,421
  2,541
  2,667
  2,798
  2,936
  3,080
  3,231
  3,390
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
  729
  824
  874
  926
  979
  1,035
  1,093
  1,154
  1,217
  1,282
  1,350
  1,421
  1,496
  1,573
  1,654
  1,738
  1,826
  1,918
  2,015
  2,115
  2,221
  2,331
  2,446
  2,567
  2,694
  2,827
  2,966
  3,111
  3,264
  3,424
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
  306
  377
  402
  427
  454
  482
  510
  540
  571
  603
  636
  671
  706
  743
  782
  822
  864
  908
  953
  1,000
  1,049
  1,101
  1,154
  1,211
  1,269
  1,330
  1,394
  1,461
  1,531
  1,605
Issuance/(repayment) of debt, $m
  113
  -203
  816
  848
  881
  916
  952
  990
  1,029
  1,071
  1,114
  1,160
  1,209
  1,260
  1,314
  1,371
  1,431
  1,494
  1,561
  1,632
  1,706
  1,784
  1,867
  1,954
  2,046
  2,142
  2,244
  2,351
  2,463
  2,582
  2,706
Issuance/(repurchase) of shares, $m
  0
  557
  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
  354
  816
  848
  881
  916
  952
  990
  1,029
  1,071
  1,114
  1,160
  1,209
  1,260
  1,314
  1,371
  1,431
  1,494
  1,561
  1,632
  1,706
  1,784
  1,867
  1,954
  2,046
  2,142
  2,244
  2,351
  2,463
  2,582
  2,706
Total cash flow (excl. dividends), $m
  877
  660
  1,193
  1,250
  1,309
  1,370
  1,433
  1,500
  1,569
  1,641
  1,717
  1,796
  1,879
  1,966
  2,057
  2,153
  2,253
  2,358
  2,469
  2,584
  2,706
  2,834
  2,968
  3,108
  3,256
  3,411
  3,574
  3,745
  3,925
  4,113
  4,311
Retained Cash Flow (-), $m
  59
  -1,085
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -173
  -181
  -190
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -274
  -287
  -301
Prev. year cash balance distribution, $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 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
 
  -425
  1,102
  1,156
  1,211
  1,268
  1,328
  1,390
  1,455
  1,523
  1,593
  1,667
  1,745
  1,826
  1,911
  2,001
  2,094
  2,192
  2,295
  2,403
  2,516
  2,635
  2,760
  2,891
  3,029
  3,173
  3,325
  3,484
  3,651
  3,826
  4,010
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
 
  -378
  865
  789
  711
  632
  554
  478
  406
  339
  278
  224
  177
  136
  103
  76
  55
  38
  26
  17
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2
  54.2

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, an agricultural company, produces basic agricultural commodities in Brazil and other Latin American countries. The company’s Agricultural business is involved in planting, harvesting, and sale of crops, such as wheat, corn, soybean, cotton, and sunflower, as well as sugarcane; breeding, purchasing, and fattening of beef cattle for sale to meat processors and local livestock auction markets; producing raw milk for sale to local milk and milk-related products producers; leasing of farms to third parties; disposal and development of farmlands activities; and feedlot farming, as well as meat slaughtering and processing activities. Its Investment and Development Properties business engages in the commercial exploitation, development, and lease of commercial facilities and other spaces in shopping centers; lease and servicing of office spaces other rental properties; development, sale, and maintenance of undeveloped parcels of land and/or trading properties; operation of hotels; and provision of consumer financing services. The company was founded in 1936 and is headquartered in Buenos Aires, Argentina.

FINANCIAL RATIOS  of  Cresud ADR (CRESY)

Valuation Ratios
P/E Ratio -103.9
Price to Sales 4.1
Price to Book 141.7
Price to Tangible Book
Price to Cash Flow 36
Price to Free Cash Flow 52.5
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 50.185 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 $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
ALCO Alico 31.40 5.16  str.sell
AGRO Adecoagro 9.99 55.36  str.buy
BG Bunge 74.95 1,429.43  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]
Stock chart of CRESY 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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