Intrinsic value of IRSA Inversiones Y Representaciones S.A. - IRS

Previous Close

$11.93

  Intrinsic Value

$3.75

stock screener

  Rating & Target

str. sell

-69%

Previous close

$11.93

 
Intrinsic value

$3.75

 
Up/down potential

-69%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as IRS.

We calculate the intrinsic value of IRS 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 0001), $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 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,168
  1,195
  1,225
  1,260
  1,298
  1,340
  1,386
  1,435
  1,488
  1,545
  1,607
  1,672
  1,741
  1,815
  1,893
  1,976
  2,064
  2,157
  2,255
  2,359
  2,468
  2,583
  2,705
  2,833
  2,968
  3,110
  3,259
  3,416
  3,582
  3,756
Variable operating expenses, $m
  1,014
  1,036
  1,062
  1,091
  1,122
  1,157
  1,195
  1,236
  1,281
  1,328
  1,336
  1,391
  1,448
  1,510
  1,575
  1,644
  1,717
  1,794
  1,876
  1,962
  2,053
  2,149
  2,250
  2,356
  2,469
  2,587
  2,711
  2,842
  2,979
  3,124
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
  1,014
  1,036
  1,062
  1,091
  1,122
  1,157
  1,195
  1,236
  1,281
  1,328
  1,336
  1,391
  1,448
  1,510
  1,575
  1,644
  1,717
  1,794
  1,876
  1,962
  2,053
  2,149
  2,250
  2,356
  2,469
  2,587
  2,711
  2,842
  2,979
  3,124
Operating income, $m
  154
  158
  164
  169
  176
  183
  190
  199
  208
  217
  270
  281
  293
  305
  318
  332
  347
  363
  379
  397
  415
  435
  455
  476
  499
  523
  548
  575
  602
  632
EBITDA, $m
  1,726
  1,765
  1,811
  1,862
  1,918
  1,980
  2,047
  2,120
  2,199
  2,284
  2,374
  2,470
  2,573
  2,682
  2,797
  2,920
  3,050
  3,187
  3,332
  3,485
  3,647
  3,817
  3,997
  4,186
  4,385
  4,595
  4,816
  5,048
  5,293
  5,550
Interest expense (income), $m
  364
  701
  679
  700
  724
  751
  780
  813
  848
  886
  927
  971
  1,019
  1,069
  1,123
  1,180
  1,241
  1,305
  1,373
  1,444
  1,520
  1,601
  1,685
  1,774
  1,868
  1,967
  2,072
  2,182
  2,297
  2,419
  2,547
Earnings before tax, $m
  -547
  -521
  -537
  -555
  -575
  -597
  -622
  -649
  -678
  -710
  -701
  -737
  -776
  -818
  -861
  -908
  -958
  -1,010
  -1,065
  -1,124
  -1,185
  -1,251
  -1,319
  -1,392
  -1,468
  -1,549
  -1,633
  -1,723
  -1,816
  -1,915
Tax expense, $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
Net income, $m
  -547
  -521
  -537
  -555
  -575
  -597
  -622
  -649
  -678
  -710
  -701
  -737
  -776
  -818
  -861
  -908
  -958
  -1,010
  -1,065
  -1,124
  -1,185
  -1,251
  -1,319
  -1,392
  -1,468
  -1,549
  -1,633
  -1,723
  -1,816
  -1,915

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  10,245
  10,480
  10,750
  11,052
  11,387
  11,755
  12,155
  12,588
  13,055
  13,556
  14,092
  14,664
  15,273
  15,920
  16,607
  17,335
  18,105
  18,920
  19,781
  20,690
  21,649
  22,660
  23,726
  24,850
  26,033
  27,278
  28,589
  29,969
  31,420
  32,947
Adjusted assets (=assets-cash), $m
  10,245
  10,480
  10,750
  11,052
  11,387
  11,755
  12,155
  12,588
  13,055
  13,556
  14,092
  14,664
  15,273
  15,920
  16,607
  17,335
  18,105
  18,920
  19,781
  20,690
  21,649
  22,660
  23,726
  24,850
  26,033
  27,278
  28,589
  29,969
  31,420
  32,947
Revenue / Adjusted assets
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
Average production assets, $m
  7,646
  7,822
  8,023
  8,249
  8,499
  8,773
  9,072
  9,396
  9,744
  10,118
  10,518
  10,945
  11,399
  11,882
  12,395
  12,938
  13,513
  14,121
  14,764
  15,442
  16,158
  16,913
  17,708
  18,547
  19,430
  20,359
  21,338
  22,367
  23,451
  24,590
Working capital, $m
  267
  274
  281
  289
  297
  307
  317
  329
  341
  354
  368
  383
  399
  416
  434
  453
  473
  494
  516
  540
  565
  592
  619
  649
  680
  712
  746
  782
  820
  860
Total debt, $m
  6,932
  7,144
  7,386
  7,659
  7,960
  8,291
  8,651
  9,041
  9,461
  9,912
  10,395
  10,910
  11,458
  12,040
  12,658
  13,313
  14,007
  14,740
  15,515
  16,333
  17,196
  18,106
  19,065
  20,076
  21,141
  22,262
  23,442
  24,684
  25,990
  27,364
Total liabilities, $m
  9,220
  9,432
  9,675
  9,947
  10,248
  10,579
  10,940
  11,330
  11,750
  12,201
  12,683
  13,198
  13,746
  14,328
  14,947
  15,602
  16,295
  17,028
  17,803
  18,621
  19,484
  20,394
  21,354
  22,365
  23,429
  24,550
  25,730
  26,972
  28,278
  29,652
Total equity, $m
  1,024
  1,048
  1,075
  1,105
  1,139
  1,175
  1,216
  1,259
  1,306
  1,356
  1,409
  1,466
  1,527
  1,592
  1,661
  1,734
  1,811
  1,892
  1,978
  2,069
  2,165
  2,266
  2,373
  2,485
  2,603
  2,728
  2,859
  2,997
  3,142
  3,295
Total liabilities and equity, $m
  10,244
  10,480
  10,750
  11,052
  11,387
  11,754
  12,156
  12,589
  13,056
  13,557
  14,092
  14,664
  15,273
  15,920
  16,608
  17,336
  18,106
  18,920
  19,781
  20,690
  21,649
  22,660
  23,727
  24,850
  26,032
  27,278
  28,589
  29,969
  31,420
  32,947
Debt-to-equity ratio
  6.770
  6.820
  6.870
  6.930
  6.990
  7.050
  7.120
  7.180
  7.250
  7.310
  7.380
  7.440
  7.500
  7.560
  7.620
  7.680
  7.740
  7.790
  7.840
  7.890
  7.940
  7.990
  8.040
  8.080
  8.120
  8.160
  8.200
  8.240
  8.270
  8.310
Adjusted equity ratio
  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
  -547
  -521
  -537
  -555
  -575
  -597
  -622
  -649
  -678
  -710
  -701
  -737
  -776
  -818
  -861
  -908
  -958
  -1,010
  -1,065
  -1,124
  -1,185
  -1,251
  -1,319
  -1,392
  -1,468
  -1,549
  -1,633
  -1,723
  -1,816
  -1,915
Depreciation, amort., depletion, $m
  1,572
  1,607
  1,647
  1,692
  1,742
  1,797
  1,857
  1,922
  1,991
  2,066
  2,104
  2,189
  2,280
  2,376
  2,479
  2,588
  2,703
  2,824
  2,953
  3,088
  3,232
  3,383
  3,542
  3,709
  3,886
  4,072
  4,268
  4,473
  4,690
  4,918
Funds from operations, $m
  1,025
  1,086
  1,111
  1,138
  1,168
  1,200
  1,235
  1,273
  1,313
  1,356
  1,402
  1,451
  1,504
  1,559
  1,618
  1,680
  1,745
  1,814
  1,888
  1,965
  2,046
  2,132
  2,222
  2,317
  2,418
  2,523
  2,634
  2,751
  2,874
  3,003
Change in working capital, $m
  5
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
Cash from operations, $m
  1,020
  1,080
  1,104
  1,130
  1,159
  1,190
  1,225
  1,261
  1,301
  1,343
  1,388
  1,437
  1,488
  1,542
  1,600
  1,661
  1,725
  1,793
  1,865
  1,941
  2,021
  2,105
  2,194
  2,288
  2,387
  2,491
  2,600
  2,715
  2,836
  2,963
Maintenance CAPEX, $m
  -1,499
  -1,529
  -1,564
  -1,605
  -1,650
  -1,700
  -1,755
  -1,814
  -1,879
  -1,949
  -2,024
  -2,104
  -2,189
  -2,280
  -2,376
  -2,479
  -2,588
  -2,703
  -2,824
  -2,953
  -3,088
  -3,232
  -3,383
  -3,542
  -3,709
  -3,886
  -4,072
  -4,268
  -4,473
  -4,690
New CAPEX, $m
  -150
  -176
  -201
  -226
  -250
  -274
  -299
  -323
  -348
  -374
  -400
  -427
  -455
  -483
  -513
  -543
  -575
  -608
  -642
  -678
  -716
  -755
  -796
  -838
  -883
  -930
  -978
  -1,030
  -1,083
  -1,139
Cash from investing activities, $m
  -1,649
  -1,705
  -1,765
  -1,831
  -1,900
  -1,974
  -2,054
  -2,137
  -2,227
  -2,323
  -2,424
  -2,531
  -2,644
  -2,763
  -2,889
  -3,022
  -3,163
  -3,311
  -3,466
  -3,631
  -3,804
  -3,987
  -4,179
  -4,380
  -4,592
  -4,816
  -5,050
  -5,298
  -5,556
  -5,829
Free cash flow, $m
  -630
  -625
  -662
  -700
  -741
  -784
  -829
  -876
  -927
  -980
  -1,035
  -1,094
  -1,156
  -1,221
  -1,289
  -1,362
  -1,438
  -1,518
  -1,602
  -1,690
  -1,783
  -1,881
  -1,984
  -2,092
  -2,206
  -2,325
  -2,450
  -2,582
  -2,721
  -2,867
Issuance/(repayment) of debt, $m
  -218
  212
  242
  272
  302
  331
  360
  390
  420
  451
  482
  515
  548
  582
  618
  655
  693
  733
  775
  818
  863
  910
  959
  1,011
  1,065
  1,121
  1,180
  1,242
  1,306
  1,374
Issuance/(repurchase) of shares, $m
  987
  545
  564
  585
  608
  634
  662
  692
  725
  760
  755
  795
  837
  882
  930
  981
  1,035
  1,091
  1,151
  1,215
  1,281
  1,352
  1,426
  1,504
  1,587
  1,673
  1,765
  1,861
  1,962
  2,068
Cash from financing (excl. dividends), $m  
  769
  757
  806
  857
  910
  965
  1,022
  1,082
  1,145
  1,211
  1,237
  1,310
  1,385
  1,464
  1,548
  1,636
  1,728
  1,824
  1,926
  2,033
  2,144
  2,262
  2,385
  2,515
  2,652
  2,794
  2,945
  3,103
  3,268
  3,442
Total cash flow (excl. dividends), $m
  140
  131
  144
  157
  169
  181
  193
  206
  219
  231
  202
  216
  229
  244
  259
  274
  290
  307
  324
  342
  361
  381
  402
  423
  446
  469
  494
  520
  547
  575
Retained Cash Flow (-), $m
  -987
  -545
  -564
  -585
  -608
  -634
  -662
  -692
  -725
  -760
  -755
  -795
  -837
  -882
  -930
  -981
  -1,035
  -1,091
  -1,151
  -1,215
  -1,281
  -1,352
  -1,426
  -1,504
  -1,587
  -1,673
  -1,765
  -1,861
  -1,962
  -2,068
Prev. year cash balance distribution, $m
  710
  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
  -137
  -413
  -419
  -428
  -439
  -453
  -469
  -486
  -506
  -529
  -553
  -579
  -608
  -638
  -671
  -707
  -744
  -784
  -827
  -872
  -920
  -971
  -1,024
  -1,081
  -1,141
  -1,204
  -1,271
  -1,341
  -1,415
  -1,493
Discount rate, %
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
  -126
  -344
  -314
  -286
  -259
  -233
  -208
  -184
  -161
  -139
  -119
  -100
  -83
  -68
  -55
  -43
  -33
  -25
  -18
  -13
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  29.3
  16.7
  9.4
  5.3
  3.0
  1.7
  0.9
  0.5
  0.3
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0

IRSA Inversiones y Representaciones Sociedad Anonima is a holding company. The Company invests on its own behalf and through investee companies in companies operating in various sectors of the Israeli and global economy. The Company's segments are Cellcom, which includes cellular telephone services, content and added value services, other services and revenues from the sale of end user equipment in the cellular field; Property and Buildings and projects in Las Vegas, which includes the rental of income-generating properties and residential buildings; Shufersal, which includes retail and the rental of income-generating properties; Adama, which includes the sale of agro products and non-agro products; Clal Insurance Enterprise Holdings, which operates through subsidiary companies in the fields of insurance, pensions and provident funds, in the field of financial services and in the holding of assets and real businesses, and Others.

FINANCIAL RATIOS  of  IRSA Inversiones Y Representaciones S.A. (IRS)

Valuation Ratios
P/E Ratio 35.3
Price to Sales 1.4
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 36.6
Growth Rates
Sales Growth Rate 135.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 192.4%
Cap. Spend. - 3 Yr. Gr. Rate 82.3%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 423.4%
Total Debt to Equity 500.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 28.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.5%
Gross Margin - 3 Yr. Avg. 41.1%
EBITDA Margin 20.9%
EBITDA Margin - 3 Yr. Avg. 76.7%
Operating Margin 12.9%
Oper. Margin - 3 Yr. Avg. 79.3%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 60.7%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 34.9%
Effective Tax Rate 56.9%
Eff/ Tax Rate - 3 Yr. Avg. 45.1%
Payout Ratio 83%

IRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRS stock intrinsic value calculation we used $1145 million for the last fiscal year's total revenue generated by IRSA Inversiones Y Representaciones S.A.. The default revenue input number comes from 0001 income statement of IRSA Inversiones Y Representaciones S.A.. 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 IRS stock valuation model: a) initial revenue growth rate of 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 9.2%, whose default value for IRS is calculated based on our internal credit rating of IRSA Inversiones Y Representaciones S.A., 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 IRSA Inversiones Y Representaciones S.A..
    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 IRS stock the variable cost ratio is equal to 86.9%.

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 IRS 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 9.8% for IRSA Inversiones Y Representaciones S.A..

Corporate tax rate of 27% is the nominal tax rate for IRSA Inversiones Y Representaciones S.A.. 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 IRS 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 IRS are equal to 654.7%.

Life of production assets of 0 years is the average useful life of capital assets used in IRSA Inversiones Y Representaciones S.A. 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 IRS is equal to 22.9%. 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 - $1294.84429066 million for IRSA Inversiones Y Representaciones S.A. - 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 57.867 million for IRSA Inversiones Y Representaciones S.A. 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 IRSA Inversiones Y Representaciones S.A. at the current share price and the inputted number of shares is $0.7 billion.

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