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Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria

Nasdaq:CRES.Y
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CRES.Y
Nasdaq
ARS25B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, an agricultural company, produces basic agricultural commodities in Brazil and other Latin American countries. The last earnings update was 11 days ago. More info.


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CRES.Y Share Price and Events
7 Day Returns
3.6%
NasdaqGS:CRES.Y
0.9%
US Real Estate
2.4%
US Market
1 Year Returns
-39.8%
NasdaqGS:CRES.Y
-12.1%
US Real Estate
1.9%
US Market
CRES.Y Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria (CRES.Y) 3.6% -4.1% 6.4% -39.8% 10.3% 39.8%
US Real Estate 0.9% -2.6% 17.2% -12.1% 29.1% 9.3%
US Market 2.4% 1.7% 11.9% 1.9% 38.2% 42.4%
1 Year Return vs Industry and Market
  • CRES.Y underperformed the Real Estate industry which returned -12.1% over the past year.
  • CRES.Y underperformed the Market in United States of America which returned 1.9% over the past year.
Price Volatility
CRES.Y
Industry
5yr Volatility vs Market
Related Companies

CRES.Y Value

 Is Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria.

NasdaqGS:CRES.Y Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CRES.Y
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.24
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.244 (1 + (1- 30%) (1178.15%))
8.038
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NasdaqGS:CRES.Y using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:CRES.Y DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ARS, Millions) Source Present Value
Discounted (@ 14.65%)
2019 11,056.96 Est @ 10.08% 9,644.10
2020 11,927.39 Est @ 7.87% 9,073.97
2021 12,682.35 Est @ 6.33% 8,415.45
2022 13,348.13 Est @ 5.25% 7,725.46
2023 13,947.97 Est @ 4.49% 7,041.10
2024 14,500.96 Est @ 3.96% 6,384.88
2025 15,022.16 Est @ 3.59% 5,769.18
2026 15,523.15 Est @ 3.33% 5,199.81
2027 16,012.67 Est @ 3.15% 4,678.40
2028 16,497.29 Est @ 3.03% 4,204.09
Present value of next 10 years cash flows ARS68,136.43
NasdaqGS:CRES.Y DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ARS16,497.29 × (1 + 2.73%) ÷ (14.65% – 2.73%)
ARS142,178.37
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ARS142,178.37 ÷ (1 + 14.65%)10
ARS36,232.05
NasdaqGS:CRES.Y Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ARS68,136.43 + ARS36,232.05
ARS104,368.49
Equity Value per Share
(ARS)
= Total value / Shares Outstanding
= ARS104,368.49 / 495.58
ARS52.41
NasdaqGS:CRES.Y Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NasdaqGS:CRES.Y represents 0.24885x of BASE:CRES
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.24885x
Value per Share
(Listing Adjusted, USD)
= Value per Share (ARS) x Listing Adjustment Factor
= ARS 210.60 x 0.24885
$52.41
Value per share (USD) From above. $52.41
Current discount Discount to share price of $12.48
= -1 x ($12.48 - $52.41) / $52.41
76.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is available for.
Intrinsic value
>50%
Share price is $12.48 vs Future cash flow value of $52.41
Current Discount Checks
For Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CRES.Y PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in ARS ARS-32.26
BASE:CRES Share Price ** BASE (2019-03-18) in ARS ARS50.15
United States of America Real Estate Industry PE Ratio Median Figure of 28 Publicly-Listed Real Estate Companies 15.49x
United States of America Market PE Ratio Median Figure of 3,055 Publicly-Listed Companies 17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria.

NasdaqGS:CRES.Y PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BASE:CRES Share Price ÷ EPS (both in ARS)

= 50.15 ÷ -32.26

-1.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is loss making, we can't compare its value to the US Real Estate industry average.
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's expected growth come at a high price?
Raw Data
NasdaqGS:CRES.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
33.7%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 1.02x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's assets?
Raw Data
NasdaqGS:CRES.Y PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in ARS ARS54.74
BASE:CRES Share Price * BASE (2019-03-18) in ARS ARS50.15
United States of America Real Estate Industry PB Ratio Median Figure of 57 Publicly-Listed Real Estate Companies 1.49x
United States of America Market PB Ratio Median Figure of 5,152 Publicly-Listed Companies 1.87x
NasdaqGS:CRES.Y PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BASE:CRES Share Price ÷ Book Value per Share (both in ARS)

= 50.15 ÷ 54.74

0.92x

* Primary Listing of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CRES.Y Future Performance

 How is Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
33.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria expected to grow at an attractive rate?
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings growth is expected to exceed the United States of America market average.
  • Unable to compare Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CRES.Y Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CRES.Y Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 33.7%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 9.1%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 9.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CRES.Y Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in ARS Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CRES.Y Future Estimates Data
Date (Data in ARS Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
NasdaqGS:CRES.Y Past Financials Data
Date (Data in ARS Millions) Revenue Cash Flow Net Income *
2018-12-31 39,347 12,999 -15,856
2018-09-30 43,649 12,724 -4,854
2018-06-30 38,986 13,775 -7,087
2018-03-31 29,469 12,174 2,562
2017-12-31 24,792 10,661 827
2017-09-30 20,388 9,317 -2,900
2017-06-30 30,746 9,252 -2,582
2017-03-31 70,966 7,330 4,792
2016-12-31 69,537 8,431 6,159
2016-09-30 51,458 6,119 5,149
2016-06-30 15,622 4,219 3,986
2016-03-31 22,572 2,781 -272

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CRES.Y Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CRES.Y Future Estimates Data
Date (Data in ARS Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
NasdaqGS:CRES.Y Past Financials Data
Date (Data in ARS Millions) EPS *
2018-12-31 -32.26
2018-09-30 -9.86
2018-06-30 -14.26
2018-03-31 5.16
2017-12-31 1.66
2017-09-30 -5.86
2017-06-30 -5.18
2017-03-31 9.63
2016-12-31 12.37
2016-09-30 10.28
2016-06-30 7.99
2016-03-31 -0.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CRES.Y Past Performance

  How has Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's 1-year growth to the US Real Estate industry average as it is not currently profitable.
Earnings and Revenue History
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CRES.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in ARS Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 39,347.00 -15,856.00 9,401.80
2018-09-30 43,649.00 -4,854.00 11,219.80
2018-06-30 38,986.00 -7,087.00 10,106.80
2018-03-31 29,469.00 2,562.00 8,676.30
2017-12-31 24,792.00 827.00 7,325.30
2017-09-30 20,388.00 -2,900.00 6,002.30
2017-06-30 30,746.00 -2,582.00 8,177.30
2017-03-31 70,966.00 4,792.00 18,707.20
2016-12-31 69,537.00 6,159.00 16,803.20
2016-09-30 51,458.00 5,149.00 12,330.20
2016-06-30 15,622.00 3,986.00 4,496.20
2016-03-31 22,572.00 -272.00 3,844.50
2015-12-31 6,102.00 181.00 1,403.50
2015-09-30 5,763.00 7.00 1,260.50
2015-06-30 5,652.00 1,318.00 1,151.50
2015-03-31 5,537.16 -1,061.64 1,009.68
2014-12-31 5,407.02 -1,511.85 907.05
2014-09-30 4,990.89 -1,092.03 873.32
2014-06-30 4,604.00 -1,068.00 968.20
2014-03-31 4,324.51 -605.64 712.46
2013-12-31 4,061.36 -419.70 670.03
2013-09-30 3,904.71 -108.24 651.53
2013-06-30 3,528.55 -26.91 605.63
2013-03-31 3,167.42 60.05 510.93
2012-12-31 3,010.03 60.14 514.45
2012-09-30 2,876.25 57.29 458.86
2012-06-30 2,859.85 -21.33 507.97
2012-03-31 3,033.18 83.29 436.96

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has efficiently used its assets last year compared to the US Real Estate industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CRES.Y Health

 How is Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria Company Filings, last reported 2 months ago.

NasdaqGS:CRES.Y Past Debt and Equity Data
Date (Data in ARS Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 95,397.00 292,228.00 95,411.00
2018-09-30 103,700.00 335,831.00 118,080.00
2018-06-30 75,321.00 219,545.00 68,762.00
2018-03-31 61,851.00 170,708.00 56,357.00
2017-12-31 60,318.00 154,152.00 51,629.00
2017-09-30 49,041.00 145,391.00 44,809.00
2017-06-30 49,173.00 135,312.00 39,553.00
2017-03-31 21,273.00 117,666.00 33,831.00
2016-12-31 21,322.00 116,716.00 35,773.00
2016-09-30 15,586.00 110,445.00 27,712.00
2016-06-30 37,200.00 117,296.00 25,025.00
2016-03-31 9,721.00 123,382.00 31,577.00
2015-12-31 7,479.00 103,527.00 28,344.00
2015-09-30 3,809.01 8,874.11 2,040.34
2015-06-30 15,169.00 8,310.00 1,138.00
2015-03-31 3,214.02 8,143.72 872.15
2014-12-31 3,614.93 8,017.28 1,879.76
2014-09-30 4,418.36 7,978.20 1,962.99
2014-06-30 4,434.79 7,954.83 1,499.71
2014-03-31 4,857.30 8,271.85 997.93
2013-12-31 4,449.98 7,156.45 1,340.42
2013-09-30 4,777.49 5,914.14 1,215.12
2013-06-30 4,719.07 5,717.29 1,433.17
2013-03-31 5,009.63 5,228.05 1,123.78
2012-12-31 4,844.29 4,764.18 864.21
2012-09-30 4,738.78 4,056.54 627.98
2012-06-30 4,691.51 3,957.17 543.99
2012-03-31 4,409.37 3,886.84 660.43
  • Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's level of debt (306.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (160.9% vs 306.3% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -52% per year.
X
Financial health checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CRES.Y Dividends

 What is Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria dividends.
If you bought $2,000 of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CRES.Y Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 18 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CRES.Y Future Dividends Estimate Data
Date (Data in ARS) Dividend per Share (annual) Avg. No. Analysts
NasdaqGS:CRES.Y Past Annualized Dividends Data
Date (Data in ARS) Dividend per share (annual) Avg. Yield (%)
2016-05-12 0.000 0.000
2016-02-11 0.000 0.000
2015-11-11 0.000 0.000
2015-09-07 0.000 0.000
2014-10-31 0.242 1.667
2014-09-08 0.242 1.648
2013-09-09 0.240 2.334
2012-11-21 0.240 3.615
2011-01-03 0.138 2.293
2010-12-30 0.138 1.879
2010-09-08 0.138 1.990
2009-12-30 0.120 2.364
2009-09-08 0.119 2.489
2009-03-19 0.040 1.218

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has not reported any payouts.
  • Unable to verify if Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CRES.Y Management

 What is the CEO of Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alejandro Elsztain
AGE 52
TENURE AS CEO 25.2 years
CEO Bio

Mr. Alejandro Gustavo Elsztain has been the Chief Executive Officer of IRSA Propiedades Comerciales S.A. since 2002, Executive Vice Chairman since 2003 also has been its General Manager since 2002. Mr. Elsztain has been the Chief Executive Officer of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria since 1994 and also serves as its General Manager and Acting President. He serves as an Executive Vice Chairman of Alto Palermo and Shopping Alto Palermo S.A. Mr. Elsztain served as Chief General Officerof IRSA Propiedades Comerciales S.A. He served as Vice President at Nuevas Fronteras S.A. He served as a Senior Manager of Alto Palermo S.A. He serves as the Chairman of Inversiones Ganaderas SA, Cactus Argentina S.A., Tarshop S.A. and Emprendimiento Recoleta. He serves as a Second Vice Chairman at Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresud Inc., Cresud S.A.C.I.F. y A.) and BrasilAgro. Mr. Elsztain has been the Second Vice Chairman at IRSA Inversiones y Representaciones S.A. since 2007. He serves as a Vice Chairman of Nuevas Fronteras and Hoteles Argentinos. He served as the Chairman of the Board at Fibesa S.A. He served as Vice Chairman of the Board at Cresud, S.A.C.I.F. Y a. and IRSA Inversiones Y Sociedad Anonima. He served as Vice Chairman of the Board at Alto Palermo S.A. He served as Vice Chairman of the Board at Property & Building Corp. Ltd. since December 14, 2015. He serves as a Director of Discount Investment Corporation Limited. He has been Director at Bay-Side Land Corporation Ltd. since February 17, 2016. He serves as a Director of Brasilagro Companhia Brasileira de Propriedades Agrícolas. He has been a Director of Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria since 1994, IRSA Investments and Representations Inc. since 2001, IRSA Investments & Representations Inc., since 2001, Cresud Inc., since 1994 and IRSA Propiedades Comerciales S.A. since 2001. He serves as a Director of BrasilAgro-Companhia Brasileira de Propriedades Agricolas, Futuros y Opciones S.A. and IBOSA. He served as a Director at Alto Palermo S.A., Cresud S.A.C.I.F. y A., Inversiones y Representaciones Sociedad Anónima, Brasileria De Propiedades Agrícolas and Brasilagro Companhia IRSA. He served as a Director of IDB Development Corporation Limited until August 20, 2015. He served as a Director of IDB Holding Corporation Limited. Mr. Elsztain holds Degree in Agricaltural and Livestock Engineering from University of Buenos Aires.

CEO Compensation
  • Insufficient data for Alejandro to compare compensation growth.
  • Insufficient data for Alejandro to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria management team in years:

9.2
Average Tenure
52
Average Age
  • The average tenure for the Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Alejandro Elsztain

TITLE
Second Vice Chairman
AGE
52
TENURE
25.2 yrs

Matias Gaivironsky

TITLE
Chief Financial & Administrative Officer
AGE
42
TENURE
7.3 yrs

Alejandro Casaretto

TITLE
Chief Regional Agricultural Officer
AGE
66
TENURE
19.2 yrs

Gil Kotler

TITLE
Chief Financial Officer of Israel
AGE
52
TENURE
3.2 yrs

Saul Lapidot

TITLE
Chief Executive Officer of Israel
AGE
39
TENURE
3.2 yrs

Carlos Blousson

TITLE
CEO of International Operation and GM of Argentina & Bolivia Operations
AGE
55
TENURE
11.2 yrs
Board of Directors Tenure

Average tenure and age of the Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria board of directors in years:

16.2
Average Tenure
68
Average Age
  • The average tenure for the Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Eduardo Elsztain

TITLE
Chairman
AGE
58
TENURE
25.2 yrs

Alejandro Elsztain

TITLE
Second Vice Chairman
AGE
52

Saul Zang

TITLE
First Vice Chairman
AGE
73
TENURE
16.2 yrs

Alejandro Casaretto

TITLE
Chief Regional Agricultural Officer
AGE
66
TENURE
10.4 yrs

Jorge Fernández

TITLE
Independent Director
AGE
79
TENURE
16.2 yrs

Gabriel Adolfo Reznik

TITLE
Independent Director
AGE
60
TENURE
16.2 yrs

Jack Haydon

TITLE
Non-Independent Director
AGE
82
TENURE
14.3 yrs

Pedro Damaso Palacio

TITLE
Independent Director
AGE
75
TENURE
12.4 yrs

Daniel Mellicovsky

TITLE
Independent Director
AGE
70
TENURE
10.4 yrs

Gastón Armando Lernoud

TITLE
Alternate Director
AGE
50
TENURE
20.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
26. Nov 18 Buy Eduardo Elsztain Individual 08. Oct 18 29. Oct 18 38,280 $12.99 $454,561
X
Management checks
We assess Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CRES.Y News

Simply Wall St News

CRES.Y Company Info

Description

Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, an agricultural company, produces basic agricultural commodities in Brazil and other Latin American countries. The 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 cattle for sale to slaughterhouses and local livestock auction markets; producing raw milk for sale to local milk and milk-related products producers; the leasing of farms to third parties; the disposal and development of farmlands activities; and feedlot farming, as well as meat slaughtering and processing activities. Its Urban Properties and Investments business engages in the leasing, renting, and servicing of commercial facilities and other spaces in shopping malls; leasing 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.

Details
Name: Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria
CRES.Y
Exchange: NasdaqGS
Founded: 1936
ARS622,307,664
495,583,194
Website: http://www.cresud.com.ar
Address: Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria
Moreno 877,
23rd Floor,
Buenos Aires,
Capital Federal, C1091AAQ,
Argentina
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BASE CRES Common Stock Buenos Aires Stock Exchange AR ARS 02. Jan 1992
NasdaqGS CRES.Y SPONS ADR EACH REP 10 COM ARS1 Nasdaq Global Select US USD 19. Mar 1997
DB CD8 SPONS ADR EACH REP 10 COM ARS1 Deutsche Boerse AG DE EUR 19. Mar 1997
Number of employees
Current staff
Staff numbers
0
Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 23:34
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2016/09/08
Last earnings filing: 2019/03/07
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.