IRSA Inversiones Representaciones (ADR) (NYSE:IRS)

5 STAR, Small-cap, dividend payer

Argentina is considered an MSCI Frontier Market so I'm placing my bet on the frontier.

This stock has it all. It's trading cheap relative to the other stocks in its industry. It has a high return on assets. High projected growth. Analysts give it good ratings as well.

getting that money.

G3

O/U 40% - 90%

3 to 5 star stock in one year.

IRS... Should I say more?

undervalued/oversold. Argentinian real estate company with huge upside.

this will continue to rise

Premier real estate assets in Buenos Aires. Company not well followed. Current price is an opportunity.

IRS is a pure growth stock for me.

IRS is an attractive play on the Argentine real estate market.

Current valuation is susbstantially below what you get when adding up the real estate the company currently has on its books.

In addition, I believe that Argentina could benefit from

(1) overall cheap real estate attracting foreign investors ($1500 to $3000 per square meter in prime Buenos Aires location)

(2) the current agricultural commodity boom - Argentina is rich in farmland which will attract increasing foreign trade

(3) the emergence of a mortgage and credit market - currently most Argentines rent their apartments, which are mostly owned by some very wealthy families or property companies. Unlike in the US or UK, Argentine real estate prices are not driven by the demand and supply of credit.

No, not "that" IRS dummy. Argentina and real estate. Whats not to like.

IRS is an Argentine real estate company that owns 62% of Alto Palermo (a huge cash cow that has generated excellent returns in recent years as the Argentine economy and retail sales have rebounded strongly from the 2001 financial crisis.) 60% of IRS is retail real estate, 20% and growing A-AAA Buenos Aires office space, 20% first class and luxury hotels, and a residential real estate sales component. Square footage prices for their real estate portfolio are 20% of Europe and the U.S. and half what Brasilian real estate costs. The differential will narrow over time, and the ARgentine Peso is undervalued vs the U.S. dollar. (The Argentine Central bank is a very large dollar BUYER to keep the dollar from declining vs the peso.) Eventually the peso will float higher based on trade and budget surpluses, strong demand for Argentine agricultural commodities, especially from Asia...and better organic growth potential. Argentines invest in real estate as a hedge against financial and political risk...and slowly a mortgage industry is forming. Curently less than 2% of real estate sales involve a mortgage of any kind.

This stock is not without risk, but it's a very good value right now. It's mostly focused on Buenos Aires, and now that Argentina is well on its recovery from the crisis, there's a lot more competition in the real estate development space.

Still, I think the company will continue to be successful milking additional money out of its current investments, even if the pace of new investment will slow.

This wouldn't be the first place I'd put new money, however.

bullish DANA

Qtrly Earnings Growth (yoy): 300.50%
Book Value Per Share (mrq): 11.65
P&F 32.00

Large real estate holdings in Argentina that are worth what it,s market cap is ...

Argentina commercial real estate prices are headed up and there is a big shortage of space going forward. Also the undeveloped land IRS owns is worth about as much as its entire market cap. A great value play and the perfect timing.