Financial analysis cresud sacif y a is an argentine agricultural company, with a growing presence in latin american countries, engaged in a range of activities including crop production, cattle raising and milk production
Similaire à Financial analysis cresud sacif y a is an argentine agricultural company, with a growing presence in latin american countries, engaged in a range of activities including crop production, cattle raising and milk production
Financial Analysis - Commerzbank AG attracts deposits and offers retail an…BCV
Similaire à Financial analysis cresud sacif y a is an argentine agricultural company, with a growing presence in latin american countries, engaged in a range of activities including crop production, cattle raising and milk production (20)
Fundamental Equity Analysis and Analyst Recommandations - MSCI Emerging Marke...
Financial analysis cresud sacif y a is an argentine agricultural company, with a growing presence in latin american countries, engaged in a range of activities including crop production, cattle raising and milk production
1. 20.02.2013
Company Analysis - Overview
Cresud SACIF y A is an Argentine agricultural company, with a growing presence in
Ticker: CRESY US Cresud SACIF y A Benchmark: Latin American countries, engaged in a range of activities including crop production,
Currency: NASDAQ GS: CRESY, Currency: USD S&P 500 INDEX (SPX) cattle raising and milk production. The Company's business model, rolled out in
Argentina, Brazil, Bolivia and Paraguay, focuses on the acquisition, development and
Sector: Financials Industry: Real Estate Management & Devel Year: exploitation of agricultural properties.
Telephone 54-11-4323-7449 Revenue (M) 804 Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.cresud.com.ar No of Employees #N/A N/A Real Estate 348 Worlwide 57
Address Moreno, 877, 23 Floor Buenos Aires, C1091AAQ Argentina Farm 57
Share Price Performance in USD Dairy Farm
Price 8.68 1M Return -4.9% Cattle Ranching
52 Week High 12.78 6M Return 9.2% Grains
52 Week Low 6.30 52 Wk Return -31.0%
52 Wk Beta 1.11 YTD Return 4.3%
Credit Ratings
Bloomberg -
S&P - Date - Outlook - 14%
Moody's - Date - Outlook -
Fitch - Date - Outlook NEG
Valuation Ratios
6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
P/E - - - - 20.6x 10.3x 8.0x
EV/EBIT 19.8x 9.6x 11.7x 11.8x - - -
EV/EBITDA 12.3x 7.3x 9.2x 8.6x - - -
P/S - - - - 0.8x 0.7x 0.7x
P/B - - - - 1.1x 1.0x 0.9x
Div Yield - - - - 1.3% 2.6% 3.5% 86% 100%
Profitability Ratios %
6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Gross Margin 59.0 68.6 55.9 35.6 - - -
EBITDA Margin 24.2 40.9 36.3 25.8 43.9 42.5 45.0
Operating Margin 15.1 31.2 28.6 18.9 - - -
Real Estate Farm
Profit Margin 8.7 9.8 8.4 2.3 5.7 8.7 12.8 Worlwide
Return on Assets 3.1 2.9 2.6 0.8 - - -
Return on Equity 7.0 9.8 10.2 3.7 7.6 13.7 16.7
Leverage and Coverage Ratios
6/09 6/10 6/11 6/12
Current Ratio 0.9 0.8 1.0 0.9 Current Capitalization in USD
Quick Ratio 0.6 0.4 0.5 0.5 Common Shares Outstanding (M) #N/A Field Not Applicable
EBIT/Interest 1.5 3.2 2.5 1.6 Market Capitalization (M) 435.4
Tot Debt/Capital 0.3 0.3 0.4 0.5 Cash and ST Investments (M) 129.7
Tot Debt/Equity 0.4 0.5 0.7 1.0 Total Debt (M) 858.4
Eff Tax Rate % 29.8 28.3 24.7 7.2 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 440.1
Enterprise Value (M) 1604.1
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3. 20.02.2013
Cresud SACIF y A
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
1%
Shares Outstanding (M) #N/A Field Not Applicable Others 100.00%
0% 0% 0%
0%
Float 0.00% 0% 0%
Short Interest (M) 0.1 0.00%
Short Interest as % of Float 0.00%
Days to Cover Shorts 1.35 0.00%
Institutional Ownership 0.00%
Retail Ownership 0.00%
Insider Ownership Others 0.00%
Institutional Ownership Distribution
Others 100.00% 100%
0.00%
0.00%
Institutional Ownership Retail Ownership Insider Ownership 0.00%
Pricing data is in USD Others 0.00% Others Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
MACQUARIE GROUP LTD 1'879'565 0 16'314'624 3.75% 31.12.2012 ULT-AGG AUSTRALIA 0%
0% 0%
GLOBAL THEMATIC PART 1'591'495 0 13'814'177 3.17% 31.12.2012 13F UNITED STATES 0%
TRADEWINDS GLOBAL IN 1'572'588 -205'935 13'650'064 3.14% 31.12.2012 13F UNITED STATES
DWS INVESTMENT S A 1'371'605 0 11'905'531 2.73% 28.12.2012 MF-AGG LUXEMBOURG
D E SHAW & COMPANY I 1'363'313 -28'003 11'833'557 2.72% 31.12.2012 13F UNITED STATES
PARAMETRIC PORTFOLIO 1'040'365 -3'607 9'030'368 2.07% 31.12.2012 13F UNITED STATES
HORIZON KINETICS 1'025'579 -19'822 8'902'026 2.04% 31.12.2012 ULT-AGG UNITED STATES
DEUTSCHE BANK AG 983'241 11'664 8'534'532 1.96% 31.12.2012 13F GERMANY
VINIK ASSET MANAGEME 779'600 376'200 6'766'928 1.55% 31.12.2012 13F UNITED STATES
VAN ECK ASSOCIATES C 743'734 -20'700 6'455'611 1.48% 31.12.2012 13F UNITED STATES 100%
VAN ECK ASSOCIATES C 740'968 -353 6'431'602 1.48% 15.02.2013 MF-AGG UNITED STATES
ODYSSEY REINS CO 723'012 -112'996 6'275'744 1.44% 30.09.2012 Sch-D UNITED STATES
FAIRFAX FINANCIAL HO 723'012 0 6'275'744 1.44% 31.12.2012 13F CANADA
CREDIT SUISSE AG 605'835 22'086 5'258'648 1.21% 31.12.2012 13F SWITZERLAND
Others Others
RUANE CUNNIFF & GOLD 605'247 0 5'253'544 1.21% 31.12.2012 13F UNITED STATES
WARBURG INVEST LUXEM 577'000 0 5'008'360 1.15% 31.12.2012 MF-AGG LUXEMBOURG
EATON VANCE MANAGEME 423'761 0 3'678'245 0.84% 31.12.2012 MF-AGG UNITED STATES
NUVEEN ASSET MANAGEM 223'072 -10'491 1'936'265 0.44% 31.01.2013 MF-AGG UNITED STATES
RENAISSANCE TECHNOLO 204'568 -1'854 1'775'650 0.41% 31.12.2012 13F UNITED STATES
BANK OF NEW YORK MEL 195'617 11'630 1'697'956 0.39% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
4. Company Analysis - Financials I/IV
Cresud SACIF y A
Financial information is in USD (M) Equivalent Estimates
Periodicity: Fiscal Year 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12 6/13E 6/14E 6/15E
Income Statement
Revenue 50 22 21 27 37 69 103 421 489 635 804 557 634 676
- Cost of Goods Sold 28 16 13 20 31 57 82 173 154 280 518
Gross Income 23 6 8 6 7 12 21 248 336 355 287
- Selling, General & Admin Expenses 12 3 5 5 7 9 16 187 224 200 144
(Research & Dev Costs)
Operating Income 11 8 3 12 4 12 14 64 153 182 152
- Interest Expense 0 2 4 3 3 4 8 41 47 73 94
- Foreign Exchange Losses (Gains) -1 13 -1 1 -1 0 10 26 12 17 52
- Net Non-Operating Losses (Gains) 35 -30 -14 -31 -11 -11 -11 -96 -41 -34 -37
Pretax Income -23 23 14 39 13 19 7 92 134 127 43 59 135 194
- Income Tax Expense 5 3 3 13 2 3 0 27 38 31 3
Income Before XO Items -28 20 11 26 11 16 7 65 96 95 40
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0 0
- Minority Interests -0 -0 -0 -0 0 0 0 28 48 42 22
Diluted EPS Before XO Items
Net Income Adjusted* -28 20 11 26 11 16 7 37 48 53 18 32 55 87
EPS Adjusted 0.42 0.85 1.10
Dividends Per Share 0.12 0.23 0.31
Payout Ratio % 0.0 0.0 16.0 37.2 32.8 82.3 0.28 0.27 0.28
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA 14 10 5 14 5 14 16 102 200 230 208 240 264 304
*Net income excludes extraordinary gains and losses and one-time charges.
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |