Summary
- Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria remains primarily an IRSA holding company with undervalued land assets, offering exposure to Argentine reforms and real estate.
- Recent Argentine liberalization delivered partial reforms, but key catalysts such as export tariff reductions were smaller than expected and larger reductions were scheduled to be implemented over a longer timeframe.
- IRSA’s operational improvements—rising rental EBITDA, full office occupancy, and advancing projects—have supported Cresud and allowed it to continue to distribute real value to shareholders.
- Agricultural operations show mixed results; improved yields and cattle profits are offset by declining adjusted EBITDA, with the implied agricultural core business value essentially unchanged from 2024.
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When I last covered Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) back in late 2024 the stock was in the middle of a tear upward. Cresud rerated substantially as IRSA Inversiones y
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