IRSA: Monetizing Ramblas

Ricardo Fernandez3.04K FollowersFollow5ShareSavePlay(9min)CommentsSummaryI rate IRSA (IRS) a buy, citing robust mall operations and the transformative Ramblas development unlocking substantial earnings growth. IRS benefits from a resilient mall model—98% occupancy, inflation-linked leases, and expansion to 458k sqm GLA by 2028. Ramblas, now monetizing after decades of dormancy, could add US$50–80M annually, driving over 30% EBITDA growth by 2028. My valuation targets US$18 by mid-2026 and US$29 by mid-2027, reflecting Ramblas’ impact and a potential 91% upside. DiegoPH/iStock via Getty Images Introduction I met with Inversiones y Representaciones Sociedad Anónima, or IRSA's (IRS) management, last week as part of my formal position. While I had not paid much attention to the company since the pandemic, I had coveredThis article was written byRicardo Fernandez3.04K FollowersFollowI have more that 35 years of experience in the investment field having worked as a sell & buy side analyst and portfolio manger for debt and equity funds. I am currently managing a high yield Latam bond fund.My goal, as a Seeking Alpha contributor, is to provide a fundamental view and analysis of companies and funds in a streamlined version of institutional research. The operating and financial forecast, whether my own or based on consensus, drives the valuation and ultimate rating. I like numbers (financial statements) and use words to explain there meaning and potential consequences.For the most part, my selection choices reflect what I believe can offer long term potential and I frequently take positions in many ideas for my personal account.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.