Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price12.58 USD
Fair value12.21
Ethical score70.0/100
Value readFairas of 6 Nov 2026
Our investment reviews on this name
2026-11-01Read Accumulation14.25-11.7% to today Markdown gives way to Accumulation
2026-09-02Read Markdown14.70-14.4% to today ✓Accumulation gives way to Markdown
2026-08-02Read Accumulation15.08-16.6% to today Markup gives way to Accumulation after a 10% slide in 4 weeks
2026-07-02Read Markup16.69-24.6% to today First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Irsa Inversiones Y Representaciones SAADR holds its Distribution at $12.58. Consolidating, no directional conviction, held for 203 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 203 days
Price at the screen
$12.58
Valuation
7.31 trailing · 48.57 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.13
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
16.85%
Below 33%
Interest-bearing debt is just 16.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.33%
Below 33%
Cash held in interest-bearing accounts and securities is 0.3% of assets, under the one-third limit.
Pass
Receivables
4.66%
Below 49%
Money owed to the company is 4.7% of assets, under the 49% limit.
Pass
Revenue purity
10.89%
Below 5%
10.9% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Irsa Inversiones Y Representaciones clears the business-activity screen, and its debt is inside the line. Where it falls short is income purity: around 11% of its income right now is non-operating interest income, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
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Today IRS does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 6 Nov 2026: it trades above our $12.21 fair value estimate, none competitive moat, 4.10% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 3.0% above the base estimate.
Third-party analyst targets. The average target sits +72% from the screen price.
Reading the gap · Our more conservative model reads it as roughly fairly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $12.21, with a range of $12.21 to $14.04, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Argentine Malls Face Thin Safety Margins
Picture a developer juggling shopping centres and hotels across Argentina while the peso lurches every few months. IRSA shows solid revenue growth at 29 percent and a 73 percent profit margin, yet our fair value sits just below the current price and leaves almost no margin of safety. With no discernible moat and a forward P/E of 27.6 times, the numbers do not justify stepping in.
The business earns a 22 percent return on equity and clears our ethical screen, which is welcome. Still, the combination of zero competitive protection and a valuation that already prices in the good times leaves little room for error once local conditions shift.
Argentina remains a high-volatility setting where currency moves and policy swings can erase reported gains quickly. Real-estate cycles amplify those swings, and the lack of any durable edge makes this exposure hard to justify at present levels. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Argentina and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IRS trades on the NYSE (the company is based in Argentina). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-10-25Markdown$14.65+2.8%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-10-18Markdown$14.25-8.7%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-10-02Markdown$15.60+6.1%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 6.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-09-02Markdown · changed$14.70-2.5%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 9.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-07-18Markup$16.69+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 0%. Our forward projection puts the odds of a 10% gain over the next month near 32%. The street (3 analysts) rates it none, with a mean price target of $21.
2026-07-03Markup$16.69+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$16.69Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.