IRSA: With 10%+ Dividend Yield, The Zero-CapEx Arbitrage In Argentina's Real Estate

IRSA Inversiones y Representaciones SA remains a Strong Buy, trading at a ~46% discount to NAV (~0.54x P/NAV) despite robust fundamentals with ~10%+ dividend yield. IRS is executing a zero-CapEx residential swap strategy, building a $300M+ pipeline, and is positioned to benefit from Argentina's mortgage credit revival. 86.6% of IRS mall revenues are fixed, decoupling EBITDA from weak tenant sales and shifting the portfolio toward bond-like, fixed-income assets.