Valuation of YPF S.A.

Filiberto Capone

Student thesis: Master thesis


Yacimientos Petrolìferos Fiscales S.A. is an Argentinian Oil&Gas company which in 2012 has experienced a compulsory expropriation by its Federal Government. Many scholars and institutions remained shocked by the ease Argentina took this decision as well as by the impotence of international powers, not able in any way to stop this event. At today Repsol S.A., YPF last parent company, still blames the Federal Government to have undervalued its stocks at the moment of the expropriation and to have acted without a leg to stand on. At the contrary, Argentina declares to have behaved for the good of the company. The aim of this paper is to discover which are the reasons behind this dispute utilizing strategic and financial models in order to contemplate all the different scenarios. The various models utilized will show that the company is undervalued by both the Federal Government and the markets. The reasons behind this wrong perception are mostly due to a too high risk estimation that value negatively the Government’s action but seem not to consider the previous management behavior.

EducationsMSc in Accounting, Strategy and Control, (Graduate Programme) Final Thesis
Publication date2013
Number of pages115