1,959 Valuations of the YPF Shares Expropriated to Repsol

15 Pages Posted: 2 Mar 2013 Last revised: 2 Jun 2019

See all articles by Pablo Fernandez

Pablo Fernandez

University of Navarra - IESE Business School

Date Written: May 28, 2019

Abstract

On April 16, 2012 the Argentine Federal Government decreed the intervention of YPF. Its share price declined 29% the day after. Two weeks later the Argentinean Parliament approved the expropriation of 51% of the YPF shares owned by Repsol.

We prepared a month ago the case “Valuation of an Expropriated Company: The Case of YPF and Repsol in Argentina” (The case may be downloaded in: http://ssrn.com/abstract=2176728) with a question: “What is your best estimation of the compensation that Repsol should receive for its expropriated 51% of YPF shares?”

We report 2,043 answers from professors and managers from 42 countries.1,972 of the 2,043 answers had a specific valuation. We considered 13 of them as outliers because they provided a very small or a very high value. The average of the remaining 1,959 valuations is $51.2/share, that is, US$10.27 billion for the 51% of YPF shares.

We also provide an analysis of the answers by country and by answers by respondent (managers of non-financial companies; managers, analysts, fund managers…working for financial companies; and professors). Nearly 70% of the valuations provide 2 results: $47.3/share ($9,488 million for 51% of the shares) and $56.7/share ($11,373 million for 51% of the shares).

Keywords: valuation, expropriation, Argentina, YPF, Repsol

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo, 1,959 Valuations of the YPF Shares Expropriated to Repsol (May 28, 2019). Available at SSRN: https://ssrn.com/abstract=2226321 or http://dx.doi.org/10.2139/ssrn.2226321

Pablo Fernandez (Contact Author)

University of Navarra - IESE Business School ( email )

Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

HOME PAGE: http://web.iese.edu/PabloFernandez/

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