Análisis alternativo de valuación de empresas estratégicas descentralizadas que exploran y explotan recursos naturales (Caso Pemex)

Araceli Espinosa Elguea () and Humberto Valencia Herrera ()
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Araceli Espinosa Elguea: Instituto Tecnológico de Estudios Superiores de Monterrey
Humberto Valencia Herrera: Instituto Tecnológico y de Estudios Superiores de Monterrey

Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics), 2011, vol. 6, issue 2, 1-15

Abstract: Performing a valuation exercise of decentralized companies that explore and exploit natural resources (such as Pemex) interpreted from the perspective of a “Special Purpose Vehicle” (SPV), modeled as structured debt, allowing a deeper analysis when the entity does not own the generating assets of its operating cash flow when capital has a negative book value, the generation of free cash flows is negative and it is subject to tax royalty payments that do not allow for deductibility of debt. Moreover, given its high tax burden and that it is forced to issue debt to finance their capital investments, it is unclear whether it can generate resources to meet its labor and/or financial liabilities, particularly if energy prices would fall. These obligations are modeled as options. In summary, this exercise helps to identify key factors in its operations and finances

Keywords: energy prices; cash flows; natural resources; options (search for similar items in EconPapers)
JEL-codes: G28 G32 H30 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ega:rafega:201107

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