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1,959 Valuations of the YPF Shares Expropriated to Repsol

Authors: Pablo Fernandez;

1,959 Valuations of the YPF Shares Expropriated to Repsol

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).

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
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