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

Author

Listed:
  • Araceli Espinosa Elguea

    (Instituto Tecnológico de Estudios Superiores de Monterrey)

  • Humberto Valencia Herrera

    (Instituto Tecnológico y de Estudios Superiores de Monterrey)

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

Suggested Citation

  • Araceli Espinosa Elguea & Humberto Valencia Herrera, 2011. "Análisis alternativo de valuación de empresas estratégicas descentralizadas que exploran y explotan recursos naturales (Caso Pemex)," Revista de Administración, Finanzas y Economía (Journal of Management, Finance and Economics), Tecnológico de Monterrey, Campus Ciudad de México, vol. 6(2), pages 1-15.
    • Handle: RePEc:ega:rafega:201107
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    File URL: http://alejandria.ccm.itesm.mx/egap/documentos/2011V5A7Espinosa-Valencia.pdf
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    References listed on IDEAS

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    2. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
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    Keywords

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    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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