Analisis alternativo de valuacion de empresas estrategicas descentralizadas que exploran y explotan recursos naturales (caso Pemex)

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