Intrinsic value of YPF ADR - YPF

Previous Close

$23.75

  Intrinsic Value

$4.69

stock screener

  Rating & Target

str. sell

-80%

Previous close

$23.75

 
Intrinsic value

$4.69

 
Up/down potential

-80%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of YPF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of YPF ADR (YPF) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.55
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  13,446
  15,893
  18,576
  21,491
  24,633
  27,999
  31,581
  35,375
  39,377
  43,584
  47,992
  52,600
  57,409
  62,420
  67,635
  73,059
  78,698
  84,558
  90,647
  96,975
  103,553
  110,393
  117,507
  124,910
  132,616
  140,644
  149,008
  157,730
  166,827
  176,321
  186,233
Variable operating expenses, $m
 
  14,208
  16,607
  19,213
  22,022
  25,031
  28,233
  31,625
  35,203
  38,964
  42,905
  47,025
  51,324
  55,803
  60,466
  65,315
  70,356
  75,595
  81,038
  86,696
  92,577
  98,691
  105,051
  111,669
  118,559
  125,735
  133,214
  141,010
  149,143
  157,631
  166,492
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  14,998
  14,208
  16,607
  19,213
  22,022
  25,031
  28,233
  31,625
  35,203
  38,964
  42,905
  47,025
  51,324
  55,803
  60,466
  65,315
  70,356
  75,595
  81,038
  86,696
  92,577
  98,691
  105,051
  111,669
  118,559
  125,735
  133,214
  141,010
  149,143
  157,631
  166,492
Operating income, $m
  -1,552
  1,685
  1,969
  2,278
  2,611
  2,968
  3,348
  3,750
  4,174
  4,620
  5,087
  5,576
  6,085
  6,616
  7,169
  7,744
  8,342
  8,963
  9,609
  10,279
  10,977
  11,702
  12,456
  13,240
  14,057
  14,908
  15,795
  16,719
  17,684
  18,690
  19,741
EBITDA, $m
  1,358
  5,142
  6,010
  6,953
  7,970
  9,059
  10,218
  11,445
  12,740
  14,101
  15,527
  17,018
  18,574
  20,195
  21,883
  23,637
  25,462
  27,358
  29,328
  31,375
  33,503
  35,716
  38,018
  40,413
  42,907
  45,504
  48,210
  51,032
  53,975
  57,047
  60,254
Interest expense (income), $m
  1,045
  1,097
  1,511
  1,967
  2,463
  2,998
  3,571
  4,180
  4,826
  5,507
  6,223
  6,973
  7,757
  8,576
  9,428
  10,316
  11,239
  12,198
  13,196
  14,232
  15,309
  16,428
  17,592
  18,803
  20,062
  21,374
  22,740
  24,163
  25,647
  27,195
  28,811
Earnings before tax, $m
  -1,907
  588
  458
  311
  148
  -30
  -223
  -431
  -652
  -887
  -1,136
  -1,397
  -1,672
  -1,959
  -2,259
  -2,571
  -2,897
  -3,235
  -3,587
  -3,952
  -4,332
  -4,726
  -5,136
  -5,562
  -6,005
  -6,466
  -6,945
  -7,444
  -7,964
  -8,505
  -9,070
Tax expense, $m
  -91
  159
  124
  84
  40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -1,807
  429
  335
  227
  108
  -30
  -223
  -431
  -652
  -887
  -1,136
  -1,397
  -1,672
  -1,959
  -2,259
  -2,571
  -2,897
  -3,235
  -3,587
  -3,952
  -4,332
  -4,726
  -5,136
  -5,562
  -6,005
  -6,466
  -6,945
  -7,444
  -7,964
  -8,505
  -9,070

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,172
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  26,953
  30,447
  35,586
  41,170
  47,191
  53,637
  60,500
  67,769
  75,436
  83,494
  91,938
  100,767
  109,979
  119,578
  129,569
  139,960
  150,762
  161,988
  173,653
  185,776
  198,378
  211,480
  225,109
  239,290
  254,054
  269,432
  285,457
  302,164
  319,592
  337,779
  356,768
Adjusted assets (=assets-cash), $m
  25,781
  30,447
  35,586
  41,170
  47,191
  53,637
  60,500
  67,769
  75,436
  83,494
  91,938
  100,767
  109,979
  119,578
  129,569
  139,960
  150,762
  161,988
  173,653
  185,776
  198,378
  211,480
  225,109
  239,290
  254,054
  269,432
  285,457
  302,164
  319,592
  337,779
  356,768
Revenue / Adjusted assets
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
Average production assets, $m
  19,018
  22,473
  26,266
  30,388
  34,832
  39,590
  44,655
  50,021
  55,680
  61,627
  67,860
  74,377
  81,176
  88,262
  95,636
  103,306
  111,279
  119,565
  128,175
  137,123
  146,424
  156,095
  166,155
  176,622
  187,520
  198,870
  210,698
  223,030
  235,893
  249,318
  263,334
Working capital, $m
  304
  1,001
  1,170
  1,354
  1,552
  1,764
  1,990
  2,229
  2,481
  2,746
  3,023
  3,314
  3,617
  3,932
  4,261
  4,603
  4,958
  5,327
  5,711
  6,109
  6,524
  6,955
  7,403
  7,869
  8,355
  8,861
  9,388
  9,937
  10,510
  11,108
  11,733
Total debt, $m
  9,878
  11,990
  15,613
  19,550
  23,794
  28,339
  33,177
  38,302
  43,707
  49,388
  55,341
  61,566
  68,060
  74,828
  81,871
  89,197
  96,812
  104,726
  112,950
  121,497
  130,381
  139,619
  149,227
  159,225
  169,633
  180,475
  191,772
  203,551
  215,837
  228,659
  242,047
Total liabilities, $m
  19,352
  21,465
  25,088
  29,025
  33,269
  37,814
  42,652
  47,777
  53,182
  58,863
  64,816
  71,041
  77,535
  84,303
  91,346
  98,672
  106,287
  114,201
  122,425
  130,972
  139,856
  149,094
  158,702
  168,700
  179,108
  189,950
  201,247
  213,026
  225,312
  238,134
  251,522
Total equity, $m
  7,600
  8,982
  10,498
  12,145
  13,921
  15,823
  17,847
  19,992
  22,253
  24,631
  27,122
  29,726
  32,444
  35,276
  38,223
  41,288
  44,475
  47,786
  51,228
  54,804
  58,521
  62,387
  66,407
  70,591
  74,946
  79,482
  84,210
  89,138
  94,280
  99,645
  105,247
Total liabilities and equity, $m
  26,952
  30,447
  35,586
  41,170
  47,190
  53,637
  60,499
  67,769
  75,435
  83,494
  91,938
  100,767
  109,979
  119,579
  129,569
  139,960
  150,762
  161,987
  173,653
  185,776
  198,377
  211,481
  225,109
  239,291
  254,054
  269,432
  285,457
  302,164
  319,592
  337,779
  356,769
Debt-to-equity ratio
  1.300
  1.330
  1.490
  1.610
  1.710
  1.790
  1.860
  1.920
  1.960
  2.010
  2.040
  2.070
  2.100
  2.120
  2.140
  2.160
  2.180
  2.190
  2.200
  2.220
  2.230
  2.240
  2.250
  2.260
  2.260
  2.270
  2.280
  2.280
  2.290
  2.290
  2.300
Adjusted equity ratio
  0.249
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1,807
  429
  335
  227
  108
  -30
  -223
  -431
  -652
  -887
  -1,136
  -1,397
  -1,672
  -1,959
  -2,259
  -2,571
  -2,897
  -3,235
  -3,587
  -3,952
  -4,332
  -4,726
  -5,136
  -5,562
  -6,005
  -6,466
  -6,945
  -7,444
  -7,964
  -8,505
  -9,070
Depreciation, amort., depletion, $m
  2,910
  3,457
  4,041
  4,675
  5,359
  6,091
  6,870
  7,695
  8,566
  9,481
  10,440
  11,443
  12,489
  13,579
  14,713
  15,893
  17,120
  18,395
  19,719
  21,096
  22,527
  24,015
  25,562
  27,173
  28,849
  30,595
  32,415
  34,312
  36,291
  38,357
  40,513
Funds from operations, $m
  2,195
  3,886
  4,376
  4,902
  5,467
  6,061
  6,647
  7,265
  7,914
  8,594
  9,304
  10,045
  10,817
  11,620
  12,454
  13,322
  14,223
  15,159
  16,132
  17,143
  18,195
  19,288
  20,426
  21,610
  22,844
  24,130
  25,470
  26,868
  28,328
  29,851
  31,442
Change in working capital, $m
  -943
  154
  169
  184
  198
  212
  226
  239
  252
  265
  278
  290
  303
  316
  329
  342
  355
  369
  384
  399
  414
  431
  448
  466
  486
  506
  527
  549
  573
  598
  624
Cash from operations, $m
  3,138
  3,732
  4,207
  4,718
  5,269
  5,849
  6,421
  7,026
  7,662
  8,329
  9,027
  9,755
  10,514
  11,304
  12,126
  12,980
  13,868
  14,790
  15,749
  16,745
  17,780
  18,857
  19,978
  21,144
  22,359
  23,624
  24,943
  26,319
  27,754
  29,253
  30,818
Maintenance CAPEX, $m
  0
  -2,926
  -3,457
  -4,041
  -4,675
  -5,359
  -6,091
  -6,870
  -7,695
  -8,566
  -9,481
  -10,440
  -11,443
  -12,489
  -13,579
  -14,713
  -15,893
  -17,120
  -18,395
  -19,719
  -21,096
  -22,527
  -24,015
  -25,562
  -27,173
  -28,849
  -30,595
  -32,415
  -34,312
  -36,291
  -38,357
New CAPEX, $m
  -4,106
  -3,455
  -3,793
  -4,122
  -4,444
  -4,758
  -5,065
  -5,365
  -5,659
  -5,948
  -6,233
  -6,516
  -6,800
  -7,085
  -7,374
  -7,670
  -7,973
  -8,286
  -8,610
  -8,948
  -9,301
  -9,671
  -10,059
  -10,468
  -10,897
  -11,350
  -11,828
  -12,332
  -12,863
  -13,424
  -14,016
Cash from investing activities, $m
  -4,235
  -6,381
  -7,250
  -8,163
  -9,119
  -10,117
  -11,156
  -12,235
  -13,354
  -14,514
  -15,714
  -16,956
  -18,243
  -19,574
  -20,953
  -22,383
  -23,866
  -25,406
  -27,005
  -28,667
  -30,397
  -32,198
  -34,074
  -36,030
  -38,070
  -40,199
  -42,423
  -44,747
  -47,175
  -49,715
  -52,373
Free cash flow, $m
  -1,097
  -2,649
  -3,044
  -3,444
  -3,850
  -4,268
  -4,735
  -5,209
  -5,693
  -6,185
  -6,688
  -7,202
  -7,728
  -8,270
  -8,827
  -9,403
  -9,998
  -10,615
  -11,256
  -11,923
  -12,617
  -13,341
  -14,096
  -14,886
  -15,711
  -16,575
  -17,480
  -18,428
  -19,421
  -20,463
  -21,555
Issuance/(repayment) of debt, $m
  1,794
  3,284
  3,623
  3,937
  4,244
  4,545
  4,838
  5,125
  5,405
  5,681
  5,953
  6,224
  6,495
  6,767
  7,044
  7,326
  7,615
  7,914
  8,224
  8,547
  8,884
  9,237
  9,608
  9,998
  10,409
  10,841
  11,297
  11,779
  12,286
  12,822
  13,387
Issuance/(repurchase) of shares, $m
  -3
  953
  1,182
  1,420
  1,668
  1,932
  2,248
  2,575
  2,914
  3,264
  3,627
  4,002
  4,390
  4,791
  5,206
  5,637
  6,083
  6,547
  7,028
  7,529
  8,049
  8,592
  9,157
  9,746
  10,360
  11,002
  11,672
  12,373
  13,105
  13,871
  14,672
Cash from financing (excl. dividends), $m  
  749
  4,237
  4,805
  5,357
  5,912
  6,477
  7,086
  7,700
  8,319
  8,945
  9,580
  10,226
  10,885
  11,558
  12,250
  12,963
  13,698
  14,461
  15,252
  16,076
  16,933
  17,829
  18,765
  19,744
  20,769
  21,843
  22,969
  24,152
  25,391
  26,693
  28,059
Total cash flow (excl. dividends), $m
  -239
  1,588
  1,761
  1,913
  2,062
  2,208
  2,351
  2,490
  2,626
  2,760
  2,893
  3,024
  3,156
  3,288
  3,423
  3,560
  3,700
  3,845
  3,996
  4,153
  4,317
  4,488
  4,669
  4,858
  5,058
  5,268
  5,489
  5,723
  5,970
  6,230
  6,505
Retained Cash Flow (-), $m
  106
  -1,382
  -1,516
  -1,647
  -1,776
  -1,932
  -2,248
  -2,575
  -2,914
  -3,264
  -3,627
  -4,002
  -4,390
  -4,791
  -5,206
  -5,637
  -6,083
  -6,547
  -7,028
  -7,529
  -8,049
  -8,592
  -9,157
  -9,746
  -10,360
  -11,002
  -11,672
  -12,373
  -13,105
  -13,871
  -14,672
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  206
  244
  266
  286
  276
  103
  -85
  -287
  -504
  -734
  -978
  -1,234
  -1,503
  -1,784
  -2,077
  -2,383
  -2,701
  -3,032
  -3,376
  -3,733
  -4,103
  -4,488
  -4,888
  -5,303
  -5,734
  -6,183
  -6,649
  -7,135
  -7,640
  -8,167
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  194
  216
  218
  218
  193
  66
  -49
  -149
  -232
  -297
  -345
  -375
  -389
  -388
  -376
  -353
  -323
  -288
  -250
  -212
  -176
  -142
  -112
  -86
  -64
  -47
  -33
  -23
  -15
  -10
Current shareholders' claim on cash, %
  100
  91.0
  82.4
  74.5
  67.2
  60.5
  54.4
  48.9
  43.8
  39.3
  35.2
  31.5
  28.2
  25.3
  22.6
  20.3
  18.2
  16.3
  14.6
  13.1
  11.7
  10.5
  9.4
  8.4
  7.5
  6.8
  6.1
  5.4
  4.9
  4.4
  3.9

YPF Sociedad Anonima (YPF) is an energy company. The Company is operating a fully integrated oil and gas chain. The Company operates through the segments, including Exploration and Production, Downstream, and Corporate and Other. The Company's Exploration and Production segment includes exploration and production activities, natural gas and crude oil purchases, sales of natural gas, and to a lesser extent crude oil, to third parties and intersegment sales of crude oil, natural gas and its byproducts. The Company's Downstream segment is engaged in the refining, transport, purchase of crude oil and natural gas from third parties and intersegment sales, and marketing of crude oil, natural gas, refined products, petrochemicals, electric power generation and natural gas distribution. The Company's Corporate and Other segment carries out other activities.

FINANCIAL RATIOS  of  YPF ADR (YPF)

Valuation Ratios
P/E Ratio -5.2
Price to Sales 0.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow -9.6
Growth Rates
Sales Growth Rate 34.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.6%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 107.4%
Total Debt to Equity 130%
Interest Coverage -1
Management Effectiveness
Return On Assets -3.2%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity -23.6%
Return On Equity - 3 Yr. Avg. -1.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 15.1%
Gross Margin - 3 Yr. Avg. 21.6%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 29.7%
Operating Margin -11.5%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin -14.2%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin -13.4%
Net Profit Margin - 3 Yr. Avg. -1.4%
Effective Tax Rate 4.8%
Eff/ Tax Rate - 3 Yr. Avg. 49.8%
Payout Ratio -3.2%

YPF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YPF stock intrinsic value calculation we used $13446 million for the last fiscal year's total revenue generated by YPF ADR. The default revenue input number comes from 2016 income statement of YPF ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our YPF stock valuation model: a) initial revenue growth rate of 18.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.1%, whose default value for YPF is calculated based on our internal credit rating of YPF ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of YPF ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of YPF stock the variable cost ratio is equal to 89.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for YPF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 12.6% for YPF ADR.

Corporate tax rate of 27% is the nominal tax rate for YPF ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the YPF stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for YPF are equal to 141.4%.

Life of production assets of 6.5 years is the average useful life of capital assets used in YPF ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for YPF is equal to 6.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7600 million for YPF ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 405.063 million for YPF ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of YPF ADR at the current share price and the inputted number of shares is $9.6 billion.

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Financial statements of YPF
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