YPF Shares Downgraded to Hold, USD Bonds Affirmed at Buy: TPCG
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
YPFD AR (YPF SA)
People
Florencia Torres (TPCG Capital SA)
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UUID: 7947283
(Bloomberg) -- Downgrades equity recommendation after ADRs reached target price of $21, TPCG analyst Florencia Mayorga Torres writes in note.
- Estimates Ebitda of $4.3b for 2017, Ebitda margin of 30%
- Growth to be driven by lower upstream costs and higher natural gas prices
- Maintains Buy recommendation on 2021, 2024, 2025; prefers 2024 bonds
- Recommends holding ARS-linked bond due 2020 as FX inflows are seen capping ARS depreciation
- “While net leverage may go above the company’s target level of 1.5x throughout 2017, YPF will have the most conservative financial structure compared to LatAm peers”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
YPFD AR (YPF SA)
People
Florencia Torres (TPCG Capital SA)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283