Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion

YPF to Price USD 9NC4 Unsecured Notes (IPT: 8.75%, Guidance: 8.50%)

EM Spreads

Credit

<ul>
<li>We maintain our Outperform recommendation on YPF. Shale Expansion, Export Capacity Growth Key to Long-Term Performance</li>
<li>YPF posted weak 4Q24 results. Adjusted EBITDA dropping 38.6% QoQ and 22.5% YoY to $839 million, missing consensus by 19.7%.</li>
<li>YPF reaffirmed confidence in its strategic execution, achieving key milestones in shale operations, mature fields divestments, and fuel pricing adjustments.</li>
</ul>


We maintain our Outperform recommendation on YPF. Shale Expansion, Export Capacity Growth Key to Long-Term Performance
YPF posted weak 4Q24 results. Adjusted EBITDA dropping 38.6% QoQ and 22.5% YoY to $839 million, missing consensus by 19.7%.
YPF reaffirmed confidence in its strategic execution, achieving key milestones in shale operations, mature fields divestments, and fuel pricing adjustments.


YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak Quarter

YPF SA

YPF 4Q24: Macro Tailwinds and Strategic Progress Offset a Weak Quarter