Can the market value state-owned enterprises without privatizing them? An application to natural resources companies

State-owned enterprises may be strategic for many countries. For political or practical reasons some of these enterprises may remain wholly state-owned (WSOE), like PEMEX in Mexico or CODELCO in Chile. For this group, the lack of traded equity now prevents a market-based valuation. A market price would help provide an estimate of the WSOE's contribution to future fiscal income. It may also help keep managers more accountable and signal changes...