At this point VPI is all about Argentina and the price of OIL. So far oil is holding up, ng is strong but the jury is out on whether the new honcho is Nestor the Molestor, or Kirshner the ???? Prosperater? Market reaction so far is negative.
Again, maybe VPI is undervalued....I hope so since that is what I seek. You make the point with the performance versus YPF and APAGF. There are company specific problems at VPI, but my sense is you've uncovered value in this "POS", to use your description. My worry about VPI and Argentina revolve around Nestor's leftist leanings and his ability to thwart the VPI "value".