Financials Aramco

Equities

2222

SA14TG012N13

Integrated Oil & Gas

Market Closed - Saudi Arabian S.E. 08:20:03 2024-05-23 am EDT 5-day change 1st Jan Change
29.95 SAR -0.33% Intraday chart for Aramco +0.67% -9.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,050,006 6,995,905 7,155,811 7,058,889 7,982,949 7,246,364 - -
Enterprise Value (EV) 1 7,002,376 7,317,949 7,340,080 6,944,771 7,889,780 7,247,940 7,238,580 7,237,056
P/E ratio 21.4 x 37.6 x 18.1 x 11.8 x 17.6 x 16.1 x 15.9 x 15.8 x
Yield 4.4% 3.2% 3.91% - 5.14% 6.32% 4.83% 5.12%
Capitalization / Revenue 5.7 x 8.12 x 4.76 x 3.11 x 4.3 x 4.11 x 4.15 x 4.24 x
EV / Revenue 5.66 x 8.49 x 4.89 x 3.06 x 4.25 x 4.11 x 4.14 x 4.23 x
EV / EBITDA 9.66 x 15.9 x 8.56 x 5.62 x 8.17 x 7.63 x 7.49 x 7.47 x
EV / FCF 23.8 x 39.7 x 18.2 x 12.5 x 20.8 x 19.7 x 19.4 x 19.3 x
FCF Yield 4.2% 2.52% 5.49% 8.02% 4.81% 5.09% 5.16% 5.18%
Price to Book 6.8 x 1.88 x 6.43 x 4.87 x 5.2 x 4.7 x 4.42 x 4.16 x
Nbr of stocks (in thousands) 242,000,242 241,858,445 241,858,445 241,893,399 241,907,556 241,948,700 - -
Reference price 2 29.13 28.93 29.59 29.18 33.00 29.95 29.95 29.95
Announcement Date 3/16/20 3/22/21 3/21/22 3/13/23 3/10/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,236,785 862,091 1,501,758 2,266,373 1,856,373 1,764,425 1,748,182 1,710,227
EBITDA 1 725,137 459,568 857,439 1,235,695 965,330 949,685 966,661 969,336
EBIT 1 674,871 383,360 771,918 1,144,077 868,290 855,539 869,070 868,267
Operating Margin 54.57% 44.47% 51.4% 50.48% 46.77% 48.49% 49.71% 50.77%
Earnings before Tax (EBT) 1 666,741 372,424 769,521 1,152,962 888,067 859,943 857,843 858,135
Net income 1 330,816 184,926 395,203 597,215 452,753 449,234 454,813 458,375
Net margin 26.75% 21.45% 26.32% 26.35% 24.39% 25.46% 26.02% 26.8%
EPS 2 1.364 0.7686 1.636 2.473 1.870 1.858 1.884 1.898
Free Cash Flow 1 293,910 184,267 402,956 556,991 379,506 368,832 373,503 374,538
FCF margin 23.76% 21.37% 26.83% 24.58% 20.44% 20.9% 21.37% 21.9%
FCF Conversion (EBITDA) 40.53% 40.1% 47% 45.08% 39.31% 38.84% 38.64% 38.64%
FCF Conversion (Net income) 88.84% 99.64% 101.96% 93.26% 83.82% 82.1% 82.12% 81.71%
Dividend per Share 2 1.281 0.9256 1.157 - 1.695 1.892 1.448 1.532
Announcement Date 3/16/20 3/22/21 3/21/22 3/13/23 3/10/24 - - -
1SAR in Million2SAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 622,229 446,269 516,897 648,373 613,935 487,168 459,833 448,318 488,935 459,287 437,847 448,884 460,596 451,894 473,644 462,955
EBITDA 1 - 250,338 298,653 345,942 322,728 268,372 244,159 235,245 258,801 227,125 225,475 243,778 249,255 235,911 258,242 239,426
EBIT 1 - 228,110 277,705 324,489 300,234 241,649 222,184 212,553 234,446 199,107 202,050 218,791 224,055 220,647 232,113 213,789
Operating Margin - 51.11% 53.73% 50.05% 48.9% 49.6% 48.32% 47.41% 47.95% 43.35% 46.15% 48.74% 48.64% 48.83% 49.01% 46.18%
Earnings before Tax (EBT) 1 - 227,307 277,817 329,794 - 243,072 229,234 217,431 238,373 203,029 205,014 222,563 208,508 188,291 - -
Net income 1 - 116,639 142,012 173,795 156,068 125,340 117,471 108,881 123,534 102,867 103,356 114,906 116,092 108,349 119,098 109,376
Net margin - 26.14% 27.47% 26.8% 25.42% 25.73% 25.55% 24.29% 25.27% 22.4% 23.61% 25.6% 25.2% 23.98% 25.15% 23.63%
EPS 2 - 0.4876 0.5909 0.7182 - 0.5182 0.4900 0.4500 0.5100 0.4200 0.4300 0.4747 0.4796 0.4476 0.4922 0.4520
Dividend per Share 2 - 0.2878 0.2909 0.2909 - - 0.3000 0.4500 0.4500 0.4815 - 0.4820 0.4820 0.3610 0.3610 0.3610
Announcement Date 3/16/20 3/21/22 5/16/22 8/15/22 11/1/22 3/13/23 5/9/23 8/7/23 11/7/23 3/10/24 5/7/24 - - - - -
1SAR in Million2SAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 322,044 184,269 - - 1,577 - -
Net Cash position 1 47,631 - - 114,118 93,169 - 7,783 9,308
Leverage (Debt/EBITDA) - 0.7008 x 0.2149 x - - 0.00166 x - -
Free Cash Flow 1 293,910 184,267 402,956 556,991 379,506 368,832 373,503 374,538
ROE (net income / shareholders' equity) 32.2% 18.3% 37.6% 46.6% 30.4% 28.2% 27.6% 26.6%
ROA (Net income/ Total Assets) 23.3% 10.9% 19.4% 25.7% 18.2% 18.2% 18.2% 18.1%
Assets 1 1,420,506 1,704,194 2,038,179 2,327,806 2,485,428 2,469,675 2,498,646 2,529,243
Book Value Per Share 2 4.280 15.40 4.600 5.990 6.340 6.380 6.770 7.200
Cash Flow per Share 2 1.720 1.180 2.160 2.890 2.220 2.290 2.350 2.180
Capex 1 122,995 101,030 119,645 141,161 158,308 190,111 200,173 191,248
Capex / Sales 9.94% 11.72% 7.97% 6.23% 8.53% 10.77% 11.45% 11.18%
Announcement Date 3/16/20 3/22/21 3/21/22 3/13/23 3/10/24 - - -
1SAR in Million2SAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
15
Last Close Price
29.95 SAR
Average target price
33.5 SAR
Spread / Average Target
+11.84%
Consensus
1st Jan change Capi.
-9.24% 1,939B
+49.03% 245B
+7.82% 225B
+6.66% 163B
-1.15% 95.53B
-3.63% 83.25B
+29.92% 52.13B
-.--% 51.95B
-5.60% 50.01B
+24.09% 37.17B
Integrated Oil & Gas