Company Valuation: Aramco

Fiscal Period: Dezember 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 6,629,394 - -
Change - -0.77% 2.29% -1.35% 13.09% -16.96% - -
Enterprise Value (EV) 1 7,002,376 7,317,949 7,340,080 6,944,771 7,889,780 6,703,696 6,692,394 6,668,692
Change - 4.51% 0.3% -5.39% 13.61% -15.03% -0.17% -0.35%
P/E ratio 21.4x 37.6x 18.1x 11.8x 17.6x 15.2x 14.9x 14.6x
PBR 6.8x 1.88x 6.43x 4.87x 5.2x 4.33x 4.06x 3.84x
PEG - -0.9x 0x 0.2x -0.7x -3.95x 6.4x 8.21x
Capitalization / Revenue 5.7x 8.12x 4.76x 3.11x 4.3x 3.73x 3.93x 3.95x
EV / Revenue 5.66x 8.49x 4.89x 3.06x 4.25x 3.77x 3.97x 3.97x
EV / EBITDA 9.66x 15.9x 8.56x 5.62x 8.17x 7.21x 7.19x 6.98x
EV / EBIT 10.4x 19.1x 9.51x 6.07x 9.09x 8.06x 8.05x 7.82x
EV / FCF 23.8x 39.7x 18.2x 12.5x 20.8x 19.1x 19.5x 18.2x
FCF Yield 4.2% 2.52% 5.49% 8.02% 4.81% 5.25% 5.14% 5.48%
Dividend per Share 2 1.281 0.9256 1.157 - 1.695 1.89 1.398 1.482
Rate of return 4.4% 3.2% 3.91% - 5.14% 6.9% 5.1% 5.41%
EPS 2 1.364 0.7686 1.636 2.473 1.87 1.798 1.84 1.872
Distribution rate 93.9% 120% 70.7% - 90.6% 105% 76% 79.1%
Net sales 1 1,236,785 862,091 1,501,758 2,266,373 1,856,373 1,777,530 1,686,221 1,680,437
EBITDA 1 725,137 459,568 857,439 1,235,695 965,330 929,260 930,584 955,187
EBIT 1 674,871 383,360 771,918 1,144,077 868,290 831,544 830,977 853,098
Net income 1 330,816 184,926 395,203 597,215 452,753 436,348 441,360 454,991
Net Debt 1 -47,631 322,044 184,269 -114,118 -93,169 74,301 63,000 39,297
Reference price 2 29.13 28.93 29.59 29.18 33.00 27.40 27.40 27.40
Nbr of stocks (in thousands) 242,000,242 241,858,445 241,858,445 241,893,399 241,907,556 241,948,700 - -
Announcement Date 3/16/20 3/22/21 3/21/22 3/13/23 3/10/24 - - -
1SAR in Million2SAR
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
15.07x3.73x7.14x+6.97%1,748B
13.64x1.49x6.92x+3.36%507B
8.67x0.86x3.83x+4.12%213B
5.69x0.51x3.18x+8.46%200B
7.84x0.86x3.98x+5.05%157B
6.52x1.49x2.92x+17.79%91.97B
7.94x0.72x1.85x+10.30%69.19B
7.71x0.68x3.21x+7.00%50.27B
9.91x1.43x4.5x+4.38%47.35B
Average 9.22x 1.31x 4.17x +7.49% 342.6B
Weighted average by Cap. 12.80x 2.59x 6.11x +6.54%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield