Financials Aramco

Equities

2222

SA14TG012N13

Integrated Oil & Gas

Market Closed - Saudi Arabian S.E. Other stock markets 08:20:05 2024-05-30 am EDT			5-day change	1st Jan Change
29 ^SAR	-0.17%		-3.17%	-12.12%

May. 24	Saudi Aramco interested in buying minority stake in Repsol's renewable unit, sources say	RE
May. 24	Exclusive-Saudi Arabia plans Aramco share sale as soon as June, sources say	RE

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	7,016,512	-	-
Enterprise Value (EV) ¹	7,002,376	7,317,949	7,340,080	6,944,771	7,889,780	7,002,750	6,988,086	6,991,054
P/E ratio	21.4 x	37.6 x	18.1 x	11.8 x	17.6 x	15.3 x	15.4 x	15.2 x
Yield	4.4%	3.2%	3.91%	-	5.14%	6.5%	5.02%	5.35%
Capitalization / Revenue	5.7 x	8.12 x	4.76 x	3.11 x	4.3 x	3.95 x	4 x	4.08 x
EV / Revenue	5.66 x	8.49 x	4.89 x	3.06 x	4.25 x	3.95 x	3.99 x	4.07 x
EV / EBITDA	9.66 x	15.9 x	8.56 x	5.62 x	8.17 x	7.34 x	7.26 x	7.2 x
EV / FCF	23.8 x	39.7 x	18.2 x	12.5 x	20.8 x	19 x	18.7 x	18.7 x
FCF Yield	4.2%	2.52%	5.49%	8.02%	4.81%	5.27%	5.34%	5.36%
Price to Book	6.8 x	1.88 x	6.43 x	4.87 x	5.2 x	4.52 x	4.26 x	4.01 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	29.00	29.00	29.00
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	1,774,446	1,752,522	1,718,487
EBITDA ¹	725,137	459,568	857,439	1,235,695	965,330	953,443	962,122	970,888
EBIT ¹	674,871	383,360	771,918	1,144,077	868,290	860,553	866,706	871,116
Operating Margin	54.57%	44.47%	51.4%	50.48%	46.77%	48.5%	49.45%	50.69%
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	449,894	448,606	458,375
Net margin	26.75%	21.45%	26.32%	26.35%	24.39%	25.35%	25.6%	26.67%
EPS ²	1.364	0.7686	1.636	2.473	1.870	1.893	1.879	1.905
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%	20.79%	21.31%	21.79%
FCF Conversion (EBITDA)	40.53%	40.1%	47%	45.08%	39.31%	38.68%	38.82%	38.58%
FCF Conversion (Net income)	88.84%	99.64%	101.96%	93.26%	83.82%	81.98%	83.26%	81.71%
Dividend per Share ²	1.281	0.9256	1.157	-	1.695	1.885	1.456	1.551
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	451,020	461,456	459,560	460,182	462,955
EBITDA ¹	-	250,338	298,653	345,942	322,728	268,372	244,159	235,245	258,801	227,125	225,475	240,851	237,586	226,948	234,465	239,426
EBIT ¹	-	228,110	277,705	324,489	300,234	241,649	222,184	212,553	234,446	199,107	202,050	219,251	223,292	224,561	209,891	213,789
Operating Margin	-	51.11%	53.73%	50.05%	48.9%	49.6%	48.32%	47.41%	47.95%	43.35%	46.15%	48.61%	48.39%	48.86%	45.61%	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	114,732	113,261	106,761	106,670	109,376
Net margin	-	26.14%	27.47%	26.8%	25.42%	25.73%	25.55%	24.29%	25.27%	22.4%	23.61%	25.44%	24.54%	23.23%	23.18%	23.63%
EPS ²	-	0.4876	0.5909	0.7182	-	0.5182	0.4900	0.4500	0.5100	0.4200	0.4300	0.4790	0.4740	0.4380	0.4410	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	-	-	-	-	-
Net Cash position ¹	47,631	-	-	114,118	93,169	13,762	28,426	25,458
Leverage (Debt/EBITDA)	-	0.7008 x	0.2149 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%	28.1%	27.6%	26.5%
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	2,473,302	2,464,544	2,529,243
Book Value Per Share ²	4.280	15.40	4.600	5.990	6.340	6.410	6.810	7.240
Cash Flow per Share ²	1.720	1.180	2.160	2.890	2.220	2.440	2.410	2.090
Capex ¹	122,995	101,030	119,645	141,161	158,308	190,739	200,745	190,619
Capex / Sales	9.94%	11.72%	7.97%	6.23%	8.53%	10.75%	11.45%	11.09%
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

Ratings for Aramco

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

29 SAR

Average target price

33.06 SAR

Spread / Average Target

+14.02%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-12.12%	1,871B
EXXON MOBIL CORPORATION	+17.36%	449B
PETROCHINA COMPANY LIMITED	+54.46%	250B
SHELL PLC	+9.33%	228B
TOTALENERGIES SE	+8.78%	164B
PETROBRAS	+4.16%	96.11B
EQUINOR ASA	-5.99%	82.83B
GAZPROM	-.--%	51.97B
SUNCOR ENERGY INC.	+30.98%	51.36B
ENI S.P.A	-5.55%	49.77B

Integrated Oil & Gas