Financials Aramco

Equities

2222

SA14TG012N13

Integrated Oil & Gas

Market Closed - Saudi Arabian S.E. Other stock markets 08:20:06 2024-05-14 am EDT			5-day change	1st Jan Change
29.8 ^SAR	-0.50%		-0.50%	-9.70%

05:11pm	Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas	RE
03:34pm	Aramco Awards SAE107 Million Steel Supply Contract to Arabian Pipes Co	MT

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 x	15.8 x	15.7 x
Yield	4.4%	3.2%	3.91%	-	5.14%	6.35%	4.84%	5.14%
Capitalization / Revenue	5.7 x	8.12 x	4.76 x	3.11 x	4.3 x	4.11 x	4.16 x	4.24 x
EV / Revenue	5.66 x	8.49 x	4.89 x	3.06 x	4.25 x	4.11 x	4.16 x	4.23 x
EV / EBITDA	9.66 x	15.9 x	8.56 x	5.62 x	8.17 x	7.65 x	7.52 x	7.47 x
EV / FCF	23.8 x	39.7 x	18.2 x	12.5 x	20.8 x	19.9 x	19.7 x	20.8 x
FCF Yield	4.2%	2.52%	5.49%	8.02%	4.81%	5.03%	5.08%	4.81%
Price to Book	6.8 x	1.88 x	6.43 x	4.87 x	5.2 x	4.83 x	4.4 x	4.14 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	29.80	29.80	29.80
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	1,761,794	1,740,882	1,710,227
EBITDA ¹	725,137	459,568	857,439	1,235,695	965,330	947,249	963,197	969,192
EBIT ¹	674,871	383,360	771,918	1,144,077	868,290	853,766	865,704	868,013
Operating Margin	54.57%	44.47%	51.4%	50.48%	46.77%	48.46%	49.73%	50.75%
Earnings before Tax (EBT) ¹	666,741	372,424	769,521	1,152,962	888,067	901,959	859,916	857,936
Net income ¹	330,816	184,926	395,203	597,215	452,753	450,917	455,626	458,238
Net margin	26.75%	21.45%	26.32%	26.35%	24.39%	25.59%	26.17%	26.79%
EPS ²	1.364	0.7686	1.636	2.473	1.870	1.858	1.887	1.898
Free Cash Flow ¹	293,910	184,267	402,956	556,991	379,506	364,684	367,725	348,148
FCF margin	23.76%	21.37%	26.83%	24.58%	20.44%	20.7%	21.12%	20.36%
FCF Conversion (EBITDA)	40.53%	40.1%	47%	45.08%	39.31%	38.5%	38.18%	35.92%
FCF Conversion (Net income)	88.84%	99.64%	101.96%	93.26%	83.82%	80.88%	80.71%	75.98%
Dividend per Share ²	1.281	0.9256	1.157	-	1.695	1.892	1.444	1.533
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	-	-	0.001664 x	-	-
Free Cash Flow ¹	293,910	184,267	402,956	556,991	379,506	364,684	367,725	348,148
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%	18.3%	18.1%
Assets ¹	1,420,506	1,704,194	2,038,179	2,327,806	2,485,428	2,478,521	2,491,418	2,526,433
Book Value Per Share ²	4.280	15.40	4.600	5.990	6.340	6.170	6.780	7.200
Cash Flow per Share ²	1.720	1.180	2.160	2.890	2.220	2.200	2.320	2.180
Capex ¹	122,995	101,030	119,645	141,161	158,308	190,421	200,166	191,243
Capex / Sales	9.94%	11.72%	7.97%	6.23%	8.53%	10.81%	11.5%	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

Ratings for Aramco

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

29.8 SAR

Average target price

33.5 SAR

Spread / Average Target

+12.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-9.70%	1,934B
EXXON MOBIL CORPORATION	+17.00%	465B
PETROCHINA COMPANY LIMITED	+46.12%	245B
SHELL PLC	+12.81%	236B
PETROBRAS	+10.37%	108B
EQUINOR ASA	-4.07%	83.31B
ENI S.P.A	-1.12%	52.54B
GAZPROM	-.--%	51.11B
SUNCOR ENERGY INC.	+26.88%	50.95B
CENOVUS ENERGY INC.	+25.09%	37.91B

Integrated Oil & Gas