Saudi Aramco’s intention to make its IPO has been announced. To help potential investors to determine what is the fair value, in an informed and well thought manner, a Valuation Excel Model and detailed report is provided. 

Please submit the details as below:

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  • What is this report about?

    The report provides latest developments and an estimation of the equity value of Saudi Aramco which includes the upside potential and down side risks to the valuation estimates, sensitivity analysis, peer comparison, and financial projections for Aramco viz. Income Statement and Balance Sheet Projections for next 10 years. 

  • What do you get in the valuation model?

    The valuation model forecasts revenues of Saudi Aramco, based on two major segments Upstream and Downstream activities. The Equity value is derived based on multiple assumptions which are detailed in the model for easy understanding of the user. Assumptions are set in a way that it is easy to play with and arrive at one's own valuation. 

  • What is the research methodology?

    The methodology for the Valuation is based on the internationally accepted Discounted Free Cash Flow to Firm (FCFF) methodology using  Cost of Equity calculated in accordance with Capital Asset Pricing Model (CAPM) and Financial Projections built on the information disclosed in the company’s financial statements for 2018 as well as in Prospectus issued by company in connection with its international bond issue earlier in the year.

Established in 2010, Marmore is a research subsidiary of Kuwait Financial Centre “Markaz”, an investment bank and asset management firm with a track record of 45 years of business. Marmore caters to the growing research and information needs of organizations in the MENA region.

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