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On its first day of trading, Saudi Aramco shares soared 10% and surged to a market value of $2 trillion on its second day of trading. It is difficult to short stocks listed on the Saudi Tadawul stock exchange, and selling pressure will initially be low.
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"Saudi Aramco is the largest, most profitable oil company in the world — but size is not everything," the analysts wrote. They value Aramco at $1.36 trillion based on an 8.5% discount rate, oil at $70 per barrel, and a forecast of a 1% growth rate, according to the note.
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