Saudi Arabian Oil Company operates as an integrated oil and gas company in the Kingdom of Saudi Arabia and internationally. The company operates through two segments, Upstream and Downstream. The Upstream segment explores, develops, produces, and sells crude oil, condensate, natural gas, and natural gas liquids (NGLs). As of December 31, 2021, its reserves included 253.6 billion barrels of oil equivalent, including 196.9 billion barrels of crude oil and condensate; 25.2 billion barrels of NGLs; and 194.5 trillion standard cubic feet of natural gas, as well as 530 reservoirs within 137 fields distributed throughout the Kingdom and its territorial waters. The Downstream segment produces various chemicals, including olefins, methanol, MTBE, aromatics, glycols, linear alpha olefins, polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, polystyrene, polycarbonate, and engineering thermoplastics and their blends; and base oils, as well as in the refining and retail operations. It also supplies oil products; and trades in refined petroleum and liquid chemical products, and polymers. In addition, the company develops, manufactures, and markets high-performance rubber; and provides crude oil storage, investment, consulting, oil field, insurance, marketing and sales support, financing, and marine management and transportation services. Saudi Arabian Oil Company was founded in 1933 and is headquartered in Dhahran, the Kingdom of Saudi Arabia.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	2,266,373	1,856,373	1,801,674	1,614,701.9	1,528,995.8	1,601,369.7	1,601,369.7	1,601,369.7
Revenue % Chg.	50.9%	-18.1%	-2.9%
EBIT	1,143,726	871,954	785,387	739,577.6	734,512.5	806,769.1	806,769.1	806,769.1
EBIT Margin	50.5%	47%	43.6%
Tax Rate	47.6%	48.8%	49.1%
NOPAT	599,167.2	446,512.8	400,142.9	380,586.6	377,686.3	414,679.3	414,679.3	414,679.3
NOPAT Margin	26.4%	24.1%	22.2%	23.6%	24.7%	25.9%	25.9%	25.9%
D&A	91,317	96,780	94,766	103,248.6	106,146.2	105,241.7	105,241.7	105,241.7
D&A / Revenue	4%	5.2%	5.3%
Capex	-141,161	-158,308	-188,890	-194,993.2	-199,853.5	-184,418.6	-184,418.6	-184,418.6
Capex / Revenue	-6.2%	-8.5%	-10.5%
Chg. NWC	-546,914	-436,057	-373,667	-367,944.3	-348,414.3	-364,906.3	-364,906.3	-364,906.3
Chg. NWC / Revenue	-24.1%	-23.5%	-20.7%
Unlevered FCF (UFCF)	2,409.2	-51,072.2	-67,648.1	-79,102.3	-64,435.3	-29,403.8	-29,403.8	-29,403.8
UFCF % Chg.	-92.7%	-2,219.9%	32.5%	16.9%	-18.5%	-54.4%	—	—
PV of UFCF	—	—	—	-72,346.1	-53,898.4	-22,494.8	-20,573.5	-18,816.3
Sum of PV of UFCF	—	—	—	-72,346.1	-126,244.5	-148,739.3	-169,312.7	-188,129

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.8%
Total Debt	319,296
Market Cap	5,780,327.3
Total Capital	6,099,623.3
Debt Weighting	5.2%
Equity Weighting	94.8%
WACC	9.3%

Exit Multiple EV/FCF
Terminal Value	6,096,054.3
PV of Terminal Value	3,567,839.9
Cumulative PV of UFCF	-188,129
Net Debt	124,048
Equity Value	3,255,662.9
Shares Outstanding	241,854.7
Implied Share Price	13.5
Current Share Price	23.9
Implied Upside / (Downside)	-43.7%