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Saudi Aramco’s IPO raises important questions for investorsSaudi Aramco’s IPO raises important questions for investors

first_imgSaudi Aramco’s IPO raises important questions for investors FacebookTwitterLinkedInEmailPrint分享Barron’s:Saudi Aramco, the state-controlled oil company, looks appealing based on its enormous reserves and high free-cash flow, but it has a royalty arrangement with the Saudi government that could limit the upside potential for investors in a coming initial public offering.The company is reportedly aiming for a valuation of $1.5 trillion to $2 trillion when it sells a small stake of less than 5% publicly next month and lists its shares on the Saudi Arabian exchange known as the Tadawul.Saudi Aramco has proved reserves of 226.8 billion barrels of liquids reserves, including crude oil and natural gas liquids (NGLs), according to an offering document released on Sunday ahead of the full prospectus on Nov. 9.The Saudi reserves greatly exceed that of ExxonMobil (XOM), the largest investor-owned energy company in the world, which ended 2018 with 24.3 billion barrels of reserves. The ExxonMobil reserves include natural gas in addition to liquids. Saudi Aramco also has 186 trillion cubic feet of gas reserves.Saudi Aramco reserve life is 52 years, against 17 years at ExxonMobil. Its crude reserves are about five times that of the combined oil reserves of the five largest international energy companies.Saudi Aramco produced 13.6 million barrels of oil equivalent a day last year including 10.3 million barrels of crude. Exxon’s production is around 4 million barrels a day. Saudi Aramco has produced one in eight of world’s crude output from 2016 and 2018. The Saudi oil giant had net income of $68 billion in the first nine months of 2019 against $8.7 billion for Exxon.The combined value of Exxon, Chevron (CVX), Royal Dutch Shell (RDS/A), BP (BP) and Total (TOT) is just over $1 trillion.Saudi Aramco plans to pay a dividend of at least $75 billion in 2020. At a $1.5 trillion market value, the yield would be 5% and at $2 trillion, the yield would be 3.75%. There are 200 billion shares outstanding.At $1.5 trillion, Saudi Aramco would be valued at about 17 times the company’s 2019 earnings, based on the net income of $68 billion so far this year. That would be a discount to Chevron and Exxon, and a premium to Royal Dutch Shell.Investors likely will reward the company for its ultralong reserve life but could penalize it for the royalty arrangement, political risk and governance issues.More: Saudi Aramco’s IPO Is Coming, Here’s What Investors Need to Knowlast_img read more

Penultimate week sees just three race wins at CheltenhamPenultimate week sees just three race wins at Cheltenham

first_imgRankTipsterRace WinsPoints 1Sarah Shannon – AppBet313.69 2Alan Alger – Betway311.41 3Jacob Johns – Easyodds37.72 4Phillip Anderson – Before The Off36.17 5Ciaran O’Brien – William Hill35.29 6bettingexpert1.624.53 7Ben Cleminson – Square in the Air14.50 8John Hill – Coral24.25 9Alex Donohue – Ladbrokes24.11 10Michael Shinners – Sky Bet24.00 11Stuart Tilly – Argyll Entertainment14.00 12Darren Moore – Betting Gods23.66 13Conor White – BetBright33.62 14Trevor Keane – Sportego23.50 15Harry Lang – Pinnacle13.50 16Matthew Hulmes – Betfred23.25 17Timeform1.853.20 18Paddy Power13.00 19Russell Yershon11.88 20Edward Rycroft – LeoVegas21.82 21Charlie McCann – BetVictor11.75 22Stephen Power – @racingblogger21.69 23John Cruces – Dafabet11.25 24Michael Whittle – Team FA10.91 25Ed Nicholson – Unibet10.73 26Gerry Murray – 32Red10.44 27Bradley Gibbs – Bookmaker Ratings10.20 28Ged Colleypriest – Ball Street00.00 After proving to be an unhappy hunting ground for our experts at the Festival five weeks ago, Cheltenham threw up just a trio of winners across seven races in yesterday’s Tipster Challenge.In the penultimate week of the 2016/17 challenge, sponsored by Betting Gods, Ball Street Partnerships Director Ged Colleypriest failed to find a winner, while bettingexpert’s Stephen Harris returned an untimely low score of 1.63 points to harm his chances of finishing in the top five.Timeform did at least record a pair of victories, including a 3/1 win for Doing Fine, for a week-high total of 3.53 points. They will be looking to overtake the likes of Betfred and Pinnacle in next week’s finale.Race Winners at Cheltenham:William Henry – 8/15Henryville – 7/1Political Quiz – 9/1Doing Fine – 3/1Iora Glas – 8/1Mick Thonic – 13/8Silverhow – 7/2Tipster Challenge 2016/17 Leaderboard Better Collective moves fast to mitigate COVID-19 as esports journey begins May 15, 2020 Share ‘Better for Bettors’: Better Collective’s formalised approach to sustainable development June 15, 2020 Sharecenter_img bettingexpert, Timeform and a rotation of guests will be providing expert tips for a specific Wednesday race meet.We will keep record of points won each week and the number of race wins for each.The guests will compete individually, with their points going up against the average totals for bettingexpert and Timeform.The new tips will be published on Wednesday ahead of the race meet, and the results will be available on Thursday.For the competition, we will assume that all selections are backed with 1 point.Lost tips will count as 0 and won bets will be added to the leaderboard at SP value.For example, if bettingexpert backs a winning horse at 8/1, they will get 8 points. Better Collective secures esports vision by acquiring HLTV.org for €35m February 28, 2020 Related Articles StumbleUpon Submitlast_img read more