(Reuters Breakingviews) - Saudi Aramco has gone further than it ever dared befor...
Yasser al-Rumayyan, Saudi Aramco's chairman, speaks during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed
Crown Prince Mohammed bin Salman has long wanted to sell 5% of Aramco at a $2 trillion valuation. He also wants to attract top-tier global investors. A listing in London or New York is out for now. The company will initially sell a sliver of just 1%-2% on the local Tadawul exchange, including an offering for Saudi retail buyers.
Those listed companies trade on an average dividend yield of 5.6%, based on Refinitiv estimates of their expected payouts for next year. Aramco is promising to distribute at least $75 billion to shareholders in 2020. At the hoped-for $2 trillion valuation, its shares would yield just 3.8%. Aramco is not subject to the international sanctions which hang over its Russian peer. But even a more modest yield of, say, 6% would imply a market capitalisation of just $1.2 trillion.
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