Early assessments of Saudi Aramco shares have begun to emerge with the oil giant’s historic listing and trading in the Saudi financial market last week. Its shares hit SAR38.7 ($10.32), lifting its market value above $2 trillion and closed at SAR36.8, a rise of 4.5 percent from Wednesday’s close, making it the largest of listed companies in the world. An evaluation report by UAE-based Arqaam Capital said the target purchase price for Aramco is SAR39.2 riyals ($10.4). This value was determined according to the discounted cash flows, multiples and deduction of distributions. Prepared by four researchers, Rita Guindy, Jaap Meijer, Sidharth Saboo and Soha Saniour, the report indicated that the multiples model has reached a fair price of SAR30 (8 dollars). Meanwhile, they said, the discounted cash flows and dividend discount model ended with a fair price of SAR40 ($10.6) per share. The report also noted that major factors drive more positive vision for the share price, foremost of which is ensuring dividend distribution and sustainable cash flow, as well as the company’s large resource base and the low-cost structure. Despite considering the analysis of the size of the geopolitical risks and the focus process associated with the companys oil activity, the report said that the previous factors, along with strong cash flows in the current and future financial statements, all add to the expectations of a more gradual rise in financial distributions in the near future.