[narrowrail]

I haven't read an s-1 from Saudi Aramco yet, but in 2014 (when oil was still riding high), they did $1.5T in revenue. Given some of the most favorable valuation methods, let's say 5x revenue== $7.5T. however, margins are important. I think a good estimate for Saudi Aramco is 25% for margins== $1.8T/yr. If/when the Saudi people ever figure out that the royal family captures the vast majority of the revenue from the resources of the entire country, I think the 33M Saudi people are going to start rioting in the streets.