Morgan Stanley Is Latest Bank to Offer $1 Trillion Aramco Spread - Bloomberg

Morgan Stanley Is Latest Bank to Offer $1 Trillion Aramco Spread - Bloomberg:

Morgan Stanley is one of the most bearish -- and bullish -- on Saudi Aramco’s valuation.

In a presentation for investors, Morgan Stanley bankers ran through several valuation models that gave a spread of about $1 trillion between the most bearish and bullish scenarios.

For example, based on a dividend discount model the spread ran from $1.06 trillion up to $2 trillion. The base case was $1.52 trillion, according to the presentation seen by Bloomberg. A spokesman for Morgan Stanley declined to comment.