NYU Stern professor Aswath Damodaran, known as the “Dean of Valuation” for his company analyses, says that Aramco more or less valued their IPO correctly, but that he still wouldn’t invest because of the inherently limited upside as well as the political risk that surrounds the world’s largest oil company. Valuing the company from three different perspectives — dividends, potential dividends, and free cash flow to the firm — Damodaran came up with valuations of $1.629 trillion, $1.648 trillion and $1.672 trillion, all of which are within “shouting distance” of Aramco’s own valuation. On Sunday the state-owned oil company announced an IPO price range of 30-32 riyals, which would value the company at up to $1.7 trillion. This is less than the $2.3 trillion valuations, at the high end, that the company previously fetched. The world’s largest oil company said that it plans to sell a 1.5% stake in the company or about 3 billion shares and that it will begin trading in December on the Saudi stock exchange.