Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 256,921 - -
Change - 16.96% 8.87% -11.3% 11.3% 21.79% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 294,973 290,577 289,080
Change - 9.41% 6.69% -11.23% 12.39% 14.93% -1.49% -0.52%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.22x 9.76x 9.42x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.38x 1.28x 1.2x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.6x 2.57x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.78x 0.86x 0.85x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.89x 0.98x 0.96x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 3.87x 4.38x 4.62x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.69x 7.01x 7.36x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.17x 10.8x 11x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 10.9% 9.22% 9.08%
Dividend per Share 2 0.8935 0.99 1.294 1.39 1.446 1.558 1.628 1.701
Rate of return 4.07% 3.53% 3.95% 4.48% 3.92% 3.35% 3.51% 3.66%
EPS 2 2.57 5.71 2.85 2.53 3 5.651 4.759 4.934
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 27.6% 34.2% 34.5%
Net sales 1 261,504 381,314 316,620 284,312 266,886 331,449 297,121 302,241
EBITDA 1 55,004 84,289 68,538 65,803 56,135 76,232 66,276 62,619
EBIT 1 32,734 62,621 37,248 43,100 33,968 51,854 41,446 39,261
Net income 1 20,101 42,309 19,360 16,093 17,838 31,773 25,443 24,648
Net Debt 1 52,555 44,837 43,541 38,809 45,687 38,052 33,656 32,159
Reference price 2 21.96 28.03 32.75 31.00 36.88 46.45 46.45 46.45
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,530,897 - -
Announcement Date 2/3/22 A 2/2/23 A 2/1/24 A 1/30/25 A 2/5/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.69x3.5x6.59x5.34% 1,672B
13.78x1.91x6.25x3.37% 415B
8.65x0.62x4.01x6.03% 297B
8.23x0.9x3.92x3.35% 257B
8.44x1.08x4.48x4.51% 202B
6.33x1.77x2.82x6.98% 155B
4.07x1.64x3.09x7.4% 127B
8.23x0.88x2.17x3.61% 103B
8.62x0.82x4.08x4.69% 80.82B
Average 8.89x 1.46x 4.16x 5.03% 367.62B
Weighted average by Cap. 11.50x 2.39x 5.47x 5.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield