Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 274,837 - -
Change - 16.96% 8.87% -11.3% 11.3% 30.28% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 315,529 310,706 309,028
Change - 9.41% 6.69% -11.23% 12.39% 22.94% -1.53% -0.54%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.63x 9.67x 9.71x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.45x 1.36x 1.21x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.9x -28.81x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.85x 0.91x 0.93x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.98x 1.03x 1.05x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.29x 4.64x 5.03x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 6.11x 7.22x 8.05x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.63x 10x 11.2x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 10.4% 10% 8.93%
Dividend per Share 2 0.8935 0.99 1.294 1.39 1.446 1.559 1.628 1.7
Rate of return 4.07% 3.53% 3.95% 4.48% 3.92% 3.26% 3.41% 3.56%
EPS 2 2.57 5.71 2.85 2.53 3 5.537 4.94 4.923
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 28.1% 33% 34.5%
Net sales 1 261,504 381,314 316,620 284,312 266,886 323,540 302,751 295,509
EBITDA 1 55,004 84,289 68,538 65,803 56,135 73,544 67,029 61,411
EBIT 1 32,734 62,621 37,248 43,100 33,968 51,602 43,040 38,391
Net income 1 20,101 42,309 19,360 16,093 17,838 28,124 24,346 22,715
Net Debt 1 52,555 44,837 43,541 38,809 45,687 40,692 35,869 34,191
Reference price 2 21.96 28.03 32.75 31.00 36.88 47.79 47.79 47.79
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,750,419 - -
Announcement Date 2/3/22 2/2/23 2/1/24 1/30/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.69x3.46x6.6x5.32% 1,684B
13.85x1.91x6.24x3.35% 417B
8.58x0.61x3.92x6.07% 299B
8.63x0.98x4.29x3.26% 275B
8.4x1.07x4.43x4.49% 203B
6.32x1.78x2.82x6.99% 157B
4.15x1.65x3.11x7.26% 132B
8.33x0.89x2.18x3.53% 106B
8.71x0.81x4.06x4.66% 81.52B
Average 8.96x 1.46x 4.18x 4.99% 372.77B
Weighted average by Cap. 11.51x 2.37x 5.48x 5%

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

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