Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 267,463 - -
Change - 16.96% 8.87% -11.3% 11.3% 26.78% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 305,515 301,119 299,622
Change - 9.41% 6.69% -11.23% 12.39% 19.04% -1.44% -0.5%
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 0.81x 0.9x 0.88x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.92x 1.01x 0.99x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.01x 4.54x 4.78x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.89x 7.27x 7.63x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.5x 11.2x 11.4x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 10.5% 8.9% 8.76%
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% 3.5% 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 46.47 46.47 46.47
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,755,320 - -
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.($)
8.22x0.92x4.01x3.35% 267B
13.68x3.5x6.58x5.35% 1,675B
13.58x1.88x6.12x3.42% 409B
8.7x0.62x3.98x6% 297B
8.22x1.04x4.34x4.63% 197B
6.33x1.77x2.82x6.98% 157B
3.98x1.61x3.03x7.57% 126B
7.91x0.85x2.09x3.72% 101B
8.36x0.79x3.95x4.86% 78.15B
Average 8.78x 1.44x 4.10x 5.1% 367.39B
Weighted average by Cap. 11.44x 2.39x 5.44x 5.06%

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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