Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 271,785 - -
Change - 16.96% 8.87% -11.3% 11.3% 28.83% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 312,126 307,182 305,505
Change - 9.41% 6.69% -11.23% 12.39% 21.62% -1.58% -0.55%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.48x 9.55x 9.61x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.44x 1.35x 1.2x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.9x -14.03x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.84x 0.9x 0.92x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.96x 1.01x 1.03x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.24x 4.58x 4.97x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 6.03x 7.13x 7.96x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.53x 9.88x 11.1x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 10.5% 10.1% 9.04%
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% 3.29% 3.44% 3.59%
EPS 2 2.57 5.71 2.85 2.53 3 5.58 4.957 4.923
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 27.9% 32.8% 34.5%
Net sales 1 261,504 381,314 316,620 284,312 266,886 323,610 302,784 295,509
EBITDA 1 55,004 84,289 68,538 65,803 56,135 73,646 67,078 61,411
EBIT 1 32,734 62,621 37,248 43,100 33,968 51,726 43,100 38,391
Net income 1 20,101 42,309 19,360 16,093 17,838 28,245 24,409 22,715
Net Debt 1 52,555 44,837 43,541 38,809 45,687 40,341 35,398 33,720
Reference price 2 21.96 28.03 32.75 31.00 36.88 47.33 47.33 47.33
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,741,963 - -
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.($)
8.48x0.96x4.24x3.29% 272B
13.39x3.39x6.45x5.44% 1,646B
13.52x1.87x6.11x3.4% 411B
7.99x0.58x3.79x6.52% 281B
8.26x1.07x4.38x4.5% 202B
6x1.61x2.57x7.61% 148B
4.1x1.62x3.07x7.35% 128B
8.3x0.89x2.19x3.54% 106B
8.68x0.81x4.04x4.69% 80.05B
Average 8.75x 1.42x 4.09x 5.15% 363.75B
Weighted average by Cap. 11.24x 2.32x 5.36x 5.13%

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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