Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 283,062 - -
Change - 16.96% 8.87% -11.3% 11.3% 34.18% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 323,403 318,459 316,782
Change - 9.41% 6.69% -11.23% 12.39% 26.01% -1.53% -0.53%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.9x 9.97x 10x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.5x 1.4x 1.25x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.9x -29.67x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.87x 0.93x 0.96x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 1x 1.05x 1.07x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.4x 4.75x 5.16x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 6.27x 7.4x 8.25x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.87x 10.2x 11.5x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 10.1% 9.76% 8.71%
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% 3.16% 3.3% 3.45%
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 40,341 35,398 33,720
Reference price 2 21.96 28.03 32.75 31.00 36.88 49.26 49.26 49.26
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,746,796 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.37x3.38x6.44x5.45% 1,643B
14.05x1.96x6.38x3.28% 427B
8.9x1x4.4x3.16% 283B
8.56x1.09x4.51x4.41% 207B
4.26x1.68x3.17x7.07% 135B
8.48x0.91x2.22x3.47% 108B
8.85x0.83x4.11x4.59% 82.2B
Average 9.49x 1.55x 4.46x 4.49% 412.15B
Weighted average by Cap. 11.95x 2.53x 5.72x 4.8%

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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