Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 271,669 - -
Change - 16.96% 8.87% -11.3% 11.3% 28.78% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 311,469 305,421 303,391
Change - 9.41% 6.69% -11.23% 12.39% 21.36% -1.94% -0.66%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 7.9x 9.01x 9.67x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.43x 1.33x 1.19x
PEG - 0x -0.2x -1.1x 0.7x 0x -0.7x -1.43x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.81x 0.86x 0.9x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.92x 0.97x 1.01x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.05x 4.36x 4.82x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.7x 6.67x 7.66x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.05x 9.81x 10.8x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 11% 10.2% 9.26%
Dividend per Share 2 0.8935 0.99 1.294 1.39 1.446 1.559 1.63 1.706
Rate of return 4.07% 3.53% 3.95% 4.48% 3.92% 3.29% 3.44% 3.6%
EPS 2 2.57 5.71 2.85 2.53 3 6.005 5.262 4.905
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 26% 31% 34.8%
Net sales 1 261,504 381,314 316,620 284,312 266,886 336,863 315,632 301,451
EBITDA 1 55,004 84,289 68,538 65,803 56,135 76,823 69,975 62,939
EBIT 1 32,734 62,621 37,248 43,100 33,968 54,618 45,773 39,597
Net income 1 20,101 42,309 19,360 16,093 17,838 31,236 26,650 23,386
Net Debt 1 52,555 44,837 43,541 38,809 45,687 39,800 33,752 31,722
Reference price 2 21.96 28.03 32.75 31.00 36.88 47.42 47.42 47.42
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,729,498 - -
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.($)
13.04x3.37x6.48x5.45% 1,625B
12.44x1.81x5.96x3.49% 401B
8.15x0.62x4.01x6.4% 297B
7.89x0.92x4.05x3.29% 272B
7.53x1.01x4.17x4.72% 191B
6.09x1.68x2.69x7.49% 151B
4.02x1.6x3.01x8.29% 129B
7.5x0.81x1.97x3.78% 98.99B
8.57x0.83x4.11x4.75% 79.5B
Average 8.36x 1.41x 4.05x 5.3% 360.34B
Weighted average by Cap. 10.80x 2.29x 5.34x 5.21%

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