Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 251,012 - -
Change - 16.96% 8.87% -11.3% 11.3% 18.98% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 289,626 286,316 285,337
Change - 9.41% 6.69% -11.23% 12.39% 12.85% -1.14% -0.34%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.02x 9.52x 9.94x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.34x 1.26x 1.17x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.6x -2.34x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.76x 0.85x 0.83x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.88x 0.97x 0.95x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 3.87x 4.42x 4.59x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.73x 7.13x 7.46x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 7.97x 11.3x 9.5x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 12.6% 8.82% 10.5%
Dividend per Share 2 0.8935 0.99 1.294 1.39 1.446 1.558 1.622 1.693
Rate of return 4.07% 3.53% 3.95% 4.48% 3.92% 3.44% 3.58% 3.73%
EPS 2 2.57 5.71 2.85 2.53 3 5.651 4.764 4.562
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 27.6% 34% 37.1%
Net sales 1 261,504 381,314 316,620 284,312 266,886 329,443 295,400 301,074
EBITDA 1 55,004 84,289 68,538 65,803 56,135 74,832 64,761 62,180
EBIT 1 32,734 62,621 37,248 43,100 33,968 50,538 40,130 38,233
Net income 1 20,101 42,309 19,360 16,093 17,838 31,771 25,463 24,648
Net Debt 1 52,555 44,837 43,541 38,809 45,687 38,614 35,304 34,325
Reference price 2 21.96 28.03 32.75 31.00 36.88 45.35 45.35 45.35
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,535,251 - -
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.($)
13.74x3.51x6.61x5.32% 1,682B
12.99x1.81x5.9x3.57% 392B
8.39x0.63x3.93x6.26% 294B
7.96x0.87x3.85x3.46% 249B
8.03x1.03x4.29x4.74% 192B
6.28x1.97x3.14x6.98% 158B
3.63x1.51x2.85x8.35% 113B
7.77x0.84x2.06x3.82% 97.8B
8.23x0.79x3.92x4.92% 77.1B
Average 8.56x 1.44x 4.06x 5.27% 361.57B
Weighted average by Cap. 11.36x 2.41x 5.43x 5.15%

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