Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 272,560 - -
Change - 16.96% 8.87% -11.3% 11.3% 29.2% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 312,353 305,961 303,949
Change - 9.41% 6.69% -11.23% 12.39% 21.7% -2.05% -0.66%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 7.79x 8.93x 9.7x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.44x 1.33x 1.19x
PEG - 0x -0.2x -1.1x 0.7x 0x -0.7x -1.23x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.8x 0.86x 0.9x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.92x 0.96x 1.01x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.04x 4.34x 4.84x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.65x 6.6x 7.69x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.08x 9.82x 10.8x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 11% 10.2% 9.24%
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% 3.28% 3.43% 3.58%
EPS 2 2.57 5.71 2.85 2.53 3 6.107 5.326 4.905
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 25.5% 30.6% 34.8%
Net sales 1 261,504 381,314 316,620 284,312 266,886 340,390 318,009 301,305
EBITDA 1 55,004 84,289 68,538 65,803 56,135 77,393 70,458 62,855
EBIT 1 32,734 62,621 37,248 43,100 33,968 55,299 46,351 39,514
Net income 1 20,101 42,309 19,360 16,093 17,838 31,523 26,914 23,386
Net Debt 1 52,555 44,837 43,541 38,809 45,687 39,793 33,401 31,388
Reference price 2 21.96 28.03 32.75 31.00 36.88 47.58 47.58 47.58
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,728,198 - -
Announcement Date 03/02/22 02/02/23 01/02/24 30/01/25 05/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.07x3.37x6.5x5.44% 1,629B
12.23x1.82x5.93x3.45% 405B
8.02x0.6x3.95x6.5% 296B
7.79x0.92x4.04x3.28% 273B
7.28x0.98x4.04x4.84% 186B
5.98x1.65x2.64x7.63% 148B
4.03x1.63x3.06x7.96% 134B
7.54x0.81x1.96x3.76% 99.44B
8.51x0.84x4.14x4.72% 79.35B
Average 8.27x 1.40x 4.03x 5.29% 361.16B
Weighted average by Cap. 10.75x 2.29x 5.33x 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