Company Valuation: Shell plc

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 167,813 196,279 213,695 189,552 210,962 274,194 - -
Change - 16.96% 8.87% -11.3% 11.3% 29.97% - -
Enterprise Value (EV) 1 220,368 241,116 257,236 228,361 256,649 313,994 307,946 305,916
Change - 9.41% 6.69% -11.23% 12.39% 22.34% -1.93% -0.66%
P/E 8.54x 4.91x 11.5x 12.3x 12.3x 8.27x 9.46x 9.68x
PBR 0.98x 1.03x 1.15x 1.06x 1.21x 1.45x 1.34x 1.2x
PEG - 0x -0.2x -1.1x 0.7x 0.1x -0.8x -4.36x
Capitalization / Revenue 0.64x 0.51x 0.67x 0.67x 0.79x 0.83x 0.88x 0.91x
EV / Revenue 0.84x 0.63x 0.81x 0.8x 0.96x 0.95x 0.99x 1.01x
EV / EBITDA 4.01x 2.86x 3.75x 3.47x 4.57x 4.17x 4.48x 4.89x
EV / EBIT 6.73x 3.85x 6.91x 5.3x 7.56x 5.86x 6.85x 7.79x
EV / FCF 5.46x 5.26x 7.06x 5.78x 9.85x 9.12x 9.89x 10.9x
FCF Yield 18.3% 19% 14.2% 17.3% 10.2% 11% 10.1% 9.18%
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% 3.26% 3.41% 3.57%
EPS 2 2.57 5.71 2.85 2.53 3 5.78 5.052 4.94
Distribution rate 34.8% 17.3% 45.4% 54.9% 48.2% 27% 32.3% 34.5%
Net sales 1 261,504 381,314 316,620 284,312 266,886 331,527 312,632 301,451
EBITDA 1 55,004 84,289 68,538 65,803 56,135 75,320 68,792 62,565
EBIT 1 32,734 62,621 37,248 43,100 33,968 53,577 44,987 39,254
Net income 1 20,101 42,309 19,360 16,093 17,838 28,814 24,740 22,735
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 47.81 47.81 47.81
Nbr of stocks (in thousands) 7,640,301 7,003,503 6,524,109 6,115,031 5,720,615 5,734,915 - -
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.($)
13.2x3.45x6.53x5.39% 1,661B
12.89x1.81x5.96x3.49% 401B
7.94x0.6x3.92x6.56% 289B
8.27x0.95x4.17x3.26% 274B
8.18x1.07x4.4x4.49% 203B
5.96x1.64x2.62x7.66% 147B
3.92x1.6x3.02x8.49% 126B
7.67x0.83x2.03x3.69% 101B
8.6x0.84x4.13x4.73% 80.01B
Average 8.52x 1.42x 4.09x 5.31% 364.8B
Weighted average by Cap. 11.01x 2.35x 5.40x 5.18%

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