ING verhoogt koersdoel Shell

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The Third Way... schreef op 25 november 2021 10:19:

Over de waarde van Shell zegt activist Third Point:

Shell is one of the cheapest large cap stocks in the world, trading at under 4x next year’s EBITDA and ~8x earnings at “strip” prices. It also trades at a ~35% discount on most metrics to peers ExxonMobil and Chevron despite Shell’s higher quality and more sustainable business mix. Compared to its peers, Shell generates a much larger percentage of its cash flow and earnings from stable businesses that have a major role to play in the energy transition. For example, Shell is the largest global player in liquified natural gas (“LNG”), which is a critical transition fuel to move off carbon intensive coal-fired power generation.

In 2022, we expect the company’s energy transition businesses (LNG, Renewables and Marketing) to generate EBITDA of over $25 billion with sustaining capex of only $5 billion. These businesses account for just over 40% of Shell’s EBITDA but would likely support Shell’s entire enterprise value if they were a standalone company.

At the current share price, we believe investors are getting the remaining ~60% of EBITDA (upstream, refining and chemicals) for free.

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Studentenrekening schreef op 25 november 2021 10:36:

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Er zijn experts en er zijn beunhazen. De tijd zal leren wie is wie...

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Kruimeldief schreef op 25 november 2021 10:42:

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Velen onder ons weten al jaren, dat de analisten van ING geen experts zijn.

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Ron Kerstens schreef op 25 november 2021 10:48:

Ik zet mijn geld toch maar op Third Point ipv de te bescheiden taxatie van de jongens&meisjes van de ING. Shell verdient momenteel gewoon bakken met geld, "alleen" de olieprijs kan roet in het eten gooien zoals we allemaal weten.