Shell

SHELL'S CHEMICAL HANGOVER: FIX IT, THEN SELL IT? (ADD, 13% UPSIDE)

21/10/26 -" Shell (ADD; 13% UPSIDE), Europe's largest oil major, worth £213bn, is a gas and deepwater company first. Upstream and Integrated Gas generated $6.2bn of Q2 2026 earnings and account for c.72% of our ..."

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21/10/26
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21/10/26
Shell (ADD; 13% UPSIDE), Europe’s largest oil major, worth £213bn, is a gas and deepwater company first. Upstream and Integrated Gas generated $6.2bn ...
19/10/26
We raise our reference EPS Our price deck drives most of the increase. We raise Brent to USD 95/bbl in 2026 from USD 91.5/bbl, to USD 80/bbl in 2027 ...
15/10/26
We have raised our adjusted EPS for 2026 and 2027, and lowered it for 2028. Higher oil and gas prices drive the upgrade for 2026-27. Brent moves to ...
13/10/26
Refining drives most of the revision. Q3 26 RIM (Refining Indicator Margin) jumped to USD 46.7/bbl from USD 29.6/bbl in Q2, and we lift our 2026 ...

EXECUTIVE SUMMARY

Updates Pension Risks
Target & Opinion Governance & Management
Business & Trends Graphics : Momentum
Money Making Graphics : MACD & Volumes
Debt Graphics : Sensitivities
Valuation Sector: Performance
DCF Sector: Key data
NAV/SOTP Sector: Ratios & Valorisation
Worth knowing Sector: Peers
Financials Sector: Analysis

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