
Shell: Berenberg remains positive after results
(CercleFinance.com) - Berenberg is maintaining its 'buy' recommendation on Shell shares, with its target prices of £34 and E40, pointing out that the energy group is continuing to implement its new strategy, targeting a 10% annual improvement in underlying FCF by 2025.
In addition to share buybacks, which continue to amount to around 6% of market capitalization this year, the broker highlights portfolio rationalization, cost reductions and operational improvements.
Valuation is not demanding, and Shell remains one of our top picks in the sector, Berenberg adds, noting that the share trades on 2024 P/E of 8.7x and EV/DACF of 5.2x, with a dividend yield of 3.8%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
In addition to share buybacks, which continue to amount to around 6% of market capitalization this year, the broker highlights portfolio rationalization, cost reductions and operational improvements.
Valuation is not demanding, and Shell remains one of our top picks in the sector, Berenberg adds, noting that the share trades on 2024 P/E of 8.7x and EV/DACF of 5.2x, with a dividend yield of 3.8%.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.