Royal Dutch Shell plc Estimates Overview >> Consensus
Last Update: 2020-03-26

Royal Dutch Shell plc Analysts' Consensus Estimates
Financial Figures in Million US-Dollar (except where indicated differently)
[in Mill. US Dollar]FY 2019FY 2020 EFY 2021 EFY 2022 EFY 2023 E
Integrated GasNumber of analysts participating8875
Integrated GasHighest8,92511,91712,57813,442
Integrated GasConsensus8,9556,3548,3929,5209,997
Integrated GasLowest3,1505,3076,4286,984
UpstreamNumber of analysts participating8875
UpstreamHighest5,7529,2599,57410,915
UpstreamConsensus4,7441,1484,1575,5385,844
UpstreamLowest-5,776-3,23274161
Downstream (CCS basis)Number of analysts participating9986
Downstream (CCS basis)Highest8,2788,5199,29310,239
Downstream (CCS basis)Consensus6,6806,6287,4938,3879,143
Downstream (CCS basis)Lowest4,8735,9217,7327,800
of which Oil Products (CCS basis)Number of analysts participating6654
of which Oil Products (CCS basis)Highest7,7647,5107,5237,679
of which Oil Products (CCS basis)Consensus5,9395,9296,4136,6237,073
of which Oil Products (CCS basis)Lowest4,8385,7406,1276,192
of which Chemicals (CCS basis)Number of analysts participating6654
of which Chemicals (CCS basis)Highest1,3891,4662,1932,560
of which Chemicals (CCS basis)Consensus7416171,0561,5671,848
of which Chemicals (CCS basis)Lowest1375801,2211,534
Operating IncomeNumber of analysts participating9986
Operating IncomeHighest21,86629,69530,74633,557
Operating IncomeConsensus20,38014,86520,05623,04324,343
Operating IncomeLowest6,33310,52214,80414,945
CorporateNumber of analysts participating5544
CorporateHighest-2,850-2,750-2,550-2,350
CorporateConsensus-3,383-3,263-3,201-3,043-2,990
CorporateLowest-3,500-3,500-3,520-3,608
Non-controlling interestNumber of analysts participating5544
Non-controlling interestHighest-390-468-508-508
Non-controlling interestConsensus-535-508-523-554-582
Non-controlling interestLowest-574-591-609-627
CCS earningsNumber of analysts participating1212106
CCS earningsHighest18,44225,41726,57329,554
CCS earningsConsensus16,4629,40214,88319,13520,731
CCS earningsLowest-5,6923,05011,17211,354
Weighted average number of shares (diluted)Number of analysts participating1212106
Weighted average number of shares (diluted)Highest7,9637,9637,9447,883
Weighted average number of shares (diluted)Consensus8,1137,8257,7597,6637,370
Weighted average number of shares (diluted)Lowest7,4027,3047,0306,747
CCS earnings per share excluding identified itemsNumber of analysts participating1717137
CCS earnings per share excluding identified itemsHighest2.353.483.784.38
CCS earnings per share excluding identified itemsConsensus2.041.081.812.452.72
CCS earnings per share excluding identified itemsLowest-0.730.391.421.44
Dividend per ShareNumber of analysts participating1111107
Dividend per ShareHighest1.911.992.052.12
Dividend per ShareConsensus1.881.741.841.871.91
Dividend per ShareLowest0.311.241.321.40
Cash flow from operating activities *Number of analysts participating5543
Cash flow from operating activities *Highest49,38650,22155,10358,830
Cash flow from operating activities *Consensus42,17942,78447,59450,30153,712
Cash flow from operating activities *Lowest37,53043,80347,38148,785
Oil price assumption BrentNumber of analysts participating1514128
Oil price assumption BrentHighest65.071.071.074.0
Oil price assumption BrentConsensus64.247.253.658.060.0
Oil price assumption BrentLowest29.838.348.050.0
Oil price assumption WTINumber of analysts participating7764
Oil price assumption WTIHighest57.159.563.064.0
Oil price assumption WTIConsensus57.043.247.251.853.5
Oil price assumption WTILowest35.041.043.246.0
Henry Hub price assumptionNumber of analysts participating1313118
Henry Hub price assumptionHighest2.752.752.852.75
Henry Hub price assumptionConsensus2.532.232.342.432.47
Henry Hub price assumptionLowest1.701.502.002.30
*) Including working capital movement, excluding interest expenses (net)

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VARA WILL EXCLUDE FROM THE ANALYSTS' CONSENSUS ESTIMATES ESTIMATES WHICH WERE PRODUCED BY ANALYSTS WHO ARE ANONYMOUS, HAVE NEVER PROVIDED A SUPPORTING RESEARCH REPORT AND / OR HAVE NOT GIVEN THEIR PERMISSION FOR THEIR ESTIMATES TO BE INCLUDED IN THE ANALYSTS' CONSENSUS ESTIMATES.

LAST UPDATE: 2020-03-26
ESTIMATES OF THE FOLLOWING INSTITUTIONS WERE INCLUDED IN THE ABOVE FIGURES (DATES OF THE ESTIMATES ARE PROVIDED IN BRACKETS)
AB BERNSTEIN (2020-03-23), BARCLAYS (2020-03-23), BERENBERG BANK (2020-03-23), CITIGROUP (2020-03-25), COWEN AND COMPANY (2020-03-23), EXANE BNP PARIBAS (2020-02-12), GOLDMAN SACHS (2020-03-24), HSBC (2020-03-12), ISI EVERCORE (2020-03-19), JEFFERIES (2020-01-31), KEPLER CHEUVREUX (2020-03-20), MORGAN STANLEY (2020-02-11), ODDO BHF (2020-03-12), RBC CAPITAL MARKETS (2020-03-23), REDBURN (2020-03-19), SOCIÉTÉ GÉNÉRALE (2020-03-23), UBS (2020-03-16).

Disclaimer

THE ANALYSTS' CONSENSUS ESTIMATES FOR ROYAL DUTCH SHELL PLC PROVIDED ABOVE ARE FOR INFORMATIONAL PURPOSES ONLY AND ARE PROVIDED ONLY FOR THE CONVENIENCE OF SHELL'S INVESTORS. SHELL HAS ENGAGED VARA RESEARCH GMBH TO SURVEY ANALYSTS THAT COVER ROYAL DUTCH SHELL PLC AND TO PROVIDE US WITH ANALYSTS' CONSENSUS ESTIMATES FOR ROYAL DUTCH SHELL PLC. THE ANALYSTS' CONSENSUS ESTIMATES ARE NOT SHELL-PREPARED ESTIMATES, FORECASTS, PREDICTIONS OR PROJECTIONS. SHELL HAS HAD NO INVOLVEMENT IN THE PREPARATION OF THE ANALYSTS' CONSENSUS ESTIMATES OR IN ANY ANALYST'S ESTIMATE THAT MAY HAVE FORMED PART OF THE ANALYSTS' CONSENSUS ESTIMATES. SHELL DOES NOT ENDORSE OR APPROVE THE ANALYSTS' CONSENSUS ESTIMATES OR ANY UNDERLYING ANALYST'S ESTIMATE THAT MAY HAVE FORMED PART OF THE ANALYSTS' CONSENSUS ESTIMATES. SHELL IS NOT ADOPTING THE ANALYSTS' CONSENSUS ESTIMATES AND THE ANALYSTS' CONSENSUS ESTIMATES HAVE NOT BEEN REVIEWED OR REPORTED ON IN ACCORDANCE WITH THE REQUIREMENTS OF RULE 28­.­1(A) OF THE CITY CODE ON TAKEOVERS AND MERGERS. MOREOVER, INVESTORS ARE WARNED THAT RELIANCE ON THE ANALYSTS' CONSENSUS ESTIMATES AS PART OF THEIR INVESTMENT DECISION COULD RESULTS IN A LOSS, ESPECIALLY IF ROYAL DUTCH SHELL PLC FAILS TO MEET THE ANALYSTS CONSENSUS ESTIMATES. FURTHERMORE, SHELL PROVIDES NO ASSURANCE WITH REGARD TO THE ACCURACY OR CORRECTNESS OF THE ANALYSTS' CONSENSUS ESTIMATES.