Royal Dutch Shell plc Estimates Overview >> Consensus
Last Update: 2020-06-15

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 GasHighest6,3007,74011,52911,690
Integrated GasConsensus8,9554,9064,9397,9539,210
Integrated GasLowest3,2013,6646,0977,895
UpstreamNumber of analysts participating8875
UpstreamHighest1783,65210,02411,112
UpstreamConsensus4,452-2,2241,4645,8376,943
UpstreamLowest-4,151-1,7503,2004,500
Downstream (CCS basis)Number of analysts participating7764
Downstream (CCS basis)Highest5,0917,7998,6279,443
Downstream (CCS basis)Consensus6,9724,3466,4198,0508,954
Downstream (CCS basis)Lowest3,6585,2877,6368,460
of which Oil Products (CCS basis)Number of analysts participating4432
of which Oil Products (CCS basis)Highest4,6896,8897,2336,400
of which Oil Products (CCS basis)Consensus6,2313,7285,3946,5356,346
of which Oil Products (CCS basis)Lowest3,0284,0886,1726,292
of which Chemicals (CCS basis)Number of analysts participating5543
of which Chemicals (CCS basis)Highest6301,3392,2642,999
of which Chemicals (CCS basis)Consensus7414711,1521,6402,739
of which Chemicals (CCS basis)Lowest2779104032,300
Operating IncomeNumber of analysts participating7764
Operating IncomeHighest9,92317,16328,42432,245
Operating IncomeConsensus20,3806,91712,56622,13925,444
Operating IncomeLowest4,4778,43917,65322,800
CorporateNumber of analysts participating6653
CorporateHighest-2,500-3,000-2,600-2,650
CorporateConsensus-3,383-3,339-3,340-2,985-2,950
CorporateLowest-3,841-3,911-3,323-3,200
Non-controlling interestNumber of analysts participating6653
Non-controlling interestHighest-103-154-406-418
Non-controlling interestConsensus-535-300-359-477-507
Non-controlling interestLowest-501-501-550-602
CCS earningsNumber of analysts participating1313116
CCS earningsHighest5,88313,93325,49530,033
CCS earningsConsensus16,4623,40710,32217,53121,768
CCS earningsLowest-9584,46412,29719,300
Weighted average number of shares (diluted)Number of analysts participating1212105
Weighted average number of shares (diluted)Highest8,1748,1138,0407,820
Weighted average number of shares (diluted)Consensus8,1137,8847,8667,7887,538
Weighted average number of shares (diluted)Lowest7,7507,7197,4266,688
CCS earnings per share excluding identified itemsNumber of analysts participating1313116
CCS earnings per share excluding identified itemsHighest0.751.733.213.85
CCS earnings per share excluding identified itemsConsensus2.040.381.222.182.75
CCS earnings per share excluding identified itemsLowest-0.150.551.571.89
Dividend per ShareNumber of analysts participating1313117
Dividend per ShareHighest0.950.881.041.12
Dividend per ShareConsensus1.880.660.670.720.78
Dividend per ShareLowest0.640.640.640.68
Cash flow from operating activities *Number of analysts participating8864
Cash flow from operating activities *Highest34,62740,50053,40556,508
Cash flow from operating activities *Consensus42,17930,64235,24244,69149,636
Cash flow from operating activities *Lowest26,47228,60338,70844,764
of which decrease / (increase) in working capital (WC)Number of analysts participating7643
of which decrease / (increase) in working capital (WC)Highest7,50001,8900
of which decrease / (increase) in working capital (WC)Consensus-4,7794,538-2,185-1,661-213
of which decrease / (increase) in working capital (WC)Lowest0-8,344-5,343-638
Cash flow from operating activities excl. WC movementsNumber of analysts participating7643
Cash flow from operating activities excl. WC movementsHighest27,23640,94251,51557,146
Cash flow from operating activities excl. WC movementsConsensus46,95825,91636,47447,43250,709
Cash flow from operating activities excl. WC movementsLowest23,56228,60338,70844,764
Oil price assumption BrentNumber of analysts participating101096
Oil price assumption BrentHighest42.356.071.074.0
Oil price assumption BrentConsensus64.237.449.258.662.5
Oil price assumption BrentLowest30.040.049.057.5
Oil price assumption WTINumber of analysts participating3332
Oil price assumption WTIHighest39.247.555.055.0
Oil price assumption WTIConsensus57.035.346.252.653.8
Oil price assumption WTILowest29.245.050.052.5
Henry Hub price assumptionNumber of analysts participating8875
Henry Hub price assumptionHighest2.502.902.802.80
Henry Hub price assumptionConsensus2.532.022.482.472.55
Henry Hub price assumptionLowest1.802.002.302.30
*) Including working capital movement, excluding interest expenses (net)

RESEARCH ANALYSTS WHO WOULD LIKE TO BE INCLUDED IN THE ANALYSTS' CONSENSUS ESTIMATES FOR ROYAL DUTCH SHELL PLC SHOULD SUBMIT THEIR LATEST ESTIMATES AND RESEARCH REPORTS TO VARA RESEARCH VIA THE FOLLOWING EMAIL ADDRESS: INFO@VARARESEARCH.DE. BY CONTACTING VARA IN THIS WAY, UNLESS OTHERWISE SPECIFIED IN THE EMAIL, ANALYSTS WILL BE DEEMED TO HAVE CONSENTED TO THEIR ESTIMATES BEING INCLUDED IN THE ANALYSTS' CONSENSUS ESTIMATES AND THEIR NAME, THEIR EMPLOYER'S NAME AND THE DATE OF THEIR ESTIMATES BEING DISPLAYED ON THIS SUB-SITE.

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: 2020-06-15
ESTIMATES OF THE FOLLOWING INSTITUTIONS WERE INCLUDED IN THE ABOVE FIGURES (DATES OF THE ESTIMATES ARE PROVIDED IN BRACKETS)
AB BERNSTEIN (2020-05-11), BARCLAYS (2020-04-30), BERENBERG BANK (2020-05-01), CITIGROUP (2020-05-01), COWEN AND COMPANY (2020-04-30), EXANE BNP PARIBAS (2020-05-13), HSBC (2020-05-01), ISI EVERCORE (2020-05-01), JEFFERIES (2020-05-01), KEPLER CHEUVREUX (2020-05-04), ODDO BHF (2020-05-04), RBC CAPITAL MARKETS (2020-06-04), REDBURN (2020-05-13), UBS (2020-06-15).

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.