Royal Dutch Shell B

  • TickerRDSB
  • ISINGB00B03MM408
  • ExchangeLondon Stock Exchange
  • SectorOil & Gas Producers
  • CountryUnited Kingdom
ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP, AB InBev, Vodafone and Shell

Strategy: ECB purchases revive, albeit modestly

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Credit Suisse, BBVA , AB InBev, Telefónica, Orange, Enel, EDF & European oil & gas majors

Financials: Strong report from Credit Suisse, CET1 ratio guided back towards 12% by end-2020. BBVA reports another quarter with high provisions, but capital metrics improve

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Flaming June. AEGON: Expanding partnership with Santander in Spain. ArcelorMittal: Solid 2Q20 EBITDA and NFD beat. Econocom: Better net debt, supportive sales and debt guidance. H1 earnings low quality. Euronext: Another quarter another beat (6% on EBTIDA). Ontex: The King is dead, long live the King. Ordina: 2Q20 beat, strong cash flow, underlying revenue trends up despite Covid-19. Royal Dutch Shell: Underlying better? Keep an eye on quality. Telenet Group: Better EBITDA on lower sales, all guidance confirmed

ING
ING Helpdesk

Benelux Morning Notes

Accell: Strong set of 1H20 results. Acomo: No fuss, no drama. Orange Belgium: 9% EBITDAal beat on lower costs, EBITDal guidance maintained. Proximus: 2Q20 preview. Royal Dutch Shell: A painful quarter and the largest write-down ever. Signify: Significant beat vs expectations in 2Q20. Telenet Group: 2Q20 preview

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP and Shell

Strategy: CSPP holdings rise by only €900m although likely PEPP active in corporates

Jérôme VINERIER

Analyse court terme - ROYAL DUTCH SHELL PLC-B : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 2 447,88 p. La tendance baissière serait remise en cause au-dessus de 2 806,00 p.

Jérôme VINERIER

Short term view - ROYAL DUTCH SHELL PLC-B : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at 2,447.88 p. The bearish trend would be challenged above 2,806.00 p.

Jérôme VINERIER

Short term view - ROYAL DUTCH SHELL PLC-B : The movement goes on.

The trend is bearish. The movement goes on. The next target is at 2,447.88 p, then 2,328.00 p. Passing 2,806.00 p would question the continuation of the fall.

Jérôme VINERIER

Analyse court terme - ROYAL DUTCH SHELL PLC-B : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 2 447,88 p, puis 2 328,00 p. Le franchissement de 2 806,00 p remettrait en cause la suite de la baisse.

Jérôme VINERIER

Analyse moyen terme - ROYAL DUTCH SHELL PLC-B : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 2 511,00 p. La tendance serait remise en cause par la rupture de 2 137,00 p.

ING
ING Helpdesk

Benelux Morning Notes

AB InBev: Flaming June. AEGON: Expanding partnership with Santander in Spain. ArcelorMittal: Solid 2Q20 EBITDA and NFD beat. Econocom: Better net debt, supportive sales and debt guidance. H1 earnings low quality. Euronext: Another quarter another beat (6% on EBTIDA). Ontex: The King is dead, long live the King. Ordina: 2Q20 beat, strong cash flow, underlying revenue trends up despite Covid-19. Royal Dutch Shell: Underlying better? Keep an eye on quality. Telenet Group: Better EBITDA on lower sales, all guidance confirmed

ING
ING Helpdesk

Benelux Morning Notes

Accell: Strong set of 1H20 results. Acomo: No fuss, no drama. Orange Belgium: 9% EBITDAal beat on lower costs, EBITDal guidance maintained. Proximus: 2Q20 preview. Royal Dutch Shell: A painful quarter and the largest write-down ever. Signify: Significant beat vs expectations in 2Q20. Telenet Group: 2Q20 preview

ING
ING Helpdesk

Benelux Morning Notes

Belgian telecoms: Nethys to restart VOO sale process after Providence deal suspended. Belgian telecoms: Contact with Telenet on Fluvius deal. Gimv: In and out. Kinepolis: Update on reopening dates by country. Royal Dutch Shell: Impairing to reflect a new reality

ING
Quirijn Mulder

Royal Dutch Shell A - Euro/Ben's second step/HOLD (REVISED VERSION)

After being seriously hit by Covid-19 and the collapse in oil prices, the trough is likely in 2Q20. From then onward a recovery should start but we are uncertain to what extent given a possible structural fallout of demand for oil and gas. RDS' reaction to cutting its dividend by two-thirds was a major step and maybe not only Covid-19 related. With the dividend cut in mind and uncertain outlook we believe that our HOLD recommendation remains justified. Based on a 10% discount to three European peers we arrive at a target price of €16.50 (was €30).

ING
ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: 1Q20 results preview. BE Semiconductor Industries: Performing well despite Covid-19. Brunel International: solid 1Q20 result, trends in April a bit better than feared. Corbion: Raking in the dough. Deceuninck: New chairman and Covid-19 update. Fagron: Highlights from CFO investor call. Fugro: Storms and drydocking did not help 1Q20. KPN: Slight Q1 beat, 2020 guidance at risk due to Covid-19 Proximus: Limited Q1 beat financially, mixed net adds, guidance maintained Royal Dutch Shell: Lowers dividend Telenet Group: Strong Q1, 2020 guidance cut on Covid-19 impact at ...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP, AB InBev, Vodafone and Shell

Strategy: ECB purchases revive, albeit modestly

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Credit Suisse, BBVA , AB InBev, Telefónica, Orange, Enel, EDF & European oil & gas majors

Financials: Strong report from Credit Suisse, CET1 ratio guided back towards 12% by end-2020. BBVA reports another quarter with high provisions, but capital metrics improve

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/CSPP & PEPP and Shell

Strategy: CSPP holdings rise by only €900m although likely PEPP active in corporates

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/BBVA, Danske Bank, Société Générale, BAWAG, Carlsberg, KPN, Orange, Proximus, Suez & Shell

Financials: BBVA earnings drop to a loss due to goodwill impairment and Covid-19 charges, capital shrinks with higher RWA. Danske Bank reports weak earnings and deteriorating credit quality. Société Générale earnings drop to a loss due to higher impairments and poor revenues. BAWAG's earnings down with higher provisions, capital ratio mainly shrinks with dividend accrual

ING
Nadège Tillier ...
  • Quirijn Mulder
  • Warren Patterson

IG European oil & gas majors/Resilience tested again

Already suffering from an oil and gas oversupply across the globe, the Covid-19 outbreak is pushing the energy sector to revise its business plans for 2020. Our Commodities Research Strategist Warren Patterson now factors a 2MMbl/day decline in oil consumption in 2020 due to the worldwide pandemic. This contrasts with an anticipated 0.9MMbl/day increase in consumption before the crisis by the International Energy Agency (IEA). European oil & gas majors are responding to the situation with share buyback cancellations, opex and capex reduction. These actions, combined with the companies' robust ...

Philip Morrish

Value Indicator - UK Basic Resources 30122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis fof the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 30122019

Currently '(TM) Value Indicator - Main Market' is a value analysis of the Basic Resources, Construction & Materials, Telcoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at

Philip Morrish

Value Indicator - UK Basic Resources 23122019

Currently '(TM)Value Indicator - UK basic resources' is a value analysis of the Basic Resources super sector of quoted companies on the London Stock Exchange's main market that provides the reader with longer-term target prices.

Philip Morrish

Value Indicator - UK Main Market 23122019

Currently '(TM)Value Indicator - UK main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on the London Stock Exchange's main market that provides the reader with indicative longer-term tagrte prices.

Philip Morrish

Value Indicator - UK Basic Resources 09122019

Currently '(TM)Value Indicator - UK Basic Resources' is a value analysis of the Basic Resources super sector of quoted companies on the the London Stock Exchange's main market that provides the reader with indicative longer-term target prices.

Expert Corporate Governance Service (ECGS)

Royal Dutch Shell – AGM 19 May 2020

Item 2: Remuneration policy   The Remuneration Committee concludes that Shellns existing remuneration structures are well aligned with strategy and effective in delivering pay for performance. ECGS appreciates its effort to reduce the incentive potential and the total remuneration in response to shareholdersnconcerns. However, the proposed remuneration policy still exceeds our limits on STI and LTI and we recommend to oppose.   Item 11: Re-election of the Chairman of the Board   The new UK Code 2018 addresses Chair tenure and provides a limit of nine years from the date of the first app...

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