Shell Starts to Deliver the Cash in 3Q; Remains One of Best Ideas in Sector
Shell reported a stand out quarter that demonstrates the firms’ potential cash flow generation. Operating cash flow increased 59% to $12.1 billion from $7.6 billion the year before on a 38% increase in earnings. Shell has been plagued in recent quarters by one-off items that negatively impacted its cash flow generation and left the market disappointed, but this quarter provides a truer picture of its potential in our view and supports our thesis for growing long-term free cash flow. That said, w...
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