Shell's 1Q Results Impress; Shares Still Undervalued as Market Doesn't Credit Improvement
Best Idea Royal Dutch Shell posted an impressive first quarter with earnings growth across all of operating segments and continued strong cash flow generation. The quarter stands out from other integrateds’ relatively weak reports and demonstrates the value of Shell’s integrated model while supporting our thesis of continued earnings and free cash flow growth during the next several years. As such, our fair value estimate and moat rating are unchanged. We continued to think this improvement is u...Royal Dutch Shell is a holding company. Through its subsidiaries, Co. is engaged in the oil and gas industry. Co. reports its business through four segments: Integrated Gas, which engaged in the liquefaction and transportation of gas and the conversion of natural gas to liquids to provide fuels and other products; Upstream, which engaged in the exploration for and extraction of crude oil, natural gas and natural gas liquids; Downstream, which engaged in oil products and chemicals manufacturing and marketing activities; and Corporate, which comprising Co.'s holdings and treasury organisation, its self-insurance activities and its headquarters and central functions.
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