Morningstar verlaagt de fair value van Shell van EUR 30 naar EUR 27 per aandeel. het verhaal van de olie- en gasmaatschappij heeft twee kanten, maar vooral de negatieve kant schrikt beleggers dit jaar af. Lees ook het bijbehorende artikel: http://www.morningstar.nl/nl/news/114530/aandeel-van-de-week-shell.aspx

1. Aandeel van de week
Shell - RDSA

2. Key Investment Considerations
Short of a major rebound in natural gas prices, the $30
billion that Shell has spent in U.S. and Canada shale
plays will be hurting its upstream returns for the next
few years.
Bron: Morningstar 5/12/2013

3. Key Investment Considerations
Like all of the oil majors, Shell needs better results
from its exploration program if production is to grow
without increasing reliance on costly acquisitions and/or
increasing reliance on high-cost unconventional and oil
sands production.
Bron: Morningstar 5/12/2013

4. Key Investment Considerations
Shell's downstream performance has been rather poor of
late (single-digit returns on capital). This segment clearly
begs for a restructuring if it is to generate consistent
economic profits.
Bron: Morningstar 5/12/2013

5. Shell – RDSA
Koersontwikkeling 2013
Equity Stewardship
Standard
Sector
Oil & Gas (integrated)
Bron: Morningstar 5/12/2013

6. Shell – RDSA
Morningstar Rating
QQQQ
Moat
Narrow
Fair Value
EUR 27.00
Moat Trend
Negative
Bron: Morningstar 5/12/2013