Thursday 28 June 2007
Morgan Stanley raised Royal Dutch Shell to “equal-weight” from “underweight” based on a sum-of-the-parts valuation of £32.10 a share. There is a massive gap between the market value and the underlying value of the company,” it told clients, continuing: “The de-rating of the supermajors has been relentless for four years. The conglomerate presentation belies what are more valuable businesses. The large cap now represents the cheapest access to energy in the world in our view.”
However, the broker set its valuation at £23, against a £20.08 closing price yesterday. “Without action by the management, we would not chase a disaggregated value — but the bias of risk is skewed to the upside from our price target,” it said.
http://business.timesonline.co.uk/tol/business/markets/article1997849.ece?token=null&offset=84
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