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Daily Telegraph: Market report: Equities end the week in Rock-solid fashion

By Yvette Essen
Last Updated: 2:48am BST 30/06/2007

Royal Dutch Shell was the subject of a second bullish note in as many days. Credit Suisse repeated its outperform rating on the shares, saying: “ We believe that management still has more options to maximise shareholder value and that the shares look too cheap.”

Raising its earnings-per-share estimates by 2pc in 2008 and 3.5pc in 2009, the broker predicted up to $25bn (£12.5bn) of possible disposals are still to come which, if they are executed well, “could drive the shares closer to fair value, improve operational efficiency and allow staff to be redirected to growth areas”.

The note comes hot on the heels of positive comments from Morgan Stanley, which on Thursday calculated that Shell is undervalued by $120bn. Gains by Shell were also fuelled by continuing strong oil prices, causing the stock to rise 23p to £20.83.


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