Editor’s Note: This analysis was originally published as a stock note by Morningstar Equity Research.
• Morning Star Rating: & work; & work; & work;
• Morningstar’s Economic Moat Rating: none
• Morningstar uncertainty assessment: expensive
Shell and BP stock updates
shell shell It announced that it is not actively considering making a BP offer BP.and the lecture was not being given without approaching BP.
Why it matters: Shell was announced under Rule 2.8 of the UK City Code on Acquisitions and Mergers. As a result, they are prohibited from making offers for six months. However, exceptions are permitted if an agreement is made with the BP board of directors or if a third party bid occurs.
Despite the exceptions, we do not rate Shell’s bid as highly likely. If you buy BP, even if you go back to the Permian period, you won’t necessarily be able to improve your shell or deal with a lack of growth.
If the shell withdraws more complex operations costs, reduces total spending, and BP sales may not be the case, this transaction may prove attractive, assuming a correct valuation.
Conclusion: We maintain a Shell Fair Value estimate of £2.76 and a fair value estimate of £4.45.
Proactively, the transaction places BP assets in the hands of management teams who skillfully guide the shell through strategic pivots. From this perspective, selling BP may be the best that BP’s board and management can do for shareholders.
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