Analyst Tina Vital says the company faces higher costs.
Royal Dutch Shell (RDS.A ) : Cuts to 3 STARS (hold) from 4 STARS (buy)
Analyst: Tina Vital
Based on valuation, we are lowering our opinion on the American Depositary Receipts (ADS) of Royal Dutch Shell to hold. While the fourth quarter current cost of supplies (CCS) earnings rose by 3.4% to $5.4 billion, or $1.64 per ADS, it missed our estimate by 31 cents on increased costs and narrowed marketing and chemical margins. Hydrocarbon production fell 8.8% on Gulf storm losses; we expect growth of 2 to 3% in 2006 and 2007. We are reducing our 2006 operating earnings estimate per ADS by $2.06 to $6.00, and 2007's by $2.09 to $5.75. We are lowering our 12-month target by $3 to $70 per ADS, a discount to peers.

















Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.














IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS:


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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.

























































