Brokers' say
(Filed: 08/02/2006)
Brokers' updates are compiled by Hargreaves Lansdown. The stockbrokers' views summarised here are their own and not necessarily those of money.telegraph or Hargreaves Lansdown
Royal Dutch Shell
Sell at 1913p (this week's price 1933p) advises SG Cross Asset Research.
Following the group's recent full year results, SG believes the market is underestimating the many challenges still facing the group:
1) Cost overruns at the Siberian Sakhalin project.
2) a 25 per cent increase in capital expenditure plans for 2006 over 2005.
3) A lack of direction on the use of cash flow generated over 2006 (just $5 billion now to be returned to shareholders against SG's estimate of $10 billion).
SG believes that the shares currently price in capital expenditure plans that are insufficient to implement the company's growth strategy.
SG concludes that a weak rate of oil & gas production growth up to 2008 does not appear to have been fully discounted in the share price.

















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.

























































