By Neil Hume and Robert Orr
Published: June 29 2007 03:00 | Last updated: June 29 2007 03
Royal Dutch Shell was the stand-out feature in the oil sector. It shares gained2.6 per cent to £20.60 after Morgan Stanley claimed the company was undervalued by a staggering $120bn (£60bn).
Upgrading it to an “equal weight” recommendation and setting a £23 target price, the broker said a detailed sum-of-the-parts valuation exercise had uncovered a significant valuation gap.
“Conservatively we think Shell is worth around $385bn, which is 45 per cent higher than the current enterprise value of the company,” said the broker.
“If you accept our upstream valuation, then the non-upstream businesses [refining, marketing, gas and power and chemicals] are currently on a price/earnings ratio of 3.6.”
The strong crude price helped BP gain 2 per cent to 599p, while BG Group advanced 2.7 per cent to 813p.
Above is extract from FT article headlined: Talk of Tchenguiz stake-building lifts William Morrison
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
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.
