ABCDEFGHIJKLMNOPQRSTUVWXYZ
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Market Data & Valuation Inputs
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ItemValue
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Current Share Price 26.92
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Shares Outstanding6.084 bn
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Market Cap£164bn
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Net Debt (2024)£30.4bn
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Enterprise Value£194bn
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Risk-Free Rate4.55%
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Equity Risk Premium4.50%
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Beta (Levered)0.53
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Cost of Equity7%
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Cost of Debt4.90%
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Effective Tax Rate30%
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WACC8.51%
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Operational Assumptions
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Item2019–2024 TrendForecast (2025–2029)
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Brent Oil Price (avg $/bbl)
$40 → $85$82
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Revenue Growth1–2 %2.50%do
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EBIT Margin8–12 %11%
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Depreciation (% of revenue)
~6 %6%
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CapEx (% of revenue)7–9 %9%
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Change in Working Capital (% of revenue)
0.5–1.5 %1%
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Tax Rate30–45 %30%
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Dividend Payout Ratio35–40 %38%
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DCF & Valuation Assumptions
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ItemValue
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Forecast Period2025–2029
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Terminal Growth Rate (g)
2.00%
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WACC8.51%
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Net Debt (2024)£30.4 bn
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Cash (2024)£35 bn
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Shares Outstanding6.084 bn
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FX Rate (USD/GBP)1.25 USD / GBP
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Valuation Date31-Dec-24
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Peer Comparables
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CompanyEV/EBITDA (x)P/E (x)Dividend Yield
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BP~ 5.52 ×~ ~15~ 5.70 %
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TotalEnergies (TTE)~ 3.4 ×~ 8×—
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Chevron (CVX)~ 7.2 × ~ 22.5×~ 4.28 %
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Shell (SHEL)~ 3.9 ×~ 10.2×~ 4–5 %
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Shell (Median)~ 5.0 ×~ 10–12 ×~ 4.0 %
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Macro Assumptions
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Variable2025Forcast (2025-2029)
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Global GDP Growth~ 3.2 %~ 3.0 % (average)
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UK Inflation~ 3.4 %~ 2.5 %
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Brent Oil Price~ $62~ $60–65
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USD/GBP FX Rate1.331.35
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