Is Shell the ultimate value stock?

One activist investor thinks so, and his plan to unlock it makes sense

“Usual pile of baffling and conflicting financial nonsense that nobody understands. Anyway, the Debt is lower” was the verdict from top fintweeter @WheelieDealer on results from Shell yesterday. It’s hard to disagree, mainly because of the huge distortion of the reported figures as a result of the mark-to-market accounting treatment of the derivatives it took out during a year of oil market craziness. Either way the market didn’t like the numbers, with the shares falling over 3% after a good run on the back of the surging oil price.

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