COMP <GO>

PBR vs SHEL // NET PROFIT MARGIN

Petroleo Brasileiro S.A. Petrobras ADS (NYSE) VS. Shell PLC American (NYSE) • 15-METRIC TALLY: PBR 4 — SHEL 3

■ METRIC PARITY

LAST: $22.05 (+0.68%) • MKT CAP: $141.13B

net-margins

10.90%

LAST: $108.69 (+0.95%) • MKT CAP: $297.82B

net-margins

10.90%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (PBR VS. SHEL) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	PBR	SHEL	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin ACTIVE	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	14.30%	3.30%	+11.00	PBR	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	PBR	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.60%	7.00%	-0.40	PBR	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	40.8	69.8	-29.00	SHEL	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.90	1.02	-0.12	SHEL	/macro-sensitivity <GO>
Forward P/E Multiple	27.6x	30.5x	-2.90	PBR	/forward-pe <GO>
Enterprise Scale & Market Cap	$141.13B	$297.82B	-$156.69B	SHEL	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	PBR REV	SHEL REV	PBR GROSS %	SHEL GROSS %	PBR FCF	SHEL FCF
INSPECT INDIVIDUAL XBRL MODELS AT PBR FA <GO> AND SHEL FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

PBR // BETA 0.90

SHEL // BETA 1.02