An analytical model that describes the PELE fragmentation dynamics is presented and compared with experimental results from literature. The model accounts for strong shock effects and detailed interactions taking place between the filling – the inner core of the ammunition – and the target (including shock wave, expansion wave, free surface and interface interactions). This model is also compared with a simplified model that uses the acoustic approximation and neglects the different wave interactions, which was employed by previously published PELE analytical models. The results are compared quantitatively in terms of fragments’ radial velocities and qualitatively in terms of number of fragments, their mass distribution and the fragmentation length of the jacket. It is shown that strong shock effects and detailed wave interactions must be accounted for in order to simulate accurately the pressure evolution in the filling, which is the origin of the fragmentation dynamics, especially for impact velocities beyond 1000 m/s.