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As of today, Statoil ASA's current share price is €16.80. Statoil ASA's E10 for the quarter that ended in Sep. 2014 was €2.03. Statoil ASA's Shiller P/E Ratio for today is 8.98.
During the past 13 years, Statoil ASA's highest Shiller P/E Ratio was 16.32. The lowest was 6.75. And the median was 9.29.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.
Statoil ASA's adjusted earnings per share data for the three months ended in Sep. 2014 was €-0.178. Since most companies do not have as long as 10 years history, here we use 6 years to calculate. Add all the adjusted EPS for the past 6 years together and divide 6 will get our E10, which is €2.03 for the trailing six years ended in Sep. 2014.
For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.
The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.
Statoil ASA's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Statoil ASA's E10 for the fiscal year that ended in Dec13 is calculated as:
For example, Statoil ASA's adjusted earnings per share data for the three months ended in Sep. 2014 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Sep. 2014||*||CPI of Current|
Since most companies do not have as long as 10 years history, here we use 6 years to calculate:
Current CPI = 238.389.
Statoil ASA Quarterly Data
|per share eps||1.112||0.609||0.547||0.267||0.174||0.551||0.549||0.897||0.446||-0.178|
|per share eps||0.275||0.439||0.142||0.535||0.429||0.643||1.084||0.422||1.034||0.626|
|per share eps||0.069||0.131||0.000||0.279|
Add all the adjusted EPS together and divide 6 will get our E10.
Compared with the regular P/E ratio, which works poorly for cyclical businesses, the Shiller P/E smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller P/E should give similar results to regular P/E.
Compared with the P/S ratio, the Shiller P/E makes the comparison between different industries more meaningful.
The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a companys business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.
Statoil ASA Annual Data
Statoil ASA Quarterly Data