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As of today, Statoil ASA's current share price is €15.80. Statoil ASA's E10 for the quarter that ended in Mar. 2015 was €1.42. Statoil ASA's Shiller P/E Ratio for today is 11.13.
During the past 13 years, Statoil ASA's highest Shiller P/E Ratio was 16.35. The lowest was 6.84. And the median was 9.72.
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 Mar. 2015 was €-1.294. 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 €1.42 for the trailing six years ended in Mar. 2015.
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 Dec14 is calculated as:
For example, Statoil ASA's adjusted earnings per share data for the three months ended in Mar. 2015 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Mar. 2015||*||CPI of Current|
Since most companies do not have as long as 10 years history, GuruFocus uses 6 years to do the calculation.
Current CPI = 236.959.
Statoil ASA Quarterly Data
|per share eps||0.545||0.270||0.177||0.561||0.548||0.894||0.455||-0.181||-0.313||-1.290|
|per share eps||0.144||0.548||0.375||0.639||1.077||0.421||1.023||0.629||1.098||0.609|
|per share eps||0.002||0.271||0.304||0.434|
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