Shell Midstream Partners LP (NYSE:SHLX) Cyclically Adjusted PB Ratio

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Shell Midstream Partners LP Cyclically Adjusted PB Ratio Historical Data

The historical data trend for Shell Midstream Partners LP's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Shell Midstream Partners LP Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Cyclically Adjusted PB Ratio

Shell Midstream Partners LP Quarterly Data
	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22
Cyclically Adjusted PB Ratio																-	-	-	-	-

Competitive Comparison

For the Oil & Gas Midstream subindustry, Shell Midstream Partners LP's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Shell Midstream Partners LP Cyclically Adjusted PB Ratio Distribution

For the Oil & Gas industry and Energy sector, Shell Midstream Partners LP's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Shell Midstream Partners LP's Cyclically Adjusted PB Ratio falls into.

Shell Midstream Partners LP Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Shell Midstream Partners LP's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec21 is calculated as:

For example, Shell Midstream Partners LP's adjusted Book Value per Share data for the fiscal year that ended in Dec21 was:

Adj_Book	=	Book Value per Share	/	CPI of Dec21 (Change)	*	Current CPI (Dec21)
	=	-1.256	/	117.6295	*	117.6295
	=	-1.256

Current CPI (Dec21) = 117.6295.

Shell Midstream Partners LP Annual Data

	Book Value per Share	CPI	Adj_Book
201212	0.879	96.871	1.067
201312	1.589	98.326	1.901
201412	3.853	99.070	4.575
201512	0.650	99.792	0.766
201612	2.891	101.863	3.338
201712	-3.138	104.011	-3.549
201812	-1.260	105.998	-1.398
201912	-3.322	108.420	-3.604
202012	-1.223	109.897	-1.309
202112	-1.256	117.630	-1.256

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Shell Midstream Partners LP (NYSE:SHLX) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.

Shell Midstream Partners LP Cyclically Adjusted PB Ratio Related Terms

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Shell Midstream Partners LP (NYSE:SHLX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Shell Midstream Partners LP (NYSE:SHLX) » Definitions » Cyclically Adjusted PB Ratio

Comparable Companies

Traded in Other Exchanges

N/A

Address

150 North Dairy Ashford Road, A0482-A, Houston, TX, USA, 77079

Website

http://www.shellmidstreampartners.com

Shell Midstream Partners LP is a US-based limited partnership that is formed to own, operate, develop and acquire pipelines and other midstream assets. The company holds an interest in several entities which own crude oil, refined products and natural gas pipelines, and crude tank storage and terminal system. It provides a transportation and storage facility to deliver refined products from Gulf Coast markets to demand centers. The company earns revenue through the long-term transportation agreements by charging fees for the transportation of crude oil and refined products through its pipelines.

Executives

Sopc Holdings West Llc	10 percent owner	150 N. DAIRY ASHFORD RD., HOUSTON TX 77079
Fierro A Carlos	director	910 LOUISIANA STREET, HOUSTON TX 77002
Gregory T. Mouras	officer: Vice President, Operations	P.O. BOX 61933, NEW ORLEANS LA 70161
Cynthia V. Hablinski	director	150 N. DAIRY ASHFORD, HOUSTON TX 77079
Sean Guillory	officer: Vice President, Commercial	150 N. DAIRY ASHFORD, HOUSTON TX 77079
David A. Connolly	director	1000 MAIN STREET, LEVEL 12, HOUSTON TX 77002
Stanley Jesse C. H.	officer: Vice President, Operations	150 N. DAIRY ASHFORD, HOUSTON TX 77079
Anne C. Anderson	director	150 N. DAIRY ASHFORD, HOUSTON TX 77079
James J Bender	director	1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK MN 55416
Nick Arzymanow	officer: Controller	150 N. DAIRY ASHFORD, HOUSTON TX 77079
Brenda Stout	director	150 N. DAIRY ASHFORD ROAD, HOUSTON TX 77079
Curtis R Frasier	director	910 LOUISIANA STREET, HOUSTON TX 77002
Steven Ledbetter	officer: Vice President - Commercial	150 N. DAIRY ASHFORD ROAD, HOUSTON TX 77079
Marcel Teunissen	director	150 N. DAIRY ASHFORD ROAD, HOUSTON TX 77079
Elaine Mccown	officer: Controller	ONE SHELL PLAZA, 910 LOUISIANA STREET, HOUSTON TX 77002