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Thai Oil PCL (BKK:TOP-F) E10 : ฿11.66 (As of Mar. 2025)


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What is Thai Oil PCL E10?

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.

Thai Oil PCL's adjusted earnings per share data for the three months ended in Mar. 2025 was ฿1.570. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is ฿11.66 for the trailing ten years ended in Mar. 2025.

During the past 12 months, Thai Oil PCL's average E10 Growth Rate was 8.90% per year. During the past 3 years, the average E10 Growth Rate was 13.50% per year. During the past 5 years, the average E10 Growth Rate was 8.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Thai Oil PCL was 13.50% per year. The lowest was -4.90% per year. And the median was 4.40% per year.

As of today (2025-07-14), Thai Oil PCL's current stock price is ฿27.75. Thai Oil PCL's E10 for the quarter that ended in Mar. 2025 was ฿11.66. Thai Oil PCL's Shiller PE Ratio of today is 2.38.

During the past 13 years, the highest Shiller PE Ratio of Thai Oil PCL was 17.16. The lowest was 2.76. And the median was 8.97.


Thai Oil PCL E10 Historical Data

The historical data trend for Thai Oil PCL's E10 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.

* Premium members only.

Thai Oil PCL E10 Chart

Thai Oil PCL Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.48 6.93 6.27 6.49 10.15

Thai Oil PCL Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
E10 Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.42 8.58 7.77 10.15 11.66

Competitive Comparison of Thai Oil PCL's E10

For the Oil & Gas Refining & Marketing subindustry, Thai Oil PCL's Shiller PE Ratio, along with its competitors' market caps and Shiller PE 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.


Thai Oil PCL's Shiller PE Ratio Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Thai Oil PCL's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Thai Oil PCL's Shiller PE Ratio falls into.


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Thai Oil PCL E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today's price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

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.

For example, Thai Oil PCL's adjusted earnings per share data for the three months ended in Mar. 2025 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2025 (Change)*Current CPI (Mar. 2025)
=1.57/134.9266*134.9266
=1.570

Current CPI (Mar. 2025) = 134.9266.

Thai Oil PCL Quarterly Data

per share eps CPI Adj_EPS
201506 3.040 100.684 4.074
201509 -1.116 100.392 -1.500
201512 1.829 99.792 2.473
201603 2.313 100.470 3.106
201606 3.788 101.688 5.026
201609 1.435 101.861 1.901
201612 2.830 101.863 3.749
201703 3.459 102.862 4.537
201706 1.585 103.349 2.069
201709 3.718 104.136 4.817
201712 3.379 104.011 4.383
201803 2.741 105.290 3.513
201806 2.343 106.317 2.974
201809 2.223 106.507 2.816
201812 -2.353 105.998 -2.995
201903 2.153 107.251 2.709
201906 0.279 108.070 0.348
201909 -0.329 108.329 -0.410
201912 0.968 108.420 1.205
202003 -6.719 108.902 -8.325
202006 1.216 108.767 1.508
202009 0.349 109.815 0.429
202012 3.540 109.897 4.346
202103 1.645 111.754 1.986
202106 1.037 114.631 1.221
202109 1.010 115.734 1.177
202112 2.455 117.630 2.816
202203 3.520 121.301 3.915
202206 12.410 125.017 13.394
202209 0.010 125.227 0.011
202212 -0.290 125.222 -0.312
202303 2.040 127.348 2.161
202306 0.500 128.729 0.524
202309 4.850 129.860 5.039
202312 1.310 129.419 1.366
202403 2.620 131.776 2.683
202406 2.480 132.554 2.524
202409 -1.890 133.029 -1.917
202412 1.239 133.157 1.255
202503 1.570 134.927 1.570

Add all the adjusted EPS together and divide 10 will get our e10.


Thai Oil PCL  (BKK:TOP-F) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

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.

Thai Oil PCL's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=27.75/11.66
=2.38

* 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.

During the past 13 years, the highest Shiller P/E Ratio of Thai Oil PCL was 17.16. The lowest was 2.76. And the median was 8.97.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Thai Oil PCL E10 Related Terms

Thank you for viewing the detailed overview of Thai Oil PCL's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Thai Oil PCL Business Description

Address
Vibhavadi Rangsit Road, 555/1 Energy Complex, 11th Floor, Building A, Chatuchak Subdistrict, Chatuchak District, Bangkok, THA, 10900
Thai Oil PCL operates an integrated business in oil refining and petrochemicals. Along with oil refinery and distributions, the company has also expanded into other related businesses including petrochemicals-aromatics and olefin chain, lube base oil, etc. In addition, there are also ethanol and supporting businesses such as pipeline transportation, ethanol, recruitment services for Thaioil and subsidiaries, as well as treasury center to enhance Thaioil and subsidiaries. Along with its subsidiaries, the company operates in the following reportable segments; Oil refinery, which derives key revenue, Lube base oil refinery, Aromatics and LAB, Solvent, Power generation, Ethanol, Olefins, and Others. Geographically, it derives key revenue from Thailand, followed by Indonesia and other regions.

Thai Oil PCL Headlines

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