Eneva (BSP:ENEV3) E10: R$0.60 (As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BSP:ENEV3 Eneva SA BSP:ENEV3
65 GF Score
Price R$24.90
GF Value R$17.33
Valuation Significantly Overvalued
! 9 Warning Signs
View Full Analysis

What is Eneva E10?

Eneva BSP:ENEV3 -3.11% 65 E10 is R$0.60 as of Dec. 2025. GuruFocus rates BSP:ENEV3 with a GF Score™ of 65/100 and a GF Value™ of R$17.33 (Significantly Overvalued). The stock has 9 warning signs investors should review.

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.

Eneva's adjusted earnings per share data for the three months ended in Dec. 2025 was R$0.030. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is R$0.60 for the trailing ten years ended in Dec. 2025.

During the past 12 months, Eneva's average E10 Growth Rate was -60.00% 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 Eneva was 37.20% per year. The lowest was 19.90% per year. And the median was 22.05% per year.

As of today (2026-07-25), Eneva's current stock price is R$24.90. Eneva's E10 for the quarter that ended in Dec. 2025 was R$0.60. Eneva's Shiller PE Ratio of today is 41.50.

During the past 13 years, the highest Shiller PE Ratio of Eneva was 45.92. The lowest was 6.71. And the median was 29.02.


Eneva  (BSP:ENEV3) 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.

Eneva's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=24.90/0.60
=41.50

* 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 Eneva was 45.92. The lowest was 6.71. And the median was 29.02.


Be Aware

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


Eneva E10 Related Terms


Eneva E10 Historical Data

* Premium members only.

The historical data trend for Eneva'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.

Eneva E10 Chart

Eneva Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only -10.81 -6.89 -3.06 1.50 0.60

Eneva Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25
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 1.50 1.58 0.57 0.60 0.60

BSP:ENEV3 vs SRE, AES: E10 Comparison

For the Utilities - Diversified subindustry, Eneva'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.


Eneva Shiller PE Ratio vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Eneva's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Eneva's Shiller PE Ratio falls into.


BSP:ENEV3
65GF Score
Eneva SA BSP:ENEV3
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Eneva 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, Eneva's adjusted earnings per share data for the three months ended in Dec. 2025 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Dec. 2025 (Change)*Current CPI (Dec. 2025)
=0.03/171.7653*171.7653
=0.030

Current CPI (Dec. 2025) = 171.7653.

Eneva Quarterly Data

per share eps CPI Adj_EPS
201603 -0.145 106.979 -0.233
201606 -0.307 108.851 -0.484
201609 -0.008 109.986 -0.012
201612 0.164 110.802 0.254
201703 -0.012 111.869 -0.018
201706 -0.042 112.115 -0.064
201709 0.058 112.777 0.088
201712 0.089 114.068 0.134
201803 0.029 114.868 0.043
201806 0.164 117.038 0.241
201809 0.139 117.881 0.203
201812 0.373 118.340 0.541
201903 0.103 120.124 0.147
201906 0.013 120.977 0.018
201909 0.071 121.292 0.101
201912 0.286 123.436 0.398
202003 0.142 124.092 0.197
202006 0.270 123.557 0.375
202009 0.044 125.095 0.060
202012 0.543 129.012 0.723
202103 0.217 131.660 0.283
202106 0.093 133.871 0.119
202109 0.284 137.913 0.354
202112 0.384 141.992 0.465
202203 0.144 146.537 0.169
202206 0.113 149.784 0.130
202209 0.175 147.800 0.203
202212 -0.151 150.207 -0.173
202303 0.141 153.352 0.158
202306 0.235 154.519 0.261
202309 -0.055 155.464 -0.061
202312 -0.184 157.148 -0.201
202403 -0.038 159.372 -0.041
202406 0.673 161.052 0.718
202409 0.574 162.342 0.607
202412 -0.498 164.740 -0.519
202503 0.199 168.102 0.203
202506 0.390 169.670 0.395
202509 0.183 170.739 0.184
202512 0.030 171.765 0.030

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

Frequently Asked Questions Learn more about E10 →
What does a E10 of R$0.60 mean?
Eneva (BSP:ENEV3) has a E10 of R$0.60 as of Dec. 2025. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Eneva and its competitors.
Is Eneva's E10 too high?
Eneva's current E10 is R$0.60. Overall, Eneva has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Eneva's E10 compare to SRE and AES?
Eneva's E10 of R$0.60 can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good E10 for an Utilities - Regulated company?
A good E10 depends on the Utilities - Regulated industry context. However, E10 should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high E10 mean?
A high E10 can signal that a stock is expensive relative to its fundamentals. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Eneva and its competitors. Eneva's current E10 is R$0.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Eneva stock overvalued right now?
Based on GuruFocus' analysis, Eneva (BSP:ENEV3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$17.33, compared to a current price of R$24.90 — trading 43.7% above its estimated fair value. The current E10 is R$0.60. Eneva's overall GF Score™ is 65/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is E10 calculated?
E10 is calculated from a company's financial statements. For Eneva (BSP:ENEV3), the current E10 is R$0.60 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Eneva (BSP:ENEV3) Overvalued in 2026?

Based on GuruFocus' analysis, Eneva stock appears to be overvalued. The current stock price of R$24.90 is trading 43.7% above its estimated GF Value™ of R$17.33. GuruFocus considers Eneva to be Significantly Overvalued.

Key valuation signals for BSP:ENEV3:

  • E10: R$0.60
  • GF Value™: R$17.33 vs. price of R$24.90 (43.7% above fair value)
  • GF Score™: 65/100 with 9 warning signs

No single metric tells the full story. See the BSP:ENEV3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Eneva Business Description

Address Praca Mahatma Gandhi, 14, 9 Andar, Centro, Rio de Janeiro, RJ, BRA, 22210903
Eneva SA is a Brazilian energy utilities company involved in the generation and distribution of electricity, with complementary businesses in natural gas exploration and production. The company generates electricity through various resources, including coal, natural gas, thermoelectric plants, and renewable energy sources, such as solar energy. Furthermore, the company mines coal in Columbia, operates thermoelectric plants in Chile and Brazil, and extracts natural gas from Brazil. The firm primarily operates through its Power Generation, Energy Trading, Natural Resources, and Corporate segments.
65GF Score

Get the complete analysis for BSP:ENEV3

E10 is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$24.90
Price
R$17.33
GF Value