B2Gold (AMEX:BTG) E10

: $0.08 (As of Mar. 2023)

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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.

B2Gold's adjusted earnings per share data for the three months ended in Mar. 2023 was $0.080. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $0.08 for the trailing ten years ended in Mar. 2023.

As of today (2023-06-04), B2Gold's current stock price is $3.78. B2Gold's E10 for the quarter that ended in Mar. 2023 was $0.08. B2Gold's Shiller PE Ratio of today is 47.25.

During the past 13 years, the highest Shiller PE Ratio of B2Gold was 936.00. The lowest was 44.45. And the median was 69.33.

B2Gold E10 Historical Data

The historical data trend for B2Gold'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.

B2Gold Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

E10

-0.06

-0.02

0.04

0.06

0.07

B2Gold Quarterly Data
	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23
E10																0.07	0.07	0.07	0.07	0.08

Competitive Comparison

For the Gold subindustry, B2Gold's E10, along with its competitors' market caps and E10 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.

Annual Data Quarterly Data

B2Gold E10 Distribution

For the Metals & Mining industry and Basic Materials sector, B2Gold's E10 distribution charts can be found below:

* The bar in red indicates where B2Gold's E10 falls in comparison to its industry or sector. The grey bar indicates the E10's extreme value range as defined by GuruFocus.

B2Gold 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, B2Gold's adjusted earnings per share data for the three months ended in Mar. 2023 was:

Adj_EPS	=	Earnings per Share (Diluted)	/	CPI of Mar. 2023 (Change)	*	Current CPI (Mar. 2023)
	=	0.08	/	122.7021	*	122.7021
	=	0.080

Current CPI (Mar. 2023) = 122.7021.

B2Gold Quarterly Data

	per share eps	CPI	Adj_EPS
201306	0.050	97.182	0.063
201309	0.010	97.419	0.013
201312	0.020	96.945	0.025
201403	-0.040	98.604	-0.050
201406	-0.020	99.473	-0.025
201409	-0.390	99.394	-0.481
201412	-0.390	98.367	-0.486
201503	0.006	99.789	0.007
201506	-0.020	100.500	-0.024
201509	-0.020	100.421	-0.024
201512	-0.130	99.947	-0.160
201603	0.010	101.054	0.012
201606	-0.010	102.002	-0.012
201609	0.040	101.765	0.048
201612	0.006	101.449	0.007
201703	-0.010	102.634	-0.012
201706	0.020	103.029	0.024
201709	0.010	103.345	0.012
201712	0.030	103.345	0.036
201803	0.040	105.004	0.047
201806	0.020	105.557	0.023
201809	0.010	105.636	0.012
201812	-0.060	105.399	-0.070
201903	0.020	106.979	0.023
201906	0.040	107.690	0.046
201909	0.050	107.611	0.057
201912	0.170	107.769	0.194
202003	0.070	107.927	0.080
202006	0.120	108.401	0.136
202009	0.250	108.164	0.284
202012	0.160	108.559	0.181
202103	0.090	110.298	0.100
202106	0.060	111.720	0.066
202109	0.120	112.905	0.130
202112	0.130	113.774	0.140
202203	0.080	117.646	0.083
202206	0.040	120.806	0.041
202209	-0.020	120.648	-0.020
202212	0.150	120.964	0.152
202303	0.080	122.702	0.080

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

B2Gold (AMEX:BTG) 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.

B2Gold's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio	=	Share Price	/	E10
	=	3.78	/	0.08
	=	47.25

During the past 13 years, the highest Shiller P/E Ratio of B2Gold was 936.00. The lowest was 44.45. And the median was 69.33.

Be Aware

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

B2Gold E10 Related Terms

Thank you for viewing the detailed overview of B2Gold's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.

B2Gold (AMEX:BTG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » B2Gold Corp (AMEX:BTG) » Definitions » E10

Comparable Companies

Traded in Other Exchanges

5BG:Germany BTO:Canada

Address

666 Burrard Street, Park Place, Suite 3400, Vancouver, BC, CAN, V6C 2X8

Website

https://www.b2gold.com

B2Gold Corp is an international, low-cost, senior gold mining company. It has three operating open-pit gold mines in Mali, Namibia, and the Philippines and numerous exploration projects across four continents. Other significant assets include the Gramalote and Kiaka gold projects. The company focuses on acquiring and developing interests in mineral properties with a primary focus on gold deposits as gold production forms all its revenue. There is no dependence on a particular purchaser because the gold is sold into a global market. The company's reportable operating segments include its mining operations and development projects, namely Fekola; Masbate; Otjikoto; other mineral properties; and corporate and other. It generates maximum revenue from the Fekola mine segment in Mali.