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Credicorp (LIM:BAP) E10 : $15.02 (As of Sep. 2024)


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What is Credicorp 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.

Credicorp's adjusted earnings per share data for the three months ended in Sep. 2024 was $5.171. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $15.02 for the trailing ten years ended in Sep. 2024.

During the past 12 months, Credicorp's average E10 Growth Rate was 7.70% per year. During the past 3 years, the average E10 Growth Rate was 12.40% per year. During the past 5 years, the average E10 Growth Rate was 8.50% per year. During the past 10 years, the average E10 Growth Rate was 11.60% 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 Credicorp was 25.50% per year. The lowest was 6.80% per year. And the median was 15.55% per year.

As of today (2024-12-12), Credicorp's current stock price is $192.00. Credicorp's E10 for the quarter that ended in Sep. 2024 was $15.02. Credicorp's Shiller PE Ratio of today is 12.78.

During the past 13 years, the highest Shiller PE Ratio of Credicorp was 31.82. The lowest was 8.75. And the median was 18.23.


Credicorp E10 Historical Data

The historical data trend for Credicorp'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.

Credicorp E10 Chart

Credicorp Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 10.25 9.65 11.34 12.55 13.95

Credicorp Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 13.94 13.95 14.34 14.62 15.02

Competitive Comparison of Credicorp's E10

For the Banks - Regional subindustry, Credicorp'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.


Credicorp's Shiller PE Ratio Distribution in the Banks Industry

For the Banks industry and Financial Services sector, Credicorp's Shiller PE Ratio distribution charts can be found below:

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



Credicorp 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, Credicorp's adjusted earnings per share data for the three months ended in Sep. 2024 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2024 (Change)*Current CPI (Sep. 2024)
=5.171/133.0289*133.0289
=5.171

Current CPI (Sep. 2024) = 133.0289.

Credicorp Quarterly Data

per share eps CPI Adj_EPS
201412 1.674 99.070 2.248
201503 2.720 99.621 3.632
201506 2.531 100.684 3.344
201509 2.728 100.392 3.615
201512 2.472 99.792 3.295
201603 2.690 100.470 3.562
201606 2.955 101.688 3.866
201609 3.211 101.861 4.194
201612 3.025 101.863 3.951
201703 3.006 102.862 3.888
201706 3.111 103.349 4.004
201709 4.117 104.136 5.259
201712 3.596 104.011 4.599
201803 3.508 105.290 4.432
201806 3.305 106.317 4.135
201809 3.418 106.507 4.269
201812 3.245 105.998 4.073
201903 3.731 107.251 4.628
201906 3.713 108.070 4.571
201909 3.694 108.329 4.536
201912 3.288 108.420 4.034
202003 0.707 108.902 0.864
202006 -2.106 108.767 -2.576
202009 0.355 109.815 0.430
202012 2.217 109.897 2.684
202103 3.842 111.754 4.573
202106 2.371 114.631 2.752
202109 3.945 115.734 4.535
202112 3.585 117.630 4.054
202203 3.973 121.301 4.357
202206 3.874 125.017 4.122
202209 4.484 125.227 4.763
202212 3.634 125.222 3.861
202303 4.694 127.348 4.903
202306 4.750 128.729 4.909
202309 4.197 129.860 4.299
202312 2.855 129.419 2.935
202403 5.128 131.776 5.177
202406 4.552 132.554 4.568
202409 5.171 133.029 5.171

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


Credicorp  (LIM:BAP) 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.

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

Shiller PE Ratio=Share Price/E10
=192.00/15.02
=12.78

* 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 Credicorp was 31.82. The lowest was 8.75. And the median was 18.23.


Be Aware

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


Credicorp E10 Related Terms

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


Credicorp Business Description

Traded in Other Exchanges
Address
Calle Centenario 156, La Molina, Lima, PER, 12
Credicorp Ltd is a Peruvian financial services company. It operates in four business lines including Universal Banking, Insurance and Pensions, Microfinance, and Investment Management & Advisory. Its subsidiaries include Banco de Credito del Peru, Prima AFP, and Credicorp Capital.