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Shell (MEX:SHEL N) E10 : MXN40.18 (As of Mar. 2025)


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What is Shell 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.

Shell's adjusted earnings per share data for the three months ended in Mar. 2025 was MXN16.162. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is MXN40.18 for the trailing ten years ended in Mar. 2025.

During the past 12 months, Shell's average E10 Growth Rate was 1.90% per year. During the past 3 years, the average E10 Growth Rate was 9.30% per year. During the past 10 years, the average E10 Growth Rate was -4.70% 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 Shell was 9.30% per year. The lowest was -11.80% per year. And the median was -6.15% per year.

As of today (2025-07-05), Shell's current stock price is MXN674.00. Shell's E10 for the quarter that ended in Mar. 2025 was MXN40.18. Shell's Shiller PE Ratio of today is 16.77.

During the past 13 years, the highest Shiller PE Ratio of Shell was 19.51. The lowest was 5.84. And the median was 13.23.


Shell E10 Historical Data

The historical data trend for Shell'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.

Shell E10 Chart

Shell 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 - - 35.07 32.47 41.86

Shell 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 32.00 33.06 42.62 41.86 40.18

Competitive Comparison of Shell's E10

For the Oil & Gas Integrated subindustry, Shell'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.


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

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

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


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Shell 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, Shell'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)
=16.162/136.1000*136.1000
=16.162

Current CPI (Mar. 2025) = 136.1000.

Shell Quarterly Data

per share eps CPI Adj_EPS
201506 9.728 100.100 13.227
201509 -19.771 100.200 -26.855
201512 2.579 100.400 3.496
201603 1.205 100.400 1.633
201606 2.774 101.000 3.738
201609 3.287 101.500 4.407
201612 3.917 102.200 5.216
201703 8.096 102.700 10.729
201706 3.434 103.500 4.516
201709 9.074 104.300 11.841
201712 9.034 105.000 11.710
201803 12.717 105.100 16.468
201806 14.148 105.900 18.183
201809 13.093 106.600 16.716
201812 13.155 107.100 16.717
201903 14.161 107.000 18.012
201906 7.107 107.900 8.964
201909 14.412 108.400 18.095
201912 2.263 108.500 2.839
202003 -0.072 108.600 -0.090
202006 -53.781 108.800 -67.276
202009 1.325 109.200 1.651
202012 -10.344 109.400 -12.869
202103 14.718 109.700 18.260
202106 8.759 111.400 10.701
202109 -1.234 112.400 -1.494
202112 30.361 114.700 36.026
202203 18.517 116.500 21.632
202206 48.283 120.500 54.534
202209 18.506 122.300 20.594
202212 28.464 125.300 30.917
202303 22.531 126.800 24.184
202306 7.886 129.400 8.294
202309 18.290 130.100 19.134
202312 1.188 130.500 1.239
202403 18.754 131.600 19.395
202406 10.076 133.000 10.311
202409 13.389 133.500 13.650
202412 3.128 135.100 3.151
202503 16.162 136.100 16.162

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


Shell  (MEX:SHEL N) 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.

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

Shiller PE Ratio=Share Price/E10
=674.00/40.18
=16.77

* 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 Shell was 19.51. The lowest was 5.84. And the median was 13.23.


Be Aware

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


Shell E10 Related Terms

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


Shell Business Description

Address
Shell Centre, London, GBR, SE1 7NA
Shell is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2023, it produced 1.5 million barrels of liquids and 7.3 billion cubic feet of natural gas per day. At end-2023, reserves stood at 9.6 billion barrels of oil equivalent, 49% of which, consisted of liquids. Its production and reserves are in Europe, Asia, Oceania, Africa, and North and South America. The company operates refineries with capacity of 1.6 mmb/d located in the Americas, Asia, Africa, and Europe and sells about 12 million tons per year of chemicals. Its largest chemical plants, often integrated with its local refineries, are in Central Europe, China, Singapore, and North America.

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