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SM Investments (PHS:SM) E10 : ₱42.79 (As of Sep. 2024)


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What is SM Investments 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.

SM Investments's adjusted earnings per share data for the three months ended in Sep. 2024 was ₱16.930. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is ₱42.79 for the trailing ten years ended in Sep. 2024.

During the past 12 months, SM Investments's average E10 Growth Rate was 12.30% per year. During the past 3 years, the average E10 Growth Rate was 12.80% per year. During the past 5 years, the average E10 Growth Rate was 9.80% 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 SM Investments was 12.80% per year. The lowest was 7.20% per year. And the median was 8.30% per year.

As of today (2025-03-16), SM Investments's current stock price is ₱808.00. SM Investments's E10 for the quarter that ended in Sep. 2024 was ₱42.79. SM Investments's Shiller PE Ratio of today is 18.88.

During the past 13 years, the highest Shiller PE Ratio of SM Investments was 52.03. The lowest was 17.88. And the median was 33.49.


SM Investments E10 Historical Data

The historical data trend for SM Investments'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.

SM Investments E10 Chart

SM Investments 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 26.57 27.00 29.98 34.30 38.72

SM Investments 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 38.11 38.72 40.24 41.60 42.79

Competitive Comparison of SM Investments's E10

For the Department Stores subindustry, SM Investments'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.


SM Investments's Shiller PE Ratio Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, SM Investments's Shiller PE Ratio distribution charts can be found below:

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



SM Investments 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, SM Investments'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)
=16.93/133.0289*133.0289
=16.930

Current CPI (Sep. 2024) = 133.0289.

SM Investments Quarterly Data

per share eps CPI Adj_EPS
201412 8.500 99.070 11.414
201503 5.640 99.621 7.531
201506 5.647 100.684 7.461
201509 5.070 100.392 6.718
201512 7.461 99.792 9.946
201603 5.900 100.470 7.812
201606 6.730 101.688 8.804
201609 5.640 101.861 7.366
201612 7.620 101.863 9.951
201703 6.390 102.862 8.264
201706 7.390 103.349 9.512
201709 5.980 104.136 7.639
201712 7.580 104.011 9.695
201803 7.030 105.290 8.882
201806 7.990 106.317 9.997
201809 6.710 106.507 8.381
201812 9.050 105.998 11.358
201903 8.870 107.251 11.002
201906 10.260 108.070 12.630
201909 8.320 108.329 10.217
201912 9.550 108.420 11.718
202003 7.480 108.902 9.137
202006 -1.590 108.767 -1.945
202009 6.740 109.815 8.165
202012 7.199 109.897 8.714
202103 7.860 111.754 9.356
202106 8.820 114.631 10.236
202109 6.410 115.734 7.368
202112 9.775 117.630 11.055
202203 10.790 121.301 11.833
202206 12.220 125.017 13.003
202209 12.470 125.227 13.247
202212 15.400 125.222 16.360
202303 14.160 127.348 14.792
202306 15.740 128.729 16.266
202309 15.830 129.860 16.216
202312 17.270 129.419 17.752
202403 15.050 131.776 15.193
202406 17.850 132.554 17.914
202409 16.930 133.029 16.930

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


SM Investments  (PHS:SM) 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.

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

Shiller PE Ratio=Share Price/E10
=808.00/42.79
=18.88

* 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 SM Investments was 52.03. The lowest was 17.88. And the median was 33.49.


Be Aware

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


SM Investments E10 Related Terms

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


SM Investments Business Description

Traded in Other Exchanges
Address
OneE-Com Center, Harbor Drive, Mall of Asia Complex, CBP-1A, 10th Floor, Pasay, PHL, 1300
SM Investments Corp is a Philippines conglomerate with operations in retail, banking, property, and Portfolio investments. The retail division operates department stores and food retail stores. The property division is mainly present in Southeast Asia and is focused on malls, residences, office buildings, resorts, hotels, and convention centers. SM Banking provides financial services through BDO Unibank and China Banking Corporation. China Banking Corporation is servicing emerging companies and small- and medium-scale enterprises. BDO has diverse operations from credit cards, insurance, and leasing to investment banking, and asset management. The majority of its revenue comes from the retail segment that engages in the trading of merchandise such as dry goods, wearing apparel, and others.