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.
CEZ AS's adjusted earnings per share data for the three months ended in Mar. 2026 was zł4.363. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is zł8.82 for the trailing ten years ended in Mar. 2026.
During the past 12 months, CEZ AS's average E10 Growth Rate was 2.20% per year.
During the past 3 years, the average E10 Growth Rate was 0.60% per year.
During the past 5 years, the average E10 Growth Rate was 2.70% 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 CEZ AS was 5.70% per year. The lowest was -9.00% per year. And the median was 0.60% per year.
As of today (2026-06-27), CEZ AS's current stock price is zł213.60. CEZ AS's E10 for the quarter that ended in Mar. 2026 was zł8.82. CEZ AS's Shiller PE Ratio of today is 24.22.
During the past 13 years, the highestShiller PE Ratio of CEZ AS was 26.86. The lowest was 6.94. And the median was 18.19.
CEZ AS (WAR:CEZ) 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.
CEZ AS's Shiller P/E Ratio of today is calculated as
* 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 CEZ AS was 26.86. The lowest was 6.94. And the median was 18.19.
Be Aware
Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.
CEZ AS E10 Related Terms
CEZ AS E10 Historical Data
* Premium members only.
The historical data trend for CEZ AS'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.
For the Utilities - Regulated Electric subindustry, CEZ AS'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.
CEZ AS Shiller PE Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, CEZ AS's Shiller PE Ratio distribution charts can be found below:
* The bar in red indicates where CEZ AS's Shiller PE Ratio falls into.
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, CEZ AS's adjusted earnings per share data for the three months ended in Mar. 2026 was:
CEZ AS (WAR:CEZ) has a E10 of zł8.82 as of Mar. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on CEZ AS and its competitors.
Is CEZ AS's E10 too high?
CEZ AS's current E10 is zł8.82. Overall, CEZ AS has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CEZ AS's E10 compare to NEE and SO?
CEZ AS's E10 of zł8.82 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 CEZ AS and its competitors. CEZ AS's current E10 is zł8.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CEZ AS stock overvalued right now?
Based on GuruFocus' analysis, CEZ AS (WAR:CEZ) is currently considered Modestly Overvalued. The stock's GF Value™ is zł188.75, compared to a current price of zł213.60 — trading 13.2% above its estimated fair value. The current E10 is zł8.82. CEZ AS's overall GF Score™ is 85/100 with 6 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 CEZ AS (WAR:CEZ), the current E10 is zł8.82 as of Mar. 2026. 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 CEZ AS (WAR:CEZ) Overvalued in 2026?
Based on GuruFocus' analysis, CEZ AS stock appears to be overvalued.
The current stock price of zł213.60 is trading 13.2% above its estimated GF Value™ of zł188.75.
GuruFocus considers CEZ AS to be Modestly Overvalued.
Key valuation signals for WAR:CEZ:
E10: zł8.82
GF Value™: zł188.75 vs. price of zł213.60 (13.2% above fair value)
No single metric tells the full story. See the WAR:CEZ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CEZ AS is a Czech energy company of which the government of the Czech Republic is the majority shareholder. The core business of the company is the generation, distribution, trade, and sale of electricity and heat, coal mining, trading in commodities and provision of complex energy services, distribution, trade, and sale of natural gas, and the provision of telecommunications services. Total energy production is mainly split between facilities utilizing thermal and nuclear inputs. CEZ segments comprise Generation; Distribution; Sales and Mining. The group operates mainly in Czechia and in Central and Western European markets.
85GF Score
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