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As of today, Apple Inc's current share price is $517.96. Apple Inc's E10 for the quarter that ended in Dec. 2013 was $26.72. Apple Inc's Shiller P/E Ratio for today is 19.10.
During the past 13 years, Apple Inc's highest Shiller P/E Ratio was 140.31. The lowest was 16.97. And the median was 41.50.
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.
Apple Inc's adjusted earnings per share data for the three months ended in Dec. 2013 was $14.715. Since most companies do not have as long as 10 years history, here we use 6 years to calculate. Add all the adjusted EPS for the past 6 years together and divide 6 will get our E10, which is $26.72 for the trailing six years ended in Dec. 2013.
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.
Apple Inc's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Apple Inc's E10 for the fiscal year that ended in Sep13 is calculated as:
For example, Apple Inc's adjusted earnings per share data for the three months ended in Dec. 2013 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Dec. 2013||*||CPI of Current|
Since most companies do not have as long as 10 years history, here we use 6 years to calculate:
Current CPI = 236.511.
Apple Inc Quarterly Data
|per share eps||7.049||13.870||12.300||9.320||8.673||13.810||10.090||7.470||8.263||14.500|
|per share eps||1.790||2.010||2.769||3.670||3.330||3.510||4.638||6.430||6.400||7.790|
|per share eps||1.160||1.190||2.674||2.500|
Add all the adjusted EPS together and divide 6 will get our E10.
Compared with the regular P/E ratio, which works poorly for cyclical businesses, the Shiller P/E smoothed out the fluctuations of profit margins during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Shiller P/E should give similar results to regular P/E.
Compared with the P/S ratio, the Shiller P/E makes the comparison between different industries more meaningful.
The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a companys business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.
Apple Inc Annual Data
Apple Inc Quarterly Data