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Air T Inc (NAS:AIRT)
Shiller P/E Ratio
27.65 (As of Today)

As of today, Air T Inc's current share price is $25.71. Air T Inc's E10 for the quarter that ended in Mar. 2015 was $0.93. Air T Inc's Shiller P/E Ratio for today is 27.65.

AIRT' s 10-Year Shiller P/E Ratio Range
Min: 5.33   Max: 107.75
Current: 27.74

5.33
107.75

During the past 13 years, Air T Inc's highest Shiller P/E Ratio was 107.75. The lowest was 5.33. And the median was 10.60.

AIRT's Shiller P/E Ratiois ranked lower than
62% of the 397 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 22.03 vs. AIRT: 27.74 )

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.

Air T Inc's adjusted earnings per share data for the three months ended in Mar. 2015 was $-0.362. 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 $0.93 for the trailing six years ended in Mar. 2015.


Definition

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.

Air T Inc's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/E10
=25.71/0.93
=27.65

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Air T Inc's E10 for the fiscal year that ended in Mar15 is calculated as:

For example, Air T Inc's adjusted earnings per share data for the three months ended in Mar. 2015 was:

Adj_EPS=Earnigns per Share/CPI of Mar. 2015*CPI of Current
=-0.361/236.119*236.959
=-0.362

Since most companies do not have as long as 10 years history, GuruFocus uses 6 years to do the calculation.

Current CPI = 236.959.

Air T Inc Quarterly Data

201212201303201306201309201312201403201406201409201412201503
per share eps 0.2600.1590.0600.1800.1900.1770.0300.7700.610-0.361
CPI 229.601232.773233.504234.149233.049236.293238.343238.031234.812236.119
Adj_EPS 0.2680.1620.0610.1820.1930.1770.0300.7670.616-0.362
201006201009201012201103201106201109201112201203201206201209
per share eps 0.1200.2200.2400.2830.0700.2400.2400.0040.1700.090
CPI 217.965218.439219.179223.467225.722226.889225.672229.392229.478231.407
Adj_EPS 0.1300.2390.2590.3000.0730.2510.2520.0040.1760.092
200906200909200912201003
per share eps 0.4600.3500.5100.220
CPI 215.693215.969215.949217.631
Adj_EPS 0.5050.3840.5600.240

Add all the adjusted EPS together and divide 6 will get our E10.


Explanation

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.


Be Aware

The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a company’s business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.


Related Terms

P/E Ratio, P/B Ratio, P/S Ratio, Price-to-Free-Cash-Flow ratio, E10


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Air T Inc Annual Data

Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14Mar15
ShillerPE 24.0514.4313.825.199.077.317.537.8111.1926.53

Air T Inc Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
ShillerPE 6.747.818.639.5310.5911.1913.0412.8124.7426.53
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