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

As of today, Air T Inc's current share price is $20.15. Air T Inc's E10 for the quarter that ended in Dec. 2014 was $1.04. Air T Inc's Shiller P/E Ratio for today is 19.38.

AIRT' s 10-Year Shiller P/E Ratio Range
Min: 5.38   Max: 107.75
Current: 19.47

5.38
107.75

During the past 13 years, Air T Inc's highest Shiller P/E Ratio was 107.75. The lowest was 5.38. And the median was 10.93.

AIRT's Shiller P/E Ratiois ranked higher than
87% of the 1502 Companies
in the Global Integrated Shipping & Logistics industry.

( Industry Median: 166.73 vs. AIRT: 19.47 )

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 Dec. 2014 was $0.616. 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 $1.04 for the trailing six years ended in Dec. 2014.


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
=20.15/1.04
=19.38

* 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 Mar14 is calculated as:

For example, Air T Inc's adjusted earnings per share data for the three months ended in Dec. 2014 was:

Adj_EPS=Earnigns per Share/CPI of Dec. 2014*CPI of Current
=0.61/234.812*237.167
=0.616

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

Current CPI = 237.167.

Air T Inc Quarterly Data

201209201212201303201306201309201312201403201406201409201412
per share eps 0.0900.2600.1590.0600.1800.1900.1770.0300.7700.610
CPI 231.407229.601232.773233.504234.149233.049236.293238.343238.031234.812
Adj_EPS 0.0920.2690.1620.0610.1820.1930.1780.0300.7670.616
201003201006201009201012201103201106201109201112201203201206
per share eps 0.2200.1200.2200.2400.2830.0700.2400.2400.0040.170
CPI 217.631217.965218.439219.179223.467225.722226.889225.672229.392229.478
Adj_EPS 0.2400.1310.2390.2600.3000.0740.2510.2520.0040.176
200903200906200909200912
per share eps 0.3060.4600.3500.510
CPI 212.709215.693215.969215.949
Adj_EPS 0.3410.5060.3840.560

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

Mar05Mar06Mar07Mar08Mar09Mar10Mar11Mar12Mar13Mar14
ShillerPE 48.6923.9914.4113.815.239.067.317.527.8011.18

Air T Inc Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
ShillerPE 6.736.737.808.709.5210.5811.1813.1512.7924.70
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