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Apartment Investment & Management Company (NYSE:AIV)
Shiller P/E Ratio
281.29 (As of Today)

As of today, Apartment Investment & Management Company's current share price is $39.38. Apartment Investment & Management Company's E10 for the quarter that ended in Dec. 2014 was $0.14. Apartment Investment & Management Company's Shiller P/E Ratio for today is 281.29.

AIV' s 10-Year Shiller P/E Ratio Range
Min: 4.24   Max: 294.21
Current: 274.92

4.24
294.21

During the past 13 years, Apartment Investment & Management Company's highest Shiller P/E Ratio was 294.21. The lowest was 4.24. And the median was 57.02.

AIV's Shiller P/E Ratiois ranked higher than
73% of the 935 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.00 vs. AIV: 274.92 )

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.

Apartment Investment & Management Company's adjusted earnings per share data for the three months ended in Dec. 2014 was $0.247. 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 $0.14 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.

Apartment Investment & Management Company's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/E10
=39.38/0.14
=281.29

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

Apartment Investment & Management Company's E10 for the fiscal year that ended in Dec14 is calculated as:

For example, Apartment Investment & Management Company'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
=0.248/234.812*233.808
=0.247

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

Current CPI = 233.808.

Apartment Investment & Management Company Quarterly Data

201209201212201303201306201309201312201403201406201409201412
per share eps 0.1700.4690.0300.0700.4600.8390.4400.5100.8500.248
CPI 231.407229.601232.773233.504234.149233.049236.293238.343238.031234.812
Adj_EPS 0.1720.4780.0300.0700.4590.8420.4350.5000.8350.247
201003201006201009201012201103201106201109201112201203201206
per share eps -0.350-0.150-0.250-0.329-0.270-0.280-0.120-0.194-0.0900.000
CPI 217.631217.965218.439219.179223.467225.722226.889225.672229.392229.478
Adj_EPS -0.376-0.161-0.268-0.351-0.282-0.290-0.124-0.201-0.0920.000
200903200906200909200912
per share eps -0.340-0.260-0.350-0.058
CPI 212.709215.693215.969215.949
Adj_EPS -0.374-0.282-0.379-0.063

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.

Apartment Investment & Management Company Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
ShillerPE 53.6971.8847.119.4317.8060.0170.52103.6747.43259.35

Apartment Investment & Management Company Quarterly Data

Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14
ShillerPE 87.43103.67120.90115.5773.7447.4344.0478.03104.31259.35
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