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

As of today, Apartment Investment & Management Company's current share price is $33.73. Apartment Investment & Management Company's E10 for the quarter that ended in Mar. 2014 was $0.72. Apartment Investment & Management Company's Shiller P/E Ratio for today is 46.80.

AIV' s 10-Year Shiller P/E Ratio Range
Min: 4.31   Max: 144.58
Current: 46.8

4.31
144.58

During the past 13 years, Apartment Investment & Management Company's highest Shiller P/E Ratio was 144.58. The lowest was 4.31. And the median was 55.26.

AIV's Shiller P/E Ratiois ranked higher than
84% of the 690 Companies
in the Global REIT - Residential industry.

( Industry Median: 9999.00 vs. AIV: 46.80 )

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 Mar. 2014 was $0.446. 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 $0.72 for the trailing six years ended in Mar. 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
=33.73/0.72
=46.85

* 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 Dec13 is calculated as:

For example, Apartment Investment & Management Company's adjusted earnings per share data for the three months ended in Mar. 2014 was:

Adj_EPS=Earnigns per Share/CPI of Mar. 2014*CPI of Current
=0.44/236.293*239.556
=0.446

Since most companies do not have as long as 10 years history, here we use 6 years to calculate:

Current CPI = 239.556.

Apartment Investment & Management Company Quarterly Data

201112201203201206201209201212201303201306201309201312201403
per share eps -0.194-0.0900.0000.1700.4690.0300.0700.4600.8390.440
CPI 225.672229.392229.478231.407229.601232.773233.504234.149233.049236.293
Adj_EPS -0.206-0.0940.0000.1760.4890.0310.0720.4710.8620.446
200906200909200912201003201006201009201012201103201106201109
per share eps -0.260-0.350-0.061-0.350-0.150-0.250-0.329-0.270-0.280-0.120
CPI 215.693215.969215.949217.631217.965218.439219.179223.467225.722226.889
Adj_EPS -0.289-0.388-0.068-0.385-0.165-0.274-0.360-0.289-0.297-0.127
200806200809200812200903
per share eps 2.7601.810-0.027-0.330
CPI 218.815218.783210.228212.709
Adj_EPS 3.0221.982-0.031-0.372

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

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
ShillerPE 45.9449.8665.6744.149.0316.8061.0070.15112.7347.12

Apartment Investment & Management Company Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
ShillerPE 70.15134.260.0087.81112.73133.41127.2077.2647.1241.96
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