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

As of today, Apartment Investment & Management Company's current share price is $30.35. Apartment Investment & Management Company's E10 for the quarter that ended in Dec. 2013 was $0.54. Apartment Investment & Management Company's Shiller P/E Ratio for today is 55.70.

AIV' s 10-Year Shiller P/E Ratio Range
Min: 4.28   Max: 144.58
Current: 55.7

4.28
144.58

During the past 13 years, Apartment Investment & Management Company's highest Shiller P/E Ratio was 144.58. The lowest was 4.28. And the median was 55.41.

AIV's Shiller P/E Ratiois ranked lower than
61% of the 300 Companies
in the Global REIT - Residential industry.

( Industry Median: 30.40 vs. AIV: 55.70 )

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. 2013 was $0.851. 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 $0.54 for the trailing six years ended in Dec. 2013.


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
=30.35/0.54
=56.20

* 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 Dec. 2013 was:

Adj_EPS=Earnigns per Share/CPI of Dec. 2013*CPI of Current
=0.839/233.049*236.511
=0.851

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

Current CPI = 236.511.

Apartment Investment & Management Company Quarterly Data

201109201112201203201206201209201212201303201306201309201312
per share eps -0.120-0.194-0.0900.0000.1700.4690.0300.0700.4600.839
CPI 226.889225.672229.392229.478231.407229.601232.773233.504234.149233.049
Adj_EPS -0.125-0.203-0.0930.0000.1740.4830.0300.0710.4650.851
200903200906200909200912201003201006201009201012201103201106
per share eps -0.340-0.260-0.350-0.058-0.350-0.150-0.250-0.329-0.270-0.280
CPI 212.709215.693215.969215.949217.631217.965218.439219.179223.467225.722
Adj_EPS -0.378-0.285-0.383-0.064-0.380-0.163-0.271-0.355-0.286-0.293
200803200806200809200812
per share eps -0.3001.9401.3501.030
CPI 213.528218.815218.783210.228
Adj_EPS -0.3322.0971.4591.159

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 50.2654.2272.6248.129.4917.9560.2771.00104.3347.57

Apartment Investment & Management Company Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
ShillerPE 62.4971.00136.380.0087.97104.33122.89116.3374.0847.57
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