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As of today, Frontline Ltd's current share price is $8.24. Frontline Ltd's E10 for the quarter that ended in Dec. 2015 was $12.18. Frontline Ltd's Shiller P/E Ratio for today is 0.68.
During the past 13 years, Frontline Ltd's highest Shiller P/E Ratio was 9.70. The lowest was 0.31. And the median was 2.69.
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.
Frontline Ltd's adjusted earnings per share data for the three months ended in Dec. 2015 was $4.350. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $12.18 for the trailing ten years ended in Dec. 2015.
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.
Frontline Ltd's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Frontline Ltd's E10 for the fiscal year that ended in Dec15 is calculated as:
For example, Frontline Ltd's adjusted earnings per share data for the three months ended in Dec. 2015 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Dec. 2015 (Change)||*||Current CPI (Dec. 2015)|
Current CPI (Dec. 2015) = 236.525.
Frontline Ltd Quarterly Data
|per share eps||-2.300||14.250||-0.650||-4.050||-3.000||7.385||1.250||0.582||0.450||4.350|
|per share eps||1.000||-2.250||-10.650||-22.069||0.450||-7.700||-3.150||-1.064||-1.200||-7.750|
|per share eps||6.950||3.570||4.900||1.800||-0.350||0.251||5.100||5.200||0.800||-1.100|
|per share eps||14.650||4.500||6.600||8.994||10.600||12.550||6.950||13.377||14.750||21.250|
Add all the adjusted EPS together and divide 10 will get our E10.
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.
The Shiller P/E assumes that over the long term, businesses and profitability revert to their means. If a companys business model does not work in the future compared with the past, the Shiller P/E and P/S ratio will give false valuations.
Frontline Ltd Annual Data
Frontline Ltd Quarterly Data