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Morgan Stanley (NYSE:MS)
Shiller PE Ratio
26.53 (As of Today)

As of today, Morgan Stanley's current share price is $44.31. Morgan Stanley's E10 for the quarter that ended in Dec. 2016 was $1.67. Morgan Stanley's Shiller P/E Ratio for today is 26.53.

MS' s Shiller PE Ratio Range Over the Past 10 Years
Min: 2   Max: 28.04
Current: 26.52

2
28.04

During the past 13 years, Morgan Stanley's highest Shiller P/E Ratio was 28.04. The lowest was 2.00. And the median was 9.74.

MS's Shiller PE Ratio is ranked lower than
53% of the 93 Companies
in the Global Capital Markets industry.

( Industry Median: 25.07 vs. MS: 26.52 )

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.

Morgan Stanley's adjusted earnings per share data for the three months ended in Dec. 2016 was $0.810. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $1.67 for the trailing ten years ended in Dec. 2016.


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.

Morgan Stanley's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/E10
=44.31/1.67
=26.53

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Morgan Stanley's E10 for the fiscal year that ended in Dec16 is calculated as:

For example, Morgan Stanley's adjusted earnings per share data for the three months ended in Dec. 2016 was:

Adj_EPS=Earnigns per Share/CPI of Dec. 2016 (Change)*Current CPI (Dec. 2016)
=0.81/241.432*241.432
=0.810

Current CPI (Dec. 2016) = 241.432.

Morgan Stanley Quarterly Data

201412201503201506201509201512201603201606201609201612201703
per share eps -0.9001.1800.8500.4800.3900.5500.7500.8100.8101.000
CPI 234.812236.119238.638237.945236.525238.132241.018241.428241.432243.985
Adj_EPS -0.9251.2070.8600.4870.3980.5580.7510.8100.8100.990
201206201209201212201303201306201309201312201403201406201409
per share eps 0.290-0.5500.3000.4800.4100.4500.0200.7400.9200.830
CPI 229.478231.407229.601232.773233.504234.149233.049236.293238.343238.031
Adj_EPS 0.305-0.5740.3150.4980.4240.4640.0210.7560.9320.842
200912201003201006201009201012201103201106201109201112201203
per share eps 0.3600.9901.090-0.0700.4200.500-0.3801.150-0.220-0.060
CPI 215.949217.631217.965218.439219.179223.467225.722226.889225.672229.392
Adj_EPS 0.4021.0981.207-0.0770.4630.540-0.4061.224-0.235-0.063
200705200708200711200802200805200808200811200903200906200909
per share eps 2.4501.440-3.6001.4500.9501.320-2.290-0.570-1.1000.380
CPI 207.949207.917210.177211.693216.632219.086212.425212.709215.693215.969
Adj_EPS 2.8441.672-4.1351.6541.0591.455-2.603-0.647-1.2310.425

Add all the adjusted EPS together and divide 10 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 local exchange's currency.

Morgan Stanley Annual Data

Nov07Nov08Dec09Dec10Dec11Dec12Dec13Dec14Dec15Dec16
ShillerPE 11.793.437.907.874.646.4311.4916.1114.6925.29

Morgan Stanley Quarterly Data

Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16Dec16Mar17
ShillerPE 16.1114.9316.2113.1214.6912.2313.3217.5925.290.00
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