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Morgan Stanley (NYSE:MS)
Shiller P/E Ratio
23.16 (As of Today)

As of today, Morgan Stanley's current share price is \$42.15. Morgan Stanley's E10 for the quarter that ended in Sep. 2016 was \$1.82. Morgan Stanley's Shiller P/E Ratio for today is 23.16.

MS' s Shiller P/E Ratio Range Over the Past 10 Years
Min: 2.01   Max: 24.09
Current: 23.16

2.01
24.09

During the past 13 years, Morgan Stanley's highest Shiller P/E Ratio was 24.09. The lowest was 2.01. And the median was 8.90.

MS's Shiller P/E Ratio is ranked lower than
55% of the 87 Companies
in the Global Capital Markets industry.

( Industry Median: 23.06 vs. MS: 23.16 )

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 Sep. 2016 was \$0.810. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is \$1.82 for the trailing ten years ended in Sep. 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 = 42.15 / 1.82 = 23.16

* 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 Dec15 is calculated as:

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

 Adj_EPS = Earnigns per Share / CPI of Sep. 2016 (Change) * Current CPI (Sep. 2016) = 0.81 / 241.428 * 241.428 = 0.810

Current CPI (Sep. 2016) = 241.428.

Morgan Stanley Quarterly Data

 201406 201409 201412 201503 201506 201509 201512 201603 201606 201609 per share eps 0.92 0.83 -0.9 1.18 0.85 0.48 0.39 0.55 0.75 0.81 CPI 238.343 238.031 234.812 236.119 238.638 237.945 236.525 238.132 241.018 241.428 Adj_EPS 0.932 0.842 -0.925 1.207 0.86 0.487 0.398 0.558 0.751 0.81 201112 201203 201206 201209 201212 201303 201306 201309 201312 201403 per share eps -0.22 -0.06 0.29 -0.55 0.3 0.48 0.41 0.45 0.02 0.74 CPI 225.672 229.392 229.478 231.407 229.601 232.773 233.504 234.149 233.049 236.293 Adj_EPS -0.235 -0.063 0.305 -0.574 0.315 0.498 0.424 0.464 0.021 0.756 200906 200909 200912 201003 201006 201009 201012 201103 201106 201109 per share eps -1.1 0.38 0.36 0.99 1.09 -0.07 0.42 0.5 -0.38 1.15 CPI 215.693 215.969 215.949 217.631 217.965 218.439 219.179 223.467 225.722 226.889 Adj_EPS -1.231 0.425 0.402 1.098 1.207 -0.077 0.463 0.54 -0.406 1.224 200611 200702 200705 200708 200711 200802 200805 200808 200811 200903 per share eps 2.08 2.51 2.45 1.44 -3.6 1.45 0.95 1.32 -2.29 -0.57 CPI 201.5 203.499 207.949 207.917 210.177 211.693 216.632 219.086 212.425 212.709 Adj_EPS 2.492 2.978 2.844 1.672 -4.135 1.654 1.059 1.455 -2.603 -0.647

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

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

 Nov06 Nov07 Nov08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 ShillerPE 14.88 11.84 3.41 7.93 7.90 4.66 6.45 11.42 16.17 14.73

Morgan Stanley Quarterly Data

 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 ShillerPE 12.03 12.92 16.17 14.98 16.26 13.03 14.73 12.15 13.35 17.60
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