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M&T Bank Corp (NYSE:MTB)
Shiller P/E Ratio
19.57 (As of Today)

As of today, M&T Bank Corp's current share price is $124.20. M&T Bank Corp's E10 for the quarter that ended in Mar. 2014 was $6.35. M&T Bank Corp's Shiller P/E Ratio for today is 19.57.

MTB' s 10-Year Shiller P/E Ratio Range
Min: 5.06   Max: 24.46
Current: 19.57

5.06
24.46

During the past 13 years, M&T Bank Corp's highest Shiller P/E Ratio was 24.46. The lowest was 5.06. And the median was 16.76.

MTB's Shiller P/E Ratiois ranked higher than
84% of the 1833 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 98.15 vs. MTB: 19.57 )

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.

M&T Bank Corp's adjusted earnings per share data for the three months ended in Mar. 2014 was $1.627. 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 $6.35 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.

M&T Bank Corp's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/E10
=124.20/6.35
=19.56

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

M&T Bank Corp's E10 for the fiscal year that ended in Dec13 is calculated as:

For example, M&T Bank Corp'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
=1.61/236.293*238.786
=1.627

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

Current CPI = 238.786.

M&T Bank Corp Quarterly Data

201112201203201206201209201212201303201306201309201312201403
per share eps 1.6651.5001.7102.1702.3341.9802.5502.1101.7101.610
CPI 225.672229.392229.478231.407229.601232.773233.504234.149233.049236.293
Adj_EPS 1.7621.5611.7792.2392.4272.0312.6082.1521.7521.627
200906200909200912201003201006201009201012201103201106201109
per share eps 0.3600.9701.0241.1501.4601.4801.5871.5902.4201.320
CPI 215.693215.969215.949217.631217.965218.439219.179223.467225.722226.889
Adj_EPS 0.3991.0721.1321.2621.5991.6181.7291.6992.5601.389
200806200809200812200903
per share eps 1.4400.8200.9170.490
CPI 218.815218.783210.228212.709
Adj_EPS 1.5710.8951.0420.550

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.

M&T Bank Corp Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
ShillerPE 23.1720.6120.4112.669.0611.1214.7012.8016.5218.33

M&T Bank Corp Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
ShillerPE 12.8014.5113.9515.9016.5217.0418.1118.1118.3319.11
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