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

As of today, M&T Bank Corp's current share price is $121.54. M&T Bank Corp's E10 for the quarter that ended in Dec. 2013 was $6.35. M&T Bank Corp's Shiller P/E Ratio for today is 19.30.

MTB' s 10-Year Shiller P/E Ratio Range
Min: 5.09   Max: 24.43
Current: 19.3

5.09
24.43

During the past 13 years, M&T Bank Corp's highest Shiller P/E Ratio was 24.43. The lowest was 5.09. And the median was 16.94.

MTB's Shiller P/E Ratiois ranked higher than
59% of the 841 Companies
in the Global Banks - Regional - US industry.

( Industry Median: 16.71 vs. MTB: 19.30 )

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 Dec. 2013 was $1.735. 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 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.

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

Shiller P/E Ratio=Share Price/E10
=121.54/6.35
=19.14

* 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 Dec. 2013 was:

Adj_EPS=Earnigns per Share/CPI of Dec. 2013*CPI of Current
=1.71/233.049*236.511
=1.735

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

Current CPI = 236.511.

M&T Bank Corp Quarterly Data

201109201112201203201206201209201212201303201306201309201312
per share eps 1.3201.6651.5001.7102.1702.3341.9802.5502.1101.710
CPI 226.889225.672229.392229.478231.407229.601232.773233.504234.149233.049
Adj_EPS 1.3761.7451.5471.7622.2182.4042.0122.5832.1311.735
200903200906200909200912201003201006201009201012201103201106
per share eps 0.4900.3600.9701.0241.1501.4601.4801.5871.5902.420
CPI 212.709215.693215.969215.949217.631217.965218.439219.179223.467225.722
Adj_EPS 0.5450.3951.0621.1221.2501.5841.6021.7121.6832.536
200803200806200809200812
per share eps 1.8201.4400.8200.917
CPI 213.528218.815218.783210.228
Adj_EPS 2.0161.5560.8861.032

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 23.2120.6420.4412.688.9911.1314.7212.8116.5318.33

M&T Bank Corp Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
ShillerPE 11.5012.8114.5213.9615.9116.5317.0518.1218.1218.33
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