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As of today, Nokia Oyj's current share price is $5.86. Nokia Oyj's E10 for the quarter that ended in Mar. 2016 was $0.61. Nokia Oyj's Shiller P/E Ratio for today is 9.61.
During the past 13 years, Nokia Oyj's highest Shiller P/E Ratio was 32.52. The lowest was 1.87. And the median was 9.90.
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.
Nokia Oyj's adjusted earnings per share data for the three months ended in Mar. 2016 was $-0.100. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $0.61 for the trailing ten years ended in Mar. 2016.
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.
Nokia Oyj's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Nokia Oyj's E10 for the fiscal year that ended in Dec15 is calculated as:
For example, Nokia Oyj's adjusted earnings per share data for the three months ended in Mar. 2016 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Mar. 2016 (Change)||*||Current CPI (Mar. 2016)|
Current CPI (Mar. 2016) = 238.132.
Nokia Oyj Quarterly Data
|per share eps||-0.010||-0.089||0.910||0.262||0.128||0.052||0.105||0.046||0.490||-0.100|
|per share eps||-0.144||-0.028||-0.382||-0.464||-0.090||-0.335||0.066||-0.095||-0.079||-0.032|
|per share eps||0.203||0.039||0.182||-0.219||0.379||0.122||0.073||0.183||0.265||0.126|
|per share eps||0.347||0.267||0.410||0.331||0.966||0.556||0.684||0.497||0.451||0.416|
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.
Nokia Oyj Annual Data
Nokia Oyj Quarterly Data