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As of today, Frontline Ltd's current share price is Kr15.20. Frontline Ltd's E10 for the quarter that ended in Sep. 2014 was Kr-8.17. Frontline Ltd's Shiller P/E Ratio for today is .
During the past 13 years, Frontline Ltd's highest Shiller P/E Ratio was 14.18. The lowest was 0.54. And the median was 4.15.
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.
Frontline Ltd's adjusted earnings per share data for the three months ended in Sep. 2014 was Kr-3.781. 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 Kr-8.17 for the trailing six years ended in Sep. 2014.
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.
Frontline Ltd's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Frontline Ltd's E10 for the fiscal year that ended in Dec13 is calculated as:
For example, Frontline Ltd's adjusted earnings per share data for the three months ended in Sep. 2014 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Sep. 2014||*||CPI of Current|
Since most companies do not have as long as 10 years history, GuruFocus uses 6 years to do the calculation.
Current CPI = 235.51.
Frontline Ltd Quarterly Data
|per share eps||-9.277||-3.621||-1.197||-1.387||-9.059||-2.738||-0.736||-0.778||-4.909||-3.822|
|per share eps||0.289||6.036||6.753||0.970||-0.910||1.117||-2.446||-11.966||-25.965||0.514|
|per share eps||4.993||6.667||2.308||-0.414|
Add all the adjusted EPS together and divide 6 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.
Frontline Ltd Annual Data
Frontline Ltd Quarterly Data