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As of today, Zions Bancorp's current share price is $25.93. Zions Bancorp's E10 for the quarter that ended in Dec. 2015 was $0.06. Zions Bancorp's Shiller P/E Ratio for today is 432.17.
During the past 13 years, Zions Bancorp's highest Shiller P/E Ratio was 503.17. The lowest was 2.45. And the median was 15.34.
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.
Zions Bancorp's adjusted earnings per share data for the three months ended in Dec. 2015 was $0.421. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is $0.06 for the trailing ten years ended in Dec. 2015.
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.
Zions Bancorp's Shiller P/E Ratio for today is calculated as
|Shiller P/E Ratio||=||Share Price||/||E10|
Zions Bancorp's E10 for the fiscal year that ended in Dec15 is calculated as:
For example, Zions Bancorp's adjusted earnings per share data for the three months ended in Dec. 2015 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Dec. 2015 (Change)||*||Current CPI (Dec. 2015)|
Current CPI (Dec. 2015) = 236.525.
Zions Bancorp Quarterly Data
|per share eps||-0.339||0.410||0.560||0.400||0.313||0.370||-0.010||0.410||0.421||0.380|
|per share eps||0.160||0.350||0.243||0.140||0.300||0.340||0.194||0.480||0.300||1.120|
|per share eps||-4.365||-7.470||-0.210||-1.430||-1.260||-0.570||-0.840||-0.470||-0.619||0.080|
|per share eps||1.350||1.420||1.318||1.360||1.430||1.220||0.395||0.970||0.650||0.310|
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.
Zions Bancorp Annual Data
Zions Bancorp Quarterly Data