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As of today, Zions Bancorp's current share price is $27.61. Zions Bancorp's E10 for the quarter that ended in Dec. 2014 was $-1.49. Zions Bancorp's Shiller P/E Ratio for today is .
During the past 13 years, Zions Bancorp's highest Shiller P/E Ratio was 312.00. The lowest was 2.42. And the median was 18.55.
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. 2014 was $0.331. 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 $-1.49 for the trailing six years ended in Dec. 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.
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 Dec14 is calculated as:
For example, Zions Bancorp's adjusted earnings per share data for the three months ended in Dec. 2014 was:
|Adj_EPS||=||Earnigns per Share||/||CPI of Dec. 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 = 236.818.
Zions Bancorp Quarterly Data
|per share eps||0.194||0.480||0.300||1.120||-0.323||0.410||0.560||0.400||0.328||0.370|
|per share eps||-0.840||-0.470||-0.619||0.080||0.160||0.350||0.243||0.140||0.300||0.340|
|per share eps||-0.350||-1.410||-1.157||-0.570|
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.
Zions Bancorp Annual Data
Zions Bancorp Quarterly Data