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Macerich Co  (NYSE:MAC) Shiller PE Ratio: 14.21 (As of Today)

As of today, Macerich Co's current share price is USD 40.65. Macerich Co's E10 for the quarter that ended in Mar. 2019 was USD 2.86. Macerich Co's Shiller P/E Ratio for today is 14.21.

NYSE:MAC' s Shiller PE Ratio Range Over the Past 10 Years
Min: 2.8   Max: 43.21
Current: 14.2

2.8
43.21

During the past years, Macerich Co's highest Shiller P/E Ratio was 43.21. The lowest was 2.80. And the median was 26.29.

NYSE:MAC's Shiller PE Ratio is ranked higher than
61% of the 233 Companies
in the Global industry.

( Industry Median: 23.55 vs. NYSE:MAC: 14.20 )

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.

Macerich Co's adjusted earnings per share data for the three months ended in Mar. 2019 was USD 0.050. Add all the adjusted EPS for the past 10 years together and divide 10 will get our E10, which is USD 2.86 for the trailing ten years ended in Mar. 2019.


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Macerich Co Annual Data

Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Shiller PE Ratio Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 31.34 27.79 24.12 22.04 15.33

Macerich Co Quarterly Data

Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19
Shiller PE Ratio Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 19.53 19.75 18.88 15.33 15.14

Competitive Comparison
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap.


Macerich Co Distribution

* The bar in red indicates where Macerich Co's Shiller PE Ratio falls into.



Calculation

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.

Macerich Co's Shiller P/E Ratio for today is calculated as

Shiller P/E Ratio=Share Price/ E10
=40.65/2.86
=14.21

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Macerich Co's E10 for the fiscal year that ended in Dec18 is calculated as:

For example, Macerich Co's adjusted earnings per share data for the three months ended in Mar. 2019 was:

Adj_EPS=Earnings per Share (Diluted)/CPI of Mar. 2019 (Change)*Current CPI (Mar. 2019)
=0.05/254.202*254.202
=0.050

Current CPI (Mar. 2019) = 254.202.

Macerich Co Quarterly Data

per_share_eps CPI Adj_EPS
200906 -0.290 215.693 -0.342
200909 1.750 215.969 2.060
200912 -0.260 215.949 -0.306
201003 -0.080 217.631 -0.093
201006 -0.010 217.965 -0.012
201009 0.060 218.439 0.070
201012 0.176 219.179 0.204
201103 0.000 223.467 0.000
201106 -0.150 225.722 -0.169
201109 0.100 226.889 0.112
201112 1.240 225.672 1.397
201203 -0.110 229.392 -0.122
201206 1.000 229.478 1.108
201209 0.330 231.407 0.363
201212 1.267 229.601 1.403
201303 0.130 232.773 0.142
201306 1.570 233.504 1.709
201309 0.270 234.149 0.293
201312 1.030 233.049 1.123
201403 0.130 236.293 0.140
201406 0.110 238.343 0.117
201409 0.250 238.031 0.267
201412 9.034 234.812 9.780
201503 0.150 236.119 0.161
201506 0.090 238.638 0.096
201509 0.210 237.945 0.224
201512 2.687 236.525 2.888
201603 2.760 238.132 2.946
201606 0.310 241.018 0.327
201609 0.090 241.428 0.095
201612 0.258 241.432 0.272
201703 0.480 243.801 0.500
201706 0.190 244.955 0.197
201709 0.120 246.819 0.124
201712 0.232 246.524 0.239
201803 -0.240 249.554 -0.244
201806 0.050 251.989 0.050
201809 0.520 252.439 0.524
201812 0.083 251.233 0.084
201903 0.050 254.202 0.050

Add all the adjusted EPS together and divide 10 will get our .


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.


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