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PennyMac Financial Services (FRA:1AC) Cyclically Adjusted Book per Share : €33.15 (As of Dec. 2023)


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What is PennyMac Financial Services Cyclically Adjusted Book per Share?

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

PennyMac Financial Services's adjusted book value per share for the three months ended in Dec. 2023 was €64.666. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €33.15 for the trailing ten years ended in Dec. 2023.

During the past 12 months, PennyMac Financial Services's average Cyclically Adjusted Book Growth Rate was 22.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

As of today (2024-05-01), PennyMac Financial Services's current stock price is €80.50. PennyMac Financial Services's Cyclically Adjusted Book per Share for the quarter that ended in Dec. 2023 was €33.15. PennyMac Financial Services's Cyclically Adjusted PB Ratio of today is 2.43.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of PennyMac Financial Services was 3.23. The lowest was 1.47. And the median was 2.14.


PennyMac Financial Services Cyclically Adjusted Book per Share Historical Data

The historical data trend for PennyMac Financial Services's Cyclically Adjusted Book per Share can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

PennyMac Financial Services Cyclically Adjusted Book per Share Chart

PennyMac Financial Services Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted Book per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - 21.52 28.15 33.15

PennyMac Financial Services Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted Book per Share Get a 7-Day Free Trial 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 28.67 31.10 33.83 33.15 -

Competitive Comparison of PennyMac Financial Services's Cyclically Adjusted Book per Share

For the Mortgage Finance subindustry, PennyMac Financial Services's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* 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. Note that "N/A" values will not show up in the chart.


PennyMac Financial Services's Cyclically Adjusted PB Ratio Distribution in the Banks Industry

For the Banks industry and Financial Services sector, PennyMac Financial Services's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where PennyMac Financial Services's Cyclically Adjusted PB Ratio falls into.



PennyMac Financial Services Cyclically Adjusted Book per Share Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, PennyMac Financial Services's adjusted Book Value per Share data for the three months ended in Dec. 2023 was:

Adj_Book= Book Value per Share /CPI of Dec. 2023 (Change)*Current CPI (Dec. 2023)
=64.666/129.4194*129.4194
=64.666

Current CPI (Dec. 2023) = 129.4194.

PennyMac Financial Services Quarterly Data

Book Value per Share CPI Adj_Book
201403 6.111 99.695 7.933
201406 6.590 100.560 8.481
201409 7.347 100.428 9.468
201412 8.042 99.070 10.506
201503 9.597 99.621 12.468
201506 9.836 100.684 12.643
201509 10.402 100.392 13.410
201512 11.305 99.792 14.661
201603 11.309 100.470 14.568
201606 11.827 101.688 15.052
201609 12.838 101.861 16.311
201612 14.682 101.863 18.654
201703 14.971 102.862 18.836
201706 14.600 103.349 18.283
201709 14.430 104.136 17.934
201712 16.857 104.011 20.975
201803 16.823 105.290 20.678
201806 18.137 106.317 22.078
201809 18.396 106.507 22.354
201812 18.759 105.998 22.904
201903 19.224 107.251 23.198
201906 20.106 108.070 24.078
201909 22.130 108.329 26.438
201912 23.631 108.420 28.208
202003 27.018 108.902 32.108
202006 30.425 108.767 36.202
202009 35.380 109.815 41.696
202012 39.293 109.897 46.273
202103 43.497 111.754 50.373
202106 45.228 114.631 51.063
202109 49.300 115.734 55.130
202112 53.198 117.630 58.530
202203 56.467 121.301 60.246
202206 61.854 125.017 64.032
202209 68.944 125.227 71.252
202212 65.548 125.222 67.745
202303 64.362 127.348 65.409
202306 64.401 128.729 64.747
202309 67.055 129.860 66.828
202312 64.666 129.419 64.666

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.


PennyMac Financial Services  (FRA:1AC) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

PennyMac Financial Services's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio=Share Price/Cyclically Adjusted Book per Share
=80.50/33.15
=2.43

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of PennyMac Financial Services was 3.23. The lowest was 1.47. And the median was 2.14.


Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.


PennyMac Financial Services Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of PennyMac Financial Services's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.


PennyMac Financial Services (FRA:1AC) Business Description

Traded in Other Exchanges
Address
3043 Townsgate Road, Suite 200, Westlake Village, CA, USA, 91361
PennyMac Financial Services Inc is a United States-based financial services company primarily engaged in mortgage lending. The company operates through three segments: production, servicing, and investment management. The company's production and servicing segment together form the mortgage banking business that includes mortgage loan origination, acquisition, and sale activities; while the investment management segment includes investment manager's activities, such as performing diligence, and managing acquired assets. The company generates the majority of revenue from its mortgage banking business.

PennyMac Financial Services (FRA:1AC) Headlines

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