Agnico Eagle Mines (NYSE:AEM) Cyclically Adjusted Book per Share

: $25.72 (As of Sep. 2023)

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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.

Agnico Eagle Mines's adjusted book value per share for the three months ended in Sep. 2023 was $40.183. 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 $25.72 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Agnico Eagle Mines's average Cyclically Adjusted Book Growth Rate was 12.60% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 8.00% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 6.00% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 7.00% 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.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of Agnico Eagle Mines was 17.50% per year. The lowest was -1.20% per year. And the median was 7.70% per year.

As of today (2023-11-29), Agnico Eagle Mines's current stock price is $53.41. Agnico Eagle Mines's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $25.72. Agnico Eagle Mines's Cyclically Adjusted PB Ratio of today is 2.08.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Agnico Eagle Mines was 4.29. The lowest was 1.49. And the median was 2.37.

Agnico Eagle Mines Cyclically Adjusted Book per Share Historical Data

The historical data trend for Agnico Eagle Mines'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.

Agnico Eagle Mines Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

17.80

19.40

20.41

21.89

23.42

Agnico Eagle Mines Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Book per Share																22.45	23.42	24.32	25.66	25.72

Competitive Comparison

For the Gold subindustry, Agnico Eagle Mines'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.

Agnico Eagle Mines Cyclically Adjusted PB Ratio Distribution

For the Metals & Mining industry and Basic Materials sector, Agnico Eagle Mines's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Agnico Eagle Mines's Cyclically Adjusted PB Ratio falls into.

Agnico Eagle Mines Cyclically Adjusted Book per Share Calculation

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, Agnico Eagle Mines's adjusted Book Value per Share data for the three months ended in Sep. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	40.183	/	125.2304	*	125.2304
	=	40.183

Current CPI (Sep. 2023) = 125.2304.

Agnico Eagle Mines Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	15.621	96.945	20.179
201403	17.843	98.604	22.661
201406	20.574	99.473	25.901
201409	18.991	99.394	23.927
201412	19.004	98.367	24.194
201503	19.074	99.789	23.937
201506	19.167	100.500	23.883
201509	19.112	100.421	23.834
201512	19.026	99.947	23.839
201603	19.299	101.054	23.916
201606	19.596	102.002	24.059
201609	19.847	101.765	24.424
201612	19.970	101.449	24.651
201703	20.757	102.634	25.327
201706	20.977	103.029	25.497
201709	21.235	103.345	25.732
201712	21.259	103.345	25.761
201803	21.251	105.004	25.344
201806	21.144	105.557	25.085
201809	21.162	105.636	25.087
201812	19.406	105.399	23.057
201903	19.452	106.979	22.771
201906	19.606	107.690	22.799
201909	20.008	107.611	23.284
201912	21.332	107.769	24.788
202003	20.973	107.927	24.335
202006	21.675	108.401	25.040
202009	22.629	108.164	26.199
202012	23.399	108.559	26.992
202103	23.409	110.298	26.578
202106	24.064	111.720	26.974
202109	24.073	112.905	26.701
202112	24.489	113.774	26.955
202203	35.748	117.646	38.053
202206	35.700	120.806	37.008
202209	35.437	120.648	36.783
202212	35.581	120.964	36.836
202303	40.089	122.702	40.915
202306	40.321	124.203	40.654
202309	40.183	125.230	40.183

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

Agnico Eagle Mines (NYSE:AEM) 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.

Agnico Eagle Mines's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	53.41	/	25.72
	=	2.08

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Agnico Eagle Mines was 4.29. The lowest was 1.49. And the median was 2.37.

Be Aware

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

Agnico Eagle Mines Cyclically Adjusted Book per Share Related Terms

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

Agnico Eagle Mines (NYSE:AEM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Agnico Eagle Mines Ltd (NYSE:AEM) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

AEM:Mexico AE9:Germany AE9:Germany AE9:Germany AEM:Canada AEM:Argentina

Address

145 King Street East, Suite 400, Toronto, ON, CAN, M5C 2Y7

Website

https://www.agnicoeagle.com

Agnico Eagle is a gold miner with mines in Canada, Mexico, Finland, and Australia. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines online in rapid succession in the following years. It merged with Kirkland Lake Gold in 2022, acquiring the Detour Lake and Macassa mines in Canada along with the high-grade, low-cost Fosterville mine in Australia. It produced more than 3.1 million gold ounces in 2022 and had about 15 years of gold reserves at end 2022. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions and bought the remaining 50% of its Canadian Malartic mine along with the Wasamac project and other assets from Yamana Gold in 2023.