Equifax (NYSE:EFX) Cyclically Adjusted Book per Share

: $29.09 (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.

Equifax's adjusted book value per share for the three months ended in Sep. 2023 was $34.848. 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 $29.09 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Equifax's average Cyclically Adjusted Book Growth Rate was 8.00% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 8.90% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 8.00% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 10.00% 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 Equifax was 21.50% per year. The lowest was -1.70% per year. And the median was 8.90% per year.

As of today (2023-12-06), Equifax's current stock price is $224.56. Equifax's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $29.09. Equifax's Cyclically Adjusted PB Ratio of today is 7.72.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Equifax was 12.41. The lowest was 4.64. And the median was 7.02.

Equifax Cyclically Adjusted Book per Share Historical Data

The historical data trend for Equifax'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.

Equifax Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

19.88

21.07

21.79

24.46

27.21

Equifax 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																26.93	27.21	27.96	28.55	29.09

Competitive Comparison

For the Consulting Services subindustry, Equifax'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.

Equifax Cyclically Adjusted PB Ratio Distribution

For the Business Services industry and Industrials sector, Equifax's Cyclically Adjusted PB Ratio distribution charts can be found below:

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

Equifax 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, Equifax'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)
	=	34.848	/	129.8595	*	129.8595
	=	34.848

Current CPI (Sep. 2023) = 129.8595.

Equifax Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	18.874	98.326	24.927
201403	19.305	99.695	25.146
201406	19.731	100.560	25.480
201409	19.385	100.428	25.066
201412	18.426	99.070	24.153
201503	18.045	99.621	23.522
201506	18.338	100.684	23.652
201509	18.833	100.392	24.361
201512	19.468	99.792	25.334
201603	20.902	100.470	27.016
201606	21.303	101.688	27.205
201609	22.846	101.861	29.126
201612	22.097	101.863	28.170
201703	24.027	102.862	30.333
201706	25.091	103.349	31.527
201709	25.837	104.136	32.219
201712	26.431	104.011	33.000
201803	27.086	105.290	33.407
201806	26.766	106.317	32.693
201809	26.405	106.507	32.195
201812	25.769	105.998	31.570
201903	21.206	107.251	25.676
201906	21.037	108.070	25.279
201909	20.775	108.329	24.904
201912	21.276	108.420	25.483
202003	19.658	108.902	23.441
202006	22.174	108.767	26.474
202009	24.087	109.815	28.484
202012	26.013	109.897	30.738
202103	27.264	111.754	31.681
202106	28.411	114.631	32.185
202109	28.868	115.734	32.391
202112	29.356	117.630	32.408
202203	31.350	121.301	33.562
202206	31.087	125.017	32.291
202209	30.711	125.227	31.847
202212	32.298	125.222	33.494
202303	33.148	127.348	33.802
202306	34.158	128.729	34.458
202309	34.848	129.860	34.848

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

Equifax (NYSE:EFX) 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.

Equifax's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	224.56	/	29.09
	=	7.72

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Equifax was 12.41. The lowest was 4.64. And the median was 7.02.

Be Aware

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

Equifax Cyclically Adjusted Book per Share Related Terms

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

Equifax (NYSE:EFX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Equifax Inc (NYSE:EFX) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

EFX:Germany EFX:Germany

Address

1550 Peachtree Street N.W., Atlanta, GA, USA, 30309

Website

https://www.equifax.com

Along with Experian and TransUnion, Equifax is one of the leading credit bureaus in the United States. Equifax's credit reports provide credit histories on millions of consumers, and the firm's services are critical to lenders' credit decisions. In addition, about a third of the firm's revenue comes from workforce solutions, which provides income verification and employer human resources services. Equifax generates over 20% of its revenue from outside the United States.

Executives

Todd Michael Horvath	officer: EVP, President USIS	EQUIFAX INC, 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Karen Linn Fichuk	director	EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Lisa M Nelson	officer: President-International	EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Audrey B Tillman	director	1932 WYNNTON RD, COLUMBUS GA 31999
Melissa D Goodwin	director	C/O WRIGHT EXPRESS CORPORATION, 97 DARLING AVENUE, SOUTH PORTLAND ME 04106
Sunil Bindal	officer: SVP, Corp Development	EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Lindsay B Parker	officer: Chief Marketing Officer	EQUIFAX INC, 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Beverly J Anderson	officer: Pres-Global Consumer Solutions	1550 PEACHTREE STREET NW, ATLANTA GA 30309
Elane B Stock	director	351 PHELPS DRIVE, IRVING TX 75038
G. Thomas Hough	director	P.O. BOX 407, LAKELAND FL 33802
John A Mckinley	director	C/O EQUIFAX INC, 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Robert D Marcus	director	C/O TIME WARNER CABLE INC., 60 COLUMBUS CIRCLE, 17TH FLOOR, NEW YORK NY 10023
Robert W Selander	director	MASTERCARD INTERNATIONAL, 2000 PURCHASE STREET, PURCHASE NY 10577
Heather H Wilson	director	1550 PEACHTREE STREET NW, ATLANTA GA 30309
Carla Chaney	officer: CVP & Chief HR Officer	5302 LAKE VIEW CLUB, DUNWOODY GA 30338