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First Solar (NAS:FSLR) Cyclically Adjusted Book per Share

: $61.76 (As of Dec. 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.

First Solar's adjusted book value per share for the three months ended in Dec. 2023 was $62.589. 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 $61.76 for the trailing ten years ended in Dec. 2023.

During the past 12 months, First Solar's average Cyclically Adjusted Book Growth Rate was 3.60% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 6.10% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 5.60% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 8.10% 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.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of First Solar was 11.50% per year. The lowest was 5.30% per year. And the median was 7.50% per year.

As of today (2024-03-02), First Solar's current stock price is $158.11. First Solar's Cyclically Adjusted Book per Share for the quarter that ended in Dec. 2023 was $61.76. First Solar's Cyclically Adjusted PB Ratio of today is 2.56.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of First Solar was 3.82. The lowest was 0.66. And the median was 1.52.


First Solar Cyclically Adjusted Book per Share Historical Data

The historical data trend for First Solar'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.

First Solar Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted Book per Share
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 50.32 51.67 55.56 59.63 61.76

First Solar Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Cyclically Adjusted Book per Share 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 59.63 60.66 61.34 61.89 61.76

Competitive Comparison

For the Solar subindustry, First Solar'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.


First Solar Cyclically Adjusted PB Ratio Distribution

For the Semiconductors industry and Technology sector, First Solar's Cyclically Adjusted PB Ratio distribution charts can be found below:

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



First Solar 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, First Solar'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)
=62.589/129.4194*129.4194
=62.589

Current CPI (Dec. 2023) = 129.4194.

First Solar Quarterly Data

Book Value per Share CPI Adj_Book
201403 46.290 99.695 60.092
201406 46.597 100.560 59.970
201409 47.832 100.428 61.640
201412 49.771 99.070 65.018
201503 49.480 99.621 64.280
201506 49.969 100.684 64.230
201509 53.397 100.392 68.837
201512 54.521 99.792 70.708
201603 56.144 100.470 72.321
201606 56.714 101.688 72.180
201609 57.219 101.861 72.700
201612 50.160 101.863 63.730
201703 50.128 102.862 63.070
201706 50.685 103.349 63.471
201709 52.785 104.136 65.601
201712 48.806 104.011 60.729
201803 49.248 105.290 60.534
201806 48.768 106.317 59.365
201809 49.335 106.507 59.948
201812 49.696 105.998 60.677
201903 48.685 107.251 58.748
201906 48.725 108.070 58.351
201909 49.167 108.329 58.739
201912 48.334 108.420 57.696
202003 48.804 108.902 57.999
202006 49.328 108.767 58.694
202009 50.919 109.815 60.009
202012 52.094 109.897 61.348
202103 53.567 111.754 62.034
202106 54.399 114.631 61.417
202109 54.832 115.734 61.316
202112 56.047 117.630 61.665
202203 55.123 121.301 58.812
202206 55.311 125.017 57.259
202209 54.672 125.227 56.503
202212 54.743 125.222 56.578
202303 54.938 127.348 55.832
202306 56.535 128.729 56.838
202309 58.987 129.860 58.787
202312 62.589 129.419 62.589

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


First Solar  (NAS:FSLR) 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.

First Solar's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio=Share Price/Cyclically Adjusted Book per Share
=158.11/61.76
=2.56

* 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 First Solar was 3.82. The lowest was 0.66. And the median was 1.52.


Be Aware

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


First Solar Cyclically Adjusted Book per Share Related Terms

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


First Solar (NAS:FSLR) Business Description

Industry
Address
350 West Washington Street, Suite 600, Tempe, AZ, USA, 85281
First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world's largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India.
Executives
Georges Antoun officer: Chief Operating Officer C/O FIRST SOLAR, INC., 350 WEST WASHINGTON ST., SUITE 600, TEMPE AZ 85281
Kuntal Kumar Verma officer: Chief Mfg. Engineering Officer 28101 CEDAR PARK BLVD., PERRYSBURG OH 43551
Alexander R. Bradley officer: Chief Financial Officer 77 RIO ROBLES, SAN JOSE CA 95134
Markus Gloeckler officer: Co-Chief Technology Officer 28101 CEDAR PARK BLVD., PERRYSBURG OH 43551
R Craig Kennedy director 1844 "R" STREET, NW, WASHINGTON DC 20009
Mark R Widmar officer: Chief Financial Officer C/O GRAFTECH INTERNATIONAL LTD, 12900 SNOW ROAD, PARMA OH 44130
Michael T Sweeney director GOLDNER HAWN, 3700 WELLS FARGO CENTER, 90 SOUTH 7TH ST, MINNEAPOLIS MN 55402
William J Post director 400 NORTH FIFTH STREET, ., PHOENIX AZ 85004
Paul H Stebbins director C/O WORLD FUEL SERVICES CORP, 9800 N.W. 41ST STREET, SUITE 400, MIAMI FL 33178
Byron Michael Jeffers officer: CAO, Interim 350 WEST WASHINGTON ST., TEMPE AZ 85281
Richard D Chapman director 350 WEST WASHINGTON STREET, SUITE 600, TEMPE AZ 85281
Jason E. Dymbort officer: General Counsel, Interim 77 RIO ROBLES, SAN JOSE CA 95134
Norman L. Wright director 26335 N. 104TH WAY, SCOTTSDALE AZ 85255
Patrick James Buehler officer: Chief Quality and Rel. Officer 28101 CEDAR PARK BLVD., PERRYSBURG OH 43551
Michael Koralewski officer: Chief Mfg. Operations Officer 28101 CEDAR PARK BLVD., PERRYSBURG OH 43551