Hanesbrands (NYSE:HBI) Cyclically Adjusted Book per Share

: $3.15 (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.

Hanesbrands's adjusted book value per share for the three months ended in Sep. 2023 was $0.783. 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 $3.15 for the trailing ten years ended in Sep. 2023.

During the past 12 months, Hanesbrands's average Cyclically Adjusted Book Growth Rate was -3.70% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 5.40% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 7.30% 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 Hanesbrands was 10.60% per year. The lowest was -0.60% per year. And the median was 7.45% per year.

As of today (2023-12-11), Hanesbrands's current stock price is $3.87. Hanesbrands's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $3.15. Hanesbrands's Cyclically Adjusted PB Ratio of today is 1.23.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Hanesbrands was 16.57. The lowest was 1.20. And the median was 6.79.

Hanesbrands Cyclically Adjusted Book per Share Historical Data

The historical data trend for Hanesbrands'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.

Hanesbrands Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

2.45

2.75

2.92

3.08

3.22

Hanesbrands 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																3.27	3.22	3.22	3.20	3.15

Competitive Comparison

For the Apparel Manufacturing subindustry, Hanesbrands'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.

Hanesbrands Cyclically Adjusted PB Ratio Distribution

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hanesbrands's Cyclically Adjusted PB Ratio distribution charts can be found below:

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

Hanesbrands 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, Hanesbrands'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)
	=	0.783	/	129.8595	*	129.8595
	=	0.783

Current CPI (Sep. 2023) = 129.8595.

Hanesbrands Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	3.093	98.326	4.085
201403	3.129	99.695	4.076
201406	3.459	100.560	4.467
201409	3.666	100.428	4.740
201412	3.460	99.070	4.535
201503	3.495	99.621	4.556
201506	3.607	100.684	4.652
201509	3.187	100.392	4.122
201512	3.258	99.792	4.240
201603	2.522	100.470	3.260
201606	2.779	101.688	3.549
201609	3.140	101.861	4.003
201612	3.232	101.863	4.120
201703	2.631	102.862	3.322
201706	2.959	103.349	3.718
201709	3.377	104.136	4.211
201712	1.905	104.011	2.378
201803	1.958	105.290	2.415
201806	2.128	106.317	2.599
201809	2.414	106.507	2.943
201812	2.414	105.998	2.957
201903	2.872	107.251	3.477
201906	3.139	108.070	3.772
201909	3.402	108.329	4.078
201912	3.412	108.420	4.087
202003	2.510	108.902	2.993
202006	3.101	108.767	3.702
202009	3.301	109.815	3.904
202012	2.334	109.897	2.758
202103	1.388	111.754	1.613
202106	1.610	114.631	1.824
202109	1.823	115.734	2.045
202112	2.008	117.630	2.217
202203	2.235	121.301	2.393
202206	2.042	125.017	2.121
202209	1.934	125.227	2.006
202212	1.141	125.222	1.183
202303	0.971	127.348	0.990
202306	0.995	128.729	1.004
202309	0.783	129.860	0.783

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

Hanesbrands (NYSE:HBI) 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.

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

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	3.87	/	3.15
	=	1.23

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Hanesbrands was 16.57. The lowest was 1.20. And the median was 6.79.

Be Aware

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

Hanesbrands Cyclically Adjusted Book per Share Related Terms

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

Hanesbrands (NYSE:HBI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Hanesbrands Inc (NYSE:HBI) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

HN9:Germany HN9:Germany H1BI34:Brazil

Address

1000 East Hanes Mill Road, Winston-Salem, NC, USA, 27105

Website

https://www.hanes.com

Hanesbrands manufactures basic and athletic apparel under brands including Hanes, Champion, Playtex, Maidenform, Bali, Berlei, and Bonds. The company sells wholesale to discount, midmarket, and department store retailers as well as direct to consumers through stores and e-commerce. Hanesbrands is vertically integrated as it produces more than 70% of its products in company-controlled factories in more than three dozen nations. Hanesbrands distributes products in the Americas, Europe, and Asia-Pacific. The company was founded in 1901 and is based in Winston-Salem, North Carolina.

Executives

Mark A Irvin	director	7601 PENN AVENUE, RICHFIELD MN 55423
Michael Dastugue	officer: Chief Financial Officer	6501 LEGACY DRIVE, PLANO TX 75024
William S Simon	director	1000 DARDEN CENTER DRIVE, ORLANDO FL 32837
Joseph W Cavaliere	officer: President Innerwear Global	1000 E. HANES MILL ROAD, WINSTON-SALEM NC 27105
Markland Scott Lewis	officer: Chief Accounting Officer	1000 EAST HANES MILL ROAD, LEGAL DEPARTMENT, WINSTON-SALEM NC 27105
Michael E. Faircloth	officer: EVP Supply Chain - Global	1000 EAST HANES MILL ROAD, WINSTON-SALEM NC 27105
Geralyn Breig	director	ONE OLD COUNTRY ROAD, SUITE 500, CARLE PLACE NY 11514
Scott A Pleiman	officer: See Remarks	1000 E. HANES MILL ROAD, WINSTON-SALEM NC 27105
Robert F Moran	director	C/O GNC HOLDINGS, INC., 300 SIXTH AVENUE, PITTSBURGH PA 15222
Tracy M Preston	officer: GC, Corp Sec and CCO	1000 E. HANES MILL ROAD, WINSTON-SALEM NC 27105
James C Johnson	director	1901 CHOUTEAU AVENUE, P. O. BOX 66149, MC-1370, ST. LOUIS MO 63166-6149
Kristin L Oliver	officer: Chief Human Resources Officer	11215 METRO PARKWAY, FORT MYERS FL 33966
Franck J Moison	director	C/O COLGATE PALMOLIVE CO, 300 PARK AVE 15TH FL, NEW YORK NY 10022
Ann Elizabeth Ziegler	director	ONE EAST WACKER DR, CHICAGO IL 60601
Bobby J Griffin	director	C/O UNITED RENTALS, INC., 100 FIRST STAMFORD PL STE 700, STAMFORD CT 06902