LendingClub (NYSE:LC) Cyclically Adjusted Book per Share

: $11.59 (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.

LendingClub's adjusted book value per share for the three months ended in Sep. 2023 was $11.019. 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 $11.59 for the trailing ten years ended in Sep. 2023.

During the past 12 months, LendingClub's average Cyclically Adjusted Book Growth Rate was 16.40% 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 (2023-12-02), LendingClub's current stock price is $6.75. LendingClub's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $11.59. LendingClub's Cyclically Adjusted PB Ratio of today is 0.58.

During the past 11 years, the highest Cyclically Adjusted PB Ratio of LendingClub was 1.70. The lowest was 0.44. And the median was 0.94.

LendingClub Cyclically Adjusted Book per Share Historical Data

The historical data trend for LendingClub'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.

LendingClub Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

9.99

LendingClub 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																9.96	9.99	10.57	11.10	11.59

Competitive Comparison

For the Credit Services subindustry, LendingClub'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.

LendingClub Cyclically Adjusted PB Ratio Distribution

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

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

LendingClub 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, LendingClub'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)
	=	11.019	/	129.8595	*	129.8595
	=	11.019

Current CPI (Sep. 2023) = 129.8595.

LendingClub Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	-3.032	98.326	-4.004
201403	-2.970	99.695	-3.869
201406	-0.506	100.560	-0.653
201409	1.960	100.428	2.534
201412	13.100	99.070	17.171
201503	13.197	99.621	17.203
201506	13.295	100.684	17.148
201509	13.460	100.392	17.411
201512	13.719	99.792	17.852
201603	13.770	100.470	17.798
201606	12.814	101.688	16.364
201609	12.388	101.861	15.793
201612	12.259	101.863	15.628
201703	12.069	102.862	15.237
201706	11.885	103.349	14.934
201709	11.974	104.136	14.932
201712	11.049	104.011	13.795
201803	10.855	105.290	13.388
201806	10.291	106.317	12.570
201809	10.156	106.507	12.383
201812	10.115	105.998	12.392
201903	10.011	107.251	12.121
201906	10.023	108.070	12.044
201909	10.074	108.329	12.076
201912	10.142	108.420	12.148
202003	11.401	108.902	13.595
202006	10.518	108.767	12.558
202009	9.592	109.815	11.343
202012	8.215	109.897	9.707
202103	7.540	111.754	8.762
202106	7.732	114.631	8.759
202109	8.065	115.734	9.049
202112	8.415	117.630	9.290
202203	8.684	121.301	9.297
202206	10.413	125.017	10.816
202209	10.671	125.227	11.066
202212	10.928	125.222	11.333
202303	11.081	127.348	11.300
202306	11.091	128.729	11.188
202309	11.019	129.860	11.019

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

LendingClub (NYSE:LC) 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.

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

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	6.75	/	11.59
	=	0.58

During the past 11 years, the highest Cyclically Adjusted PB Ratio of LendingClub was 1.70. The lowest was 0.44. And the median was 0.94.

Be Aware

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

LendingClub Cyclically Adjusted Book per Share Related Terms

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

LendingClub (NYSE:LC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » LendingClub Corp (NYSE:LC) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

8LCA:Germany

Address

595 Market Street, Suite 200, San Francisco, CA, USA, 94105

Website

https://www.lendingclub.com

LendingClub Corp is a company engaged in operating an online lending marketplace platform that connects borrowers and investors for the provision of the loan facility. It offers investors access to an asset class that has generally been closed to many investors and only available on a limited basis to institutional investors. The company through the platform offers loan products such as personal, education and patient finance, small business, and auto to interested investors. It generates a majority of the revenue from the transaction fees received from the platform's role in accepting and decisioning applications on behalf of the bank partners to enable loan originations.

Executives

Janey Whiteside	director	C/O LENDINGCLUB CORPORATION, 595 MARKET ST., #200, SAN FRANCISCO CA 94105
Stephen M Cutler	director	JPMORGAN CHASE & CO., 270 PARK AVENUE, NEW YORK NY 10017
Andrew Labenne	officer: Chief Financial Officer	C/O BAKKT HOLDINGS, INC., 5500 WINDWARD PKWY., SUITE 450, ALPHARETTE GA 30005
Kathryn Reimann	director	C/O LENDINGCLUB CORPORATION, 595 MARKET ST., #200, SAN FRANCISCO CA 94105
Syed Faiz Ahmad	director	7601 SOUTHWEST PARKWAY, AUSTIN TX 78735
Adrienne Harris	director	150 NORTH RIVERSIDE PLAZA, SUITE 5200, CHICAGO IL 60606
Allan R Landon	director	130 MERCHANT ST 22ND FLR, HONOLULU HI 96813
Erin Selleck	director	C/O BROADWAY FINANCIAL CORPORATION, 5055 WILSHIRE BLVD. SUITE 500, LOS ANGELES CA 90036
Annie Armstrong	officer: Chief Risk Officer	C/O LENDINGCLUB CORPORATION, 595 MARKET ST. #200, SAN FRANCISCO CA 94105
Shanda Global Investment Ltd	10 percent owner	303 TWIN DOLPHIN DRIVE, #6054, REDWOOD CITY CA 94065
Michael P Zeisser	director
Brandon Pace	officer: General Counsel and Secretary	C/O LENDINGCLUB CORPORATION, 595 MARKET ST, SUITE 200, SAN FRANCISCO CA 94105
Ronnie Momen	officer: Chief Lending Officer	C/O LENDINGCLUB CORPORATION, SAN FRANCISCO CA 94105
Valerie Kay	officer: Chief Capital Officer	C/O LENDINGCLUB CORPORATION, 71 STEVENSON ST, SUITE 1000, SAN FRANCISCO CA 94105
Bahman Koohestani	officer: Chief Technology Officer	500 W. MADISON STREET, #1000, CHICAGO IL 60661