PG&E (NYSE:PCG) Cyclically Adjusted Book per Share

: $29.05 (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.

PG&E's adjusted book value per share for the three months ended in Sep. 2023 was $9.488. 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 $29.05 for the trailing ten years ended in Sep. 2023.

During the past 12 months, PG&E's average Cyclically Adjusted Book Growth Rate was -6.30% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was -3.20% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was -2.10% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was 1.70% 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 PG&E was 9.60% per year. The lowest was -5.80% per year. And the median was 1.60% per year.

As of today (2023-12-10), PG&E's current stock price is $17.61. PG&E's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was $29.05. PG&E's Cyclically Adjusted PB Ratio of today is 0.61.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of PG&E was 2.19. The lowest was 0.15. And the median was 1.32.

PG&E Cyclically Adjusted Book per Share Historical Data

The historical data trend for PG&E'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.

PG&E Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

34.02

33.33

31.44

31.11

30.27

PG&E 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																30.99	30.27	30.03	29.58	29.05

Competitive Comparison

For the Utilities - Regulated Electric subindustry, PG&E'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.

PG&E Cyclically Adjusted PB Ratio Distribution

For the Utilities - Regulated industry and Utilities sector, PG&E's Cyclically Adjusted PB Ratio distribution charts can be found below:

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

PG&E 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, PG&E'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)
	=	9.488	/	129.8595	*	129.8595
	=	9.488

Current CPI (Sep. 2023) = 129.8595.

PG&E Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	31.406	98.326	41.478
201403	31.620	99.695	41.187
201406	31.910	100.560	41.208
201409	33.252	100.428	42.997
201412	33.090	99.070	43.374
201503	32.749	99.621	42.689
201506	33.264	100.684	42.903
201509	33.800	100.392	43.721
201512	33.689	99.792	43.839
201603	33.518	100.470	43.323
201606	33.617	101.688	42.930
201609	34.352	101.861	43.794
201612	35.392	101.863	45.119
201703	35.943	102.862	45.377
201706	36.389	103.349	45.723
201709	37.047	104.136	46.198
201712	37.338	104.011	46.617
201803	38.238	105.290	47.161
201806	36.374	106.317	44.429
201809	37.602	106.507	45.847
201812	24.313	105.998	29.786
201903	24.332	107.251	29.461
201906	19.542	108.070	23.482
201909	16.513	108.329	19.795
201912	9.705	108.420	11.624
202003	10.395	108.902	12.396
202006	6.699	108.767	7.998
202009	10.487	109.815	12.401
202012	12.706	109.897	15.014
202103	10.643	111.754	12.367
202106	10.853	114.631	12.295
202109	10.313	115.734	11.572
202112	10.227	117.630	11.290
202203	10.248	121.301	10.971
202206	10.426	125.017	10.830
202209	10.474	125.227	10.862
202212	10.291	125.222	10.672
202303	9.837	127.348	10.031
202306	9.734	128.729	9.820
202309	9.488	129.860	9.488

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

PG&E (NYSE:PCG) 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.

PG&E's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	17.61	/	29.05
	=	0.61

During the past 13 years, the highest Cyclically Adjusted PB Ratio of PG&E was 2.19. The lowest was 0.15. And the median was 1.32.

Be Aware

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

PG&E Cyclically Adjusted Book per Share Related Terms

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

PG&E (NYSE:PCG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » PG&E Corp (NYSE:PCG) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

PCG:Mexico PCG:Germany PCG:Germany

Address

300 Lakeside Drive, Oakland, CA, USA, 94612

Website

https://www.pgecorp.com

PG&E is a holding company whose main subsidiary is Pacific Gas and Electric, a regulated utility operating in Central and Northern California that serves 5.3 million electricity customers and 4.6 million gas customers in 47 of the state's 58 counties. PG&E operated under bankruptcy court supervision between January 2019 and June 2020. In 2004, PG&E sold its unregulated assets as part of an earlier postbankruptcy reorganization.

Executives

Carolyn Jeanne Burke	officer: EVP Finance	C/O EXCELERATE ENERGY, INC., 2445 TECHNOLOGY FOREST BLVD., LEVEL 6, THE WOODLANDS TX 77381
Edward G Cannizzaro	director	5130 HACIENDA DRIVE, DUBLIN CA 94568
Stephanie N Williams	officer: VP and Controller	77 BEALE STREET, PO BOX 77000, SAN FRANCISCO CA 94177
Cheryl F. Campbell	director	C/O 77 BEALE ST., P.O. BOX 770000, SAN FRANCISCO CA 94177
William Lloyd Smith	director	46429 LANDING PARKWAY, FREMONT CA 94538
Marlene Santos	other: EVP, CCO at PG&E Company	77 BEALE STREET, P.O. BOX 770000, SAN FRANCISCO CA 94117
Carlos M Hernandez	director
Adam L Wright	other: EVP, Ops & COO at PG&E Company	77 BEALE STREET, P.O. BOX 770000, SAN FRANCISCO CA 94177
Ajay Waghray	officer: SVP & Chf Information Ofc	C/O ASSURANT, INC., 28 LIBERTY STREET, 41 FL., NEW YORK NY 1
Julius Cox	officer: EVP/Ppl, Shrd Svcs & Spply Chn	77 BEALE STREET, POB 770000, SAN FRANCISCO CA 94177
Sumeet Singh	officer: EVP/CRO & Chf Safety Ofc	77 BEALE STREET, PO BOX 770000, SAN FRANCISCO CA 94177
Carla J Peterman	officer: EVP/Corp. Affairs & CSO	77 BEALE STREET, P.O. BOX 77000, SAN FRANCISCO CA 94177
Patricia K Poppe	director, officer: Chief Executive Officer	77 BEALE STREET, POB 770000, SAN FRANCISCO CA 94177
Christopher A Foster	officer: EVP & Chief Financial Officer	77 BEALE ST., P.O. BOX 770000, SAN FRANCISCO CA 94177
Jason M Glickman	other: EVP of EPS of PG&E Company	77 BEALE STREET, PO BOX 770000, SAN FRANCISCO CA 94177