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Apple E10

: $8.47 (As of Dec. 2019)
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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years.

Apple's adjusted earnings per share data for the three months ended in Dec. 2019 was $4.990. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $8.47 for the trailing ten years ended in Dec. 2019.

As of today (2020-02-27), Apple's current stock price is $283.67. Apple's E10 for the quarter that ended in Dec. 2019 was $8.47. Apple's Shiller PE Ratio of today is 33.49.

During the past 13 years, the highest Shiller PE Ratio of Apple was 85.98. The lowest was 20.56. And the median was 33.29.


Apple E10 Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Apple Annual Data
Sep10 Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.81 4.64 5.64 6.84 8.03

Apple Quarterly Data
Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19
E10 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 7.21 7.50 7.76 8.03 8.47

Competitive Comparison
* 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.


Apple E10 Distribution

* The bar in red indicates where Apple's E10 falls into.



Apple E10 Calculation

E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller P/E calculation. When we calculate the today's Shiller P/E ratio of a stock, we use today’s price divided by E10.

What is E10? How do we calculate E10?

E10 is the average of the inflation adjusted earnings of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the E10 of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the earnings from 2001 through 2010.

We adjusted the earnings of 2001 earnings data with the total inflation from 2001 through 2010 to the equivalent earnings in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart earned $1 a share in 2001, then the 2001's equivalent earnings in 2010 is $1.4 a share. If Wal-Mart earns $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 earnings in 2010 is $1.35. So on and so forth, you get the equivalent earnings of past 10 years. Then you add them together and divided the sum by 10 to get E10.

For example, Apple's adjusted earnings per share data for the three months ended in Dec. 2019 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Dec. 2019 (Change)*Current CPI (Dec. 2019)
=4.99/257.14*257.14
=4.990

Current CPI (Dec. 2019) = 257.14.

Apple Quarterly Data

per share eps CPI Adj_EPS
201003 0.476 217.630 0.562
201006 0.501 217.970 0.592
201009 0.663 218.440 0.780
201012 0.919 219.180 1.078
201103 0.914 223.470 1.052
201106 1.113 225.720 1.268
201109 1.007 226.890 1.141
201112 1.981 225.670 2.258
201203 1.757 229.390 1.970
201206 1.331 229.480 1.492
201209 1.239 231.410 1.376
201212 1.973 229.600 2.210
201303 1.441 232.770 1.592
201306 1.070 233.500 1.178
201309 1.180 234.150 1.296
201312 2.070 233.050 2.284
201403 1.660 236.290 1.806
201406 1.280 238.340 1.381
201409 1.420 238.030 1.534
201412 3.060 234.810 3.351
201503 2.330 236.120 2.537
201506 1.850 238.640 1.993
201509 1.960 237.940 2.118
201512 3.280 236.530 3.566
201603 1.900 238.130 2.052
201606 1.420 241.020 1.515
201609 1.670 241.430 1.779
201612 3.360 241.430 3.579
201703 2.100 243.800 2.215
201706 1.670 244.960 1.753
201709 2.070 246.820 2.157
201712 3.890 246.520 4.058
201803 2.730 249.550 2.813
201806 2.340 251.990 2.388
201809 2.910 252.440 2.964
201812 4.180 251.230 4.278
201903 2.460 254.200 2.488
201906 2.180 256.140 2.189
201909 3.030 256.760 3.034
201912 4.990 257.140 4.990

Add all the adjusted EPS together and divide 10 will get our e10.


Apple  (NAS:AAPL) E10 Explanation

If a company grows much fast than inflation, E10 may underestimate the company's earnings power. Shiller PE Ratio can seem to be too high even the actual P/E is low.

For the Shiller P/E, the earnings of the past 10 years are inflation-adjusted and averaged. The result is used for P/E calculation. Since it looks at the average over the last 10 years, the Shiller P/E is also called PE10.

The Shiller P/E was first used by professor Robert Shiller to measure the valuation of the overall market. The same calculation is applied here to individual companies.

Apple's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=283.67/8.47
=33.49

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

During the past 13 years, the highest Shiller P/E Ratio of Apple was 85.98. The lowest was 20.56. And the median was 33.29.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


Apple E10 Related Terms


Apple E10 Headlines

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