Switch to:
Apartment Investment & Management Co  (NYSE:AIV) E10: $1.02 (As of Sep. 2017)

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.

Apartment Investment & Management Co's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.110. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $1.02 for the trailing ten years ended in Sep. 2017.

As of today, Apartment Investment & Management Co's current stock price is $44.19. Apartment Investment & Management Co's E10 for the quarter that ended in Sep. 2017 was $1.02. Apartment Investment & Management Co's Shiller PE Ratio of today is 43.32.

During the past 13 years, the highest Shiller PE Ratio of Apartment Investment & Management Co was 82.50. The lowest was 5.43. And the median was 48.45.


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.

Apartment Investment & Management Co Annual Data

Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.51 0.56 0.60 0.78 0.95

Apartment Investment & Management Co Quarterly Data

Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17
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 0.92 0.95 0.96 0.97 1.02

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.


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, Apartment Investment & Management Co's adjusted earnings per share data for the three months ended in Sep. 2017 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2017 (Change)*Current CPI (Sep. 2017)
=0.11/246.819*246.819
=0.110

Current CPI (Sep. 2017) = 246.819.

Apartment Investment & Management Co Quarterly Data

per share eps CPI Adj_EPS
200712 -0.170 210.036 -0.200
200803 -0.300 213.528 -0.347
200806 1.940 218.815 2.188
200809 1.350 218.783 1.523
200812 1.030 210.228 1.209
200903 -0.340 212.709 -0.395
200906 -0.260 215.693 -0.298
200909 -0.350 215.969 -0.400
200912 -0.050 215.949 -0.057
201003 -0.350 217.631 -0.397
201006 -0.150 217.965 -0.170
201009 -0.250 218.439 -0.282
201012 -0.330 219.179 -0.372
201103 -0.270 223.467 -0.298
201106 -0.280 225.722 -0.306
201109 -0.120 226.889 -0.131
201112 -0.190 225.672 -0.208
201203 -0.090 229.392 -0.097
201206 0.000 229.478 0.000
201209 0.170 231.407 0.181
201212 0.500 229.601 0.537
201303 0.030 232.773 0.032
201306 0.070 233.504 0.074
201309 0.460 234.149 0.485
201312 0.840 233.049 0.890
201403 0.440 236.293 0.460
201406 0.510 238.343 0.528
201409 0.850 238.031 0.881
201412 0.250 234.812 0.263
201503 0.580 236.119 0.606
201506 0.390 238.638 0.403
201509 0.120 237.945 0.124
201512 0.430 236.525 0.449
201603 0.150 238.132 0.155
201606 1.410 241.018 1.444
201609 0.070 241.428 0.072
201612 1.030 241.432 1.053
201703 0.070 243.801 0.071
201706 0.100 244.955 0.101
201709 0.110 246.819 0.110

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

Apartment Investment & Management Co's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=44.19/1.02
=43.32

* 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 Apartment Investment & Management Co was 82.50. The lowest was 5.43. And the median was 48.45.


Be Aware

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


Related Terms


Headlines

No Headline

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK