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AmeriServ Financial Inc  (NAS:ASRV) E10: $0.16 (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.

AmeriServ Financial Inc's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.080. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $0.16 for the trailing ten years ended in Sep. 2017.

As of today, AmeriServ Financial Inc's current stock price is $4.25. AmeriServ Financial Inc's E10 for the quarter that ended in Sep. 2017 was $0.16. AmeriServ Financial Inc's Shiller PE Ratio of today is 26.56.

During the past 13 years, the highest Shiller PE Ratio of AmeriServ Financial Inc was 195.00. The lowest was 8.53. And the median was 23.08.


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.

AmeriServ Financial Inc 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 -0.06 -0.04 0.06 0.14 0.14

AmeriServ Financial Inc 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 0.14 0.14 0.15 0.15 0.16

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, AmeriServ Financial Inc'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)
=0.08/246.819*246.819
=0.080

Current CPI (Sep. 2017) = 246.819.

AmeriServ Financial Inc Quarterly Data

per share eps CPI Adj_EPS
200712 0.040 210.036 0.047
200803 0.060 213.528 0.069
200806 0.070 218.815 0.079
200809 0.050 218.783 0.056
200812 0.070 210.228 0.082
200903 0.010 212.709 0.012
200906 -0.060 215.693 -0.069
200909 -0.150 215.969 -0.171
200912 -0.100 215.949 -0.114
201003 -0.060 217.631 -0.068
201006 0.010 217.965 0.011
201009 0.020 218.439 0.023
201012 0.040 219.179 0.045
201103 0.050 223.467 0.055
201106 0.080 225.722 0.087
201109 0.050 226.889 0.054
201112 0.070 225.672 0.077
201203 0.060 229.392 0.065
201206 0.060 229.478 0.065
201209 0.050 231.407 0.053
201212 0.030 229.601 0.032
201303 0.050 232.773 0.053
201306 0.050 233.504 0.053
201309 0.060 234.149 0.063
201312 0.090 233.049 0.095
201403 0.050 236.293 0.052
201406 0.050 238.343 0.052
201409 0.020 238.031 0.021
201412 0.040 234.812 0.042
201503 0.070 236.119 0.073
201506 0.070 238.638 0.072
201509 0.090 237.945 0.093
201512 0.070 236.525 0.073
201603 -0.070 238.132 -0.073
201606 0.070 241.018 0.072
201609 0.060 241.428 0.061
201612 0.060 241.432 0.061
201703 0.070 243.801 0.071
201706 0.070 244.955 0.071
201709 0.080 246.819 0.080

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.

AmeriServ Financial Inc's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=4.25/0.16
=26.56

* 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 AmeriServ Financial Inc was 195.00. The lowest was 8.53. And the median was 23.08.


Be Aware

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


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