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Bank of Hawaii Corp  (NYSE:BOH) E10: $3.98 (As of Jun. 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.

Bank of Hawaii Corp's adjusted earnings per share data for the three months ended in Jun. 2017 was $1.050. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $3.98 for the trailing ten years ended in Jun. 2017.

As of today, Bank of Hawaii Corp's current stock price is $84.07. Bank of Hawaii Corp's E10 for the quarter that ended in Jun. 2017 was $3.98. Bank of Hawaii Corp's Shiller PE Ratio of today is 21.12.

During the past 13 years, the highest Shiller PE Ratio of Bank of Hawaii Corp was 23.81. The lowest was 9.12. And the median was 15.23.


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.

Bank of Hawaii Corp 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 3.72 3.81 3.83 3.82 3.90

Bank of Hawaii Corp Quarterly Data

Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17
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 3.93 3.92 3.90 3.95 3.98

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, Bank of Hawaii Corp's adjusted earnings per share data for the three months ended in Jun. 2017 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Jun. 2017 (Change)*Current CPI (Jun. 2017)
=1.05/244.955*244.955
=1.050

Current CPI (Jun. 2017) = 244.955.

Bank of Hawaii Corp Quarterly Data

per share eps CPI Adj_EPS
200709 0.960 208.490 1.128
200712 0.830 210.036 0.968
200803 1.180 213.528 1.354
200806 1.000 218.815 1.119
200809 0.990 218.783 1.108
200812 0.820 210.228 0.955
200903 0.750 212.709 0.864
200906 0.650 215.693 0.738
200909 0.760 215.969 0.862
200912 0.840 215.949 0.953
201003 1.090 217.631 1.227
201006 0.960 217.965 1.079
201009 0.910 218.439 1.020
201012 0.840 219.179 0.939
201103 0.880 223.467 0.965
201106 0.740 225.722 0.803
201109 0.920 226.889 0.993
201112 0.850 225.672 0.923
201203 0.950 229.392 1.014
201206 0.900 229.478 0.961
201209 0.920 231.407 0.974
201212 0.900 229.601 0.960
201303 0.810 232.773 0.852
201306 0.850 233.504 0.892
201309 0.850 234.149 0.889
201312 0.880 233.049 0.925
201403 0.870 236.293 0.902
201406 0.940 238.343 0.966
201409 0.950 238.031 0.978
201412 0.940 234.812 0.981
201503 0.970 236.119 1.006
201506 0.950 238.638 0.975
201509 0.790 237.945 0.813
201512 0.990 236.525 1.025
201603 1.160 238.132 1.193
201606 1.030 241.018 1.047
201609 1.020 241.428 1.035
201612 1.020 241.432 1.035
201703 1.200 243.801 1.206
201706 1.050 244.955 1.050

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.

Bank of Hawaii Corp's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=84.07/3.98
=21.12

* 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 Bank of Hawaii Corp was 23.81. The lowest was 9.12. And the median was 15.23.


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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