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BioTime Inc  (AMEX:BTX) E10: $-0.29 (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.

BioTime Inc's adjusted earnings per share data for the three months ended in Jun. 2017 was $-0.110. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $-0.29 for the trailing ten years ended in Jun. 2017.

As of today, BioTime Inc's current stock price is $2.69. BioTime Inc's E10 for the quarter that ended in Jun. 2017 was $-0.29. BioTime Inc's Shiller PE Ratio of today is .

During the past 13 years, the highest Shiller PE Ratio of BioTime Inc was 2.86. The lowest was -20.00. And the median was 1.60.


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.

BioTime 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 -0.21 -0.28 -0.31 -0.36 -0.33

BioTime Inc 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 -0.36 -0.32 -0.33 -0.28 -0.29

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, BioTime Inc'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)
=-0.11/244.955*244.955
=-0.110

Current CPI (Jun. 2017) = 244.955.

BioTime Inc Quarterly Data

per share eps CPI Adj_EPS
200709 -0.010 208.490 -0.012
200712 -0.010 210.036 -0.012
200803 -0.020 213.528 -0.023
200806 -0.030 218.815 -0.034
200809 -0.050 218.783 -0.056
200812 -0.070 210.228 -0.082
200903 -0.060 212.709 -0.069
200906 -0.050 215.693 -0.057
200909 -0.110 215.969 -0.125
200912 0.060 215.949 0.068
201003 -0.040 217.631 -0.045
201006 -0.060 217.965 -0.067
201009 -0.110 218.439 -0.123
201012 -0.060 219.179 -0.067
201103 -0.070 223.467 -0.077
201106 -0.090 225.722 -0.098
201109 -0.080 226.889 -0.086
201112 -0.120 225.672 -0.130
201203 -0.100 229.392 -0.107
201206 -0.110 229.478 -0.117
201209 -0.100 231.407 -0.106
201212 -0.130 229.601 -0.139
201303 -0.150 232.773 -0.158
201306 -0.140 233.504 -0.147
201309 -0.160 234.149 -0.167
201312 -0.360 233.049 -0.378
201403 -0.140 236.293 -0.145
201406 -0.160 238.343 -0.164
201409 -0.120 238.031 -0.123
201412 -0.140 234.812 -0.146
201503 -0.130 236.119 -0.135
201506 -0.120 238.638 -0.123
201509 -0.180 237.945 -0.185
201512 -0.160 236.525 -0.166
201603 -0.190 238.132 -0.195
201606 0.260 241.018 0.264
201609 0.300 241.428 0.304
201612 -0.050 241.432 -0.051
201703 0.460 243.801 0.462
201706 -0.110 244.955 -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.

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

Shiller PE Ratio=Share Price/E10
=2.69/-0.29
=

* 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 BioTime Inc was 2.86. The lowest was -20.00. And the median was 1.60.


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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