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Carnival E10

: $2.18 (As of May. 2020)
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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.

Carnival's adjusted earnings per share data for the three months ended in May. 2020 was $-6.070. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $2.18 for the trailing ten years ended in May. 2020.

As of today (2020-08-06), Carnival's current stock price is $14.02. Carnival's E10 for the quarter that ended in May. 2020 was $2.18. Carnival's Shiller PE Ratio of today is 6.43.

During the past 13 years, the highest Shiller PE Ratio of Carnival was 27.66. The lowest was 2.98. And the median was 15.66.


Carnival 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.

Carnival Annual Data
Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16 Nov17 Nov18 Nov19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2.43 2.53 2.59 2.75 2.98

Carnival Quarterly Data
Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20
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 2.83 2.94 2.98 2.85 2.18

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.


Carnival E10 Distribution

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



Carnival 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.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Carnival's adjusted earnings per share data for the three months ended in May. 2020 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of May. 2020 (Change)*Current CPI (May. 2020)
=-6.07/108.1754*108.1754
=-6.070

Current CPI (May. 2020) = 108.1754.

Carnival Quarterly Data

per share eps CPI Adj_EPS
201008 1.620 92.162 1.901
201011 0.310 92.474 0.363
201102 0.190 94.283 0.218
201105 0.260 95.235 0.295
201108 1.690 95.727 1.910
201111 0.280 95.213 0.318
201202 -0.180 96.783 -0.201
201205 0.020 96.819 0.022
201208 1.710 97.633 1.895
201211 0.120 96.871 0.134
201302 0.050 98.209 0.055
201305 0.050 98.518 0.055
201308 1.200 98.790 1.314
201311 0.080 98.326 0.088
201402 -0.030 99.695 -0.033
201405 0.130 100.560 0.140
201408 1.600 100.428 1.723
201411 -0.130 99.070 -0.142
201502 0.060 99.621 0.065
201505 0.290 100.684 0.312
201508 1.560 100.392 1.681
201511 0.350 99.792 0.379
201602 0.180 100.470 0.194
201605 0.800 101.688 0.851
201608 1.930 101.861 2.050
201611 0.830 101.863 0.881
201702 0.480 102.862 0.505
201705 0.520 103.349 0.544
201708 1.830 104.136 1.901
201711 0.760 104.011 0.790
201802 0.540 105.290 0.555
201805 0.780 106.317 0.794
201808 2.410 106.507 2.448
201811 0.710 105.998 0.725
201902 0.480 107.251 0.484
201905 0.650 108.070 0.651
201908 2.580 108.329 2.576
201911 0.610 108.420 0.609
202002 -1.140 108.902 -1.132
202005 -6.070 108.175 -6.070

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


Carnival  (NYSE:CCL) 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.

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

Shiller PE Ratio=Share Price/E10
=14.02/2.18
=6.43

* 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 Carnival was 27.66. The lowest was 2.98. And the median was 15.66.


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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