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Community Trust Bancorp Inc  (NAS:CTBI) E10: $2.46 (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.

Community Trust Bancorp Inc's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.780. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $2.46 for the trailing ten years ended in Sep. 2017.

As of today, Community Trust Bancorp Inc's current stock price is $47.15. Community Trust Bancorp Inc's E10 for the quarter that ended in Sep. 2017 was $2.46. Community Trust Bancorp Inc's Shiller PE Ratio of today is 19.17.

During the past 13 years, the highest Shiller PE Ratio of Community Trust Bancorp Inc was 22.34. The lowest was 9.93. And the median was 14.41.


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.

Community Trust Bancorp 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 2.20 2.28 2.30 2.33 2.37

Community Trust Bancorp 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 2.37 2.37 2.41 2.43 2.46

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, Community Trust Bancorp 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)
=0.78/246.819*246.819
=0.780

Current CPI (Sep. 2017) = 246.819.

Community Trust Bancorp Inc Quarterly Data

per share eps CPI Adj_EPS
200712 0.555 210.036 0.652
200803 0.518 213.528 0.599
200806 0.518 218.815 0.584
200809 -0.036 218.783 -0.041
200812 0.391 210.228 0.459
200903 0.391 212.709 0.454
200906 0.355 215.693 0.406
200909 0.336 215.969 0.384
200912 0.418 215.949 0.478
201003 0.409 217.631 0.464
201006 0.509 217.965 0.576
201009 0.500 218.439 0.565
201012 0.545 219.179 0.614
201103 0.555 223.467 0.613
201106 0.527 225.722 0.576
201109 0.636 226.889 0.692
201112 0.582 225.672 0.637
201203 0.700 229.392 0.753
201206 0.718 229.478 0.772
201209 0.600 231.407 0.640
201212 0.621 229.601 0.668
201303 0.691 232.773 0.733
201306 0.690 233.504 0.729
201309 0.730 234.149 0.770
201312 0.500 233.049 0.530
201403 0.580 236.293 0.606
201406 0.700 238.343 0.725
201409 0.630 238.031 0.653
201412 0.580 234.812 0.610
201503 0.630 236.119 0.659
201506 0.710 238.638 0.734
201509 0.640 237.945 0.664
201512 0.680 236.525 0.710
201603 0.660 238.132 0.684
201606 0.660 241.018 0.676
201609 0.700 241.428 0.716
201612 0.680 241.432 0.695
201703 0.640 243.801 0.648
201706 0.650 244.955 0.655
201709 0.780 246.819 0.780

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.

Community Trust Bancorp Inc's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=47.15/2.46
=19.17

* 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 Community Trust Bancorp Inc was 22.34. The lowest was 9.93. And the median was 14.41.


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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