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Citrix Systems Inc  (NAS:CTXS) E10: $1.91 (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.

Citrix Systems Inc's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.820. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $1.91 for the trailing ten years ended in Sep. 2017.

As of today, Citrix Systems Inc's current stock price is $86.51. Citrix Systems Inc's E10 for the quarter that ended in Sep. 2017 was $1.91. Citrix Systems Inc's Shiller PE Ratio of today is 45.29.

During the past 13 years, the highest Shiller PE Ratio of Citrix Systems Inc was 68.05. The lowest was 18.93. And the median was 39.27.


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.

Citrix Systems 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 1.26 1.38 1.43 1.54 1.79

Citrix Systems 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 1.70 1.79 1.80 1.85 1.91

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, Citrix Systems 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)
=0.82/246.819*246.819
=0.820

Current CPI (Sep. 2017) = 246.819.

Citrix Systems Inc Quarterly Data

per share eps CPI Adj_EPS
200712 0.320 210.036 0.376
200803 0.180 213.528 0.208
200806 0.180 218.815 0.203
200809 0.260 218.783 0.293
200812 0.330 210.228 0.387
200903 0.040 212.709 0.046
200906 0.230 215.693 0.263
200909 0.290 215.969 0.331
200912 0.470 215.949 0.537
201003 0.250 217.631 0.284
201006 0.250 217.965 0.283
201009 0.460 218.439 0.520
201012 0.500 219.179 0.563
201103 0.380 223.467 0.420
201106 0.430 225.722 0.470
201109 0.490 226.889 0.533
201112 0.570 225.672 0.623
201203 0.360 229.392 0.387
201206 0.490 229.478 0.527
201209 0.410 231.407 0.437
201212 0.600 229.601 0.645
201303 0.320 232.773 0.339
201306 0.340 233.504 0.359
201309 0.410 234.149 0.432
201312 0.740 233.049 0.784
201403 0.300 236.293 0.313
201406 0.310 238.343 0.321
201409 0.290 238.031 0.301
201412 0.570 234.812 0.599
201503 0.180 236.119 0.188
201506 0.640 238.638 0.662
201509 0.350 237.945 0.363
201512 0.830 236.525 0.866
201603 0.540 238.132 0.560
201606 0.770 241.018 0.789
201609 0.840 241.428 0.859
201612 1.260 241.432 1.288
201703 0.170 243.801 0.172
201706 0.700 244.955 0.705
201709 0.820 246.819 0.820

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.

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

Shiller PE Ratio=Share Price/E10
=86.51/1.91
=45.29

* 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 Citrix Systems Inc was 68.05. The lowest was 18.93. And the median was 39.27.


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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