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FedEx E10

: $7.37 (As of Aug. 2019)
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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.

FedEx's adjusted earnings per share data for the three months ended in Aug. 2019 was $2.840. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $7.37 for the trailing ten years ended in Aug. 2019.

As of today (2019-11-13), FedEx's current stock price is $156.23. FedEx's E10 for the quarter that ended in Aug. 2019 was $7.37. FedEx's Shiller PE Ratio of today is 21.20.

During the past 13 years, the highest Shiller PE Ratio of FedEx was 48.81. The lowest was 8.90. And the median was 24.18.


FedEx 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.

FedEx Annual Data
May10 May11 May12 May13 May14 May15 May16 May17 May18 May19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.01 5.00 5.43 6.85 7.16

FedEx Quarterly Data
Nov14 Feb15 May15 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19
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 7.02 7.19 7.50 7.16 7.37

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.


FedEx E10 Distribution

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



FedEx 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.

For example, FedEx's adjusted earnings per share data for the three months ended in Aug. 2019 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Aug. 2019 (Change)*Current CPI (Aug. 2019)
=2.84/256.181*256.181
=2.840

Current CPI (Aug. 2019) = 256.181.

FedEx Quarterly Data

per share eps CPI Adj_EPS
200911 1.100 216.330 1.303
201002 0.760 216.741 0.898
201005 1.330 218.178 1.562
201008 1.200 218.312 1.408
201011 0.890 218.803 1.042
201102 0.730 221.309 0.845
201105 1.750 225.964 1.984
201108 1.460 226.545 1.651
201111 1.570 226.230 1.778
201202 1.650 227.663 1.857
201205 1.740 229.815 1.940
201208 1.450 230.379 1.612
201211 1.390 230.221 1.547
201302 1.130 232.166 1.247
201305 0.950 232.945 1.045
201308 1.530 233.877 1.676
201311 1.570 233.069 1.726
201402 1.230 234.781 1.342
201405 2.460 237.900 2.649
201408 2.260 237.852 2.434
201411 2.310 236.151 2.506
201502 2.180 234.722 2.379
201505 -3.163 237.805 -3.407
201508 2.420 238.316 2.601
201511 2.440 237.336 2.634
201602 1.840 237.111 1.988
201605 -0.260 240.229 -0.278
201608 2.650 240.849 2.819
201611 2.590 241.353 2.749
201702 2.070 243.603 2.177
201705 3.750 244.733 3.925
201708 2.190 245.519 2.285
201711 2.840 246.669 2.950
201802 7.590 248.991 7.809
201805 4.150 251.588 4.226
201808 3.100 252.146 3.150
201811 3.510 252.038 3.568
201902 2.800 252.776 2.838
201905 -7.560 256.092 -7.563
201908 2.840 256.181 2.840

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


FedEx  (NYSE:FDX) 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.

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

Shiller PE Ratio=Share Price/E10
=156.23/7.37
=21.20

* 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 FedEx was 48.81. The lowest was 8.90. And the median was 24.18.


Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.


FedEx E10 Related Terms

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