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Kimco Realty Corp  (NYSE:KIM) E10: $0.71 (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.

Kimco Realty Corp's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.240. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $0.71 for the trailing ten years ended in Sep. 2017.

As of today, Kimco Realty Corp's current stock price is $18.78. Kimco Realty Corp's E10 for the quarter that ended in Sep. 2017 was $0.71. Kimco Realty Corp's Shiller PE Ratio of today is 26.45.

During the past 13 years, the highest Shiller PE Ratio of Kimco Realty Corp was 47.20. The lowest was 5.61. And the median was 24.55.


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.

Kimco Realty Corp 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 0.97 0.91 0.86 0.88 0.78

Kimco Realty Corp 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 0.82 0.78 0.73 0.71 0.71

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, Kimco Realty Corp'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)
=0.24/246.819*246.819
=0.240

Current CPI (Sep. 2017) = 246.819.

Kimco Realty Corp Quarterly Data

per share eps CPI Adj_EPS
200712 0.280 210.036 0.329
200803 0.340 213.528 0.393
200806 0.320 218.815 0.361
200809 0.370 218.783 0.417
200812 -0.260 210.228 -0.305
200903 0.100 212.709 0.116
200906 -0.400 215.693 -0.458
200909 0.070 215.969 0.080
200912 0.120 215.949 0.137
201003 0.100 217.631 0.113
201006 0.030 217.965 0.034
201009 0.040 218.439 0.045
201012 0.050 219.179 0.056
201103 0.030 223.467 0.033
201106 0.060 225.722 0.066
201109 0.100 226.889 0.109
201112 0.080 225.672 0.087
201203 0.090 229.392 0.097
201206 0.120 229.478 0.129
201209 0.070 231.407 0.075
201212 0.140 229.601 0.150
201303 0.130 232.773 0.138
201306 0.090 233.504 0.095
201309 0.100 234.149 0.105
201312 0.110 233.049 0.116
201403 0.180 236.293 0.188
201406 0.180 238.343 0.186
201409 0.440 238.031 0.456
201412 0.090 234.812 0.095
201503 0.710 236.119 0.742
201506 0.270 238.638 0.279
201509 0.150 237.945 0.156
201512 0.860 236.525 0.897
201603 0.310 238.132 0.321
201606 0.460 241.018 0.471
201609 -0.130 241.428 -0.133
201612 0.160 241.432 0.164
201703 0.150 243.801 0.152
201706 0.310 244.955 0.312
201709 0.240 246.819 0.240

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.

Kimco Realty Corp's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=18.78/0.71
=26.45

* 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 Kimco Realty Corp was 47.20. The lowest was 5.61. And the median was 24.55.


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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