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Mastercard E10

: $4.03 (As of Sep. 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.

Mastercard's adjusted earnings per share data for the three months ended in Sep. 2020 was $1.510. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $4.03 for the trailing ten years ended in Sep. 2020.

As of today (2021-01-20), Mastercard's current stock price is $325.940000. Mastercard's E10 for the quarter that ended in Sep. 2020 was $4.03. Mastercard's Shiller PE Ratio of today is 80.88.

During the past 13 years, the highest Shiller PE Ratio of Mastercard was 93.64. The lowest was 49.20. And the median was 67.17.


Mastercard 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.

Mastercard Annual Data
Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.59 1.99 2.31 2.93 3.66

Mastercard Quarterly Data
Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20
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 3.47 3.66 3.77 3.91 4.03

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.


Mastercard E10 Distribution

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



Mastercard 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, Mastercard's adjusted earnings per share data for the three months ended in Sep. 2020 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2020 (Change)*Current CPI (Sep. 2020)
=1.51/109.8605*109.8605
=1.510

Current CPI (Sep. 2020) = 109.8605.

Mastercard Quarterly Data

per share eps CPI Adj_EPS
201012 0.316 92.914 0.374
201103 0.429 94.890 0.497
201106 0.476 95.319 0.549
201109 0.563 95.529 0.647
201112 0.015 95.632 0.017
201203 0.536 97.075 0.607
201206 0.555 96.661 0.631
201209 0.617 97.595 0.695
201212 0.486 97.158 0.550
201303 0.620 98.107 0.694
201306 0.700 98.557 0.780
201309 0.730 98.536 0.814
201312 0.052 98.692 0.058
201403 0.730 100.023 0.802
201406 0.800 100.520 0.874
201409 0.870 100.176 0.954
201412 0.690 98.604 0.769
201503 0.890 99.824 0.979
201506 0.810 100.691 0.884
201509 0.860 100.346 0.942
201512 0.790 99.957 0.868
201603 0.860 100.947 0.936
201606 0.890 101.524 0.963
201609 1.080 101.988 1.163
201612 0.860 102.456 0.922
201703 1.000 103.167 1.065
201706 1.100 103.278 1.170
201709 1.340 104.070 1.415
201712 0.210 104.578 0.221
201803 1.410 105.708 1.465
201806 1.500 106.324 1.550
201809 1.820 106.695 1.874
201812 0.870 106.200 0.900
201903 1.800 107.818 1.834
201906 2.000 108.250 2.030
201909 2.070 108.577 2.094
201912 2.070 108.841 2.089
202003 1.680 108.173 1.706
202006 1.410 109.318 1.417
202009 1.510 109.861 1.510

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


Mastercard  (NYSE:MA) 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.

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

Shiller PE Ratio=Share Price/E10
=325.940000/4.03
=80.88

* 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 Mastercard was 93.64. The lowest was 49.20. And the median was 67.17.


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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