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Mantech International Corp  (NAS:MANT) E10: $2.32 (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.

Mantech International Corp's adjusted earnings per share data for the three months ended in Sep. 2017 was $0.390. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $2.32 for the trailing ten years ended in Sep. 2017.

As of today, Mantech International Corp's current stock price is $48.47. Mantech International Corp's E10 for the quarter that ended in Sep. 2017 was $2.32. Mantech International Corp's Shiller PE Ratio of today is 20.89.

During the past 13 years, the highest Shiller PE Ratio of Mantech International Corp was 24.87. The lowest was 9.06. And the median was 13.28.


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.

Mantech International 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 2.36 2.24 2.28 2.27 2.29

Mantech International 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 2.30 2.29 2.30 2.32 2.32

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, Mantech International 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)
=0.39/246.819*246.819
=0.390

Current CPI (Sep. 2017) = 246.819.

Mantech International Corp Quarterly Data

per share eps CPI Adj_EPS
200712 0.620 210.036 0.729
200803 0.570 213.528 0.659
200806 0.620 218.815 0.699
200809 0.670 218.783 0.756
200812 0.690 210.228 0.810
200903 0.680 212.709 0.789
200906 0.800 215.693 0.915
200909 0.810 215.969 0.926
200912 0.820 215.949 0.937
201003 0.760 217.631 0.862
201006 0.880 217.965 0.996
201009 0.860 218.439 0.972
201012 0.930 219.179 1.047
201103 0.870 223.467 0.961
201106 0.990 225.722 1.083
201109 0.940 226.889 1.023
201112 0.830 225.672 0.908
201203 0.690 229.392 0.742
201206 0.670 229.478 0.721
201209 0.660 231.407 0.704
201212 0.540 229.601 0.580
201303 0.540 232.773 0.573
201306 0.580 233.504 0.613
201309 0.480 234.149 0.506
201312 -1.770 233.049 -1.875
201403 0.260 236.293 0.272
201406 0.210 238.343 0.217
201409 0.410 238.031 0.425
201412 0.390 234.812 0.410
201503 0.310 236.119 0.324
201506 0.331 238.638 0.342
201509 0.350 237.945 0.363
201512 0.370 236.525 0.386
201603 0.350 238.132 0.363
201606 0.390 241.018 0.399
201609 0.380 241.428 0.388
201612 0.350 241.432 0.358
201703 0.390 243.801 0.395
201706 0.400 244.955 0.403
201709 0.390 246.819 0.390

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.

Mantech International Corp's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=48.47/2.32
=20.89

* 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 Mantech International Corp was 24.87. The lowest was 9.06. And the median was 13.28.


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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