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Heritage Commerce E10

: $0.65 (As of Sep. 2021)
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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.

Heritage Commerce's adjusted earnings per share data for the three months ended in Sep. 2021 was $0.230. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $0.65 for the trailing ten years ended in Sep. 2021.

As of today (2021-12-07), Heritage Commerce's current stock price is $11.175. Heritage Commerce's E10 for the quarter that ended in Sep. 2021 was $0.65. Heritage Commerce's Shiller PE Ratio of today is 17.19.

During the past 13 years, the highest Shiller PE Ratio of Heritage Commerce was 699.00. The lowest was 11.07. And the median was 55.00.


Heritage Commerce E10 Historical Data

The historical data trend for Heritage Commerce's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Heritage Commerce Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
E10
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.29 -0.36 -0.30 -0.07 0.58

Heritage Commerce Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
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 0.57 0.58 0.61 0.63 0.65

Competitive Comparison

For the Banks - Regional subindustry, Heritage Commerce's E10, along with its competitors' market caps and E10 data, can be viewed below:

* 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. Note that "N/A" values will not show up in the chart.

   

Heritage Commerce E10 Distribution

For the Banks industry and Financial Services sector, Heritage Commerce's E10 distribution charts can be found below:

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



Heritage Commerce 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, Heritage Commerce's adjusted earnings per share data for the three months ended in Sep. 2021 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2021 (Change)*Current CPI (Sep. 2021)
=0.23/115.7343*115.7343
=0.230

Current CPI (Sep. 2021) = 115.7343.

Heritage Commerce Quarterly Data

per share eps CPI Adj_EPS
201112 0.070 95.213 0.085
201203 0.030 96.783 0.036
201206 0.080 96.819 0.096
201209 0.080 97.633 0.095
201212 0.080 96.871 0.096
201303 0.070 98.209 0.082
201306 0.090 98.518 0.106
201309 0.100 98.790 0.117
201312 0.100 98.326 0.118
201403 0.100 99.695 0.116
201406 0.100 100.560 0.115
201409 0.110 100.428 0.127
201412 0.110 99.070 0.129
201503 0.130 99.621 0.151
201506 0.140 100.684 0.161
201509 0.100 100.392 0.115
201512 0.120 99.792 0.139
201603 0.160 100.470 0.184
201606 0.190 101.688 0.216
201609 0.180 101.861 0.205
201612 0.190 101.863 0.216
201703 0.170 102.862 0.191
201706 0.190 103.349 0.213
201709 0.220 104.136 0.245
201712 0.040 104.011 0.045
201803 0.230 105.290 0.253
201806 0.020 106.317 0.022
201809 0.280 106.507 0.304
201812 0.300 105.998 0.328
201903 0.280 107.251 0.302
201906 0.260 108.070 0.278
201909 0.260 108.329 0.278
201912 0.100 108.420 0.107
202003 0.030 108.902 0.032
202006 0.180 108.767 0.192
202009 0.190 109.815 0.200
202012 0.190 109.897 0.200
202103 0.190 111.754 0.197
202106 0.150 114.631 0.151
202109 0.230 115.734 0.230

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


Heritage Commerce  (NAS:HTBK) 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.

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

Shiller PE Ratio=Share Price/E10
=11.175/0.65
=17.19

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

During the past 13 years, the highest Shiller P/E Ratio of Heritage Commerce was 699.00. The lowest was 11.07. And the median was 55.00.


Be Aware

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


Heritage Commerce E10 Related Terms

Thank you for viewing the detailed overview of Heritage Commerce's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.


Heritage Commerce Business Description

Heritage Commerce logo
Industry
Financial Services » Banks NAICS : 522110 SIC : 6022
Traded in Other Exchanges
Address
224 Airport Parkway, San Jose, CA, USA, 95110
Heritage Commerce Corporation operates as a bank holding company. The company, through its subsidiary, offers commercial banking services to small and medium-sized businesses and their owners, managers, and employees. It operates through two segments, namely Banking and Factoring. The bank generates a majority of its revenue from the Banking segment.
Executives
Cabral Bruce H director 150 ALMADEN BOULEVARD SAN JOSE CA 95113
Benito Michael Eugene officer: EVP 150 ALMADNE BLVD. SAN JOSE CA 95113
Moles Robert director HERITAGE COMMERCE CORP 150 ALMADEN BLVD. SAN JOSE CA 95113
Webster Ranson W director C/O HERITAGE BANK OF COMMERCE 150 ALMADEN BLVD SAN JOSE CA 95113
Bisceglia Frank G director C/O HERITAGE COMMERCE CORP 150 ALMADEN BLVD SAN JOSE CA 95113
Jones Robertson Clay Jr officer: EVP 150 ALMADEN BOULEVARD SAN JOSE CA 95113
Wilton Keith director, officer: President and CEO 150 ALMADEN BLVD. SAN JOSE CA 95113
Kaczmarek Walter Theodore director HERITAGE COMMERCE CORP 150 ALMADEN BLVD. SAN JOSE CA 95113
Conner Jack W director HERITAGE COMMERCE CORP 150 ALMADEN BLVD. SAN JOSE CA 95113
Biagini Komas Julianne M director 150 ALMADEN BOULEVARD SAN JOSE CA 95113
Mcgovern Lawrence D officer: EVP/CFO C/O HERITAGE COMMERCE CORP 150 ALMADEN BLVD SAN JOSE CA 95113
Dinapoli Jason Philip director 1875 CENTURY PARK EAST SUITE 1400 LOS ANGELES CA 90067
Roden Laura director 150 ALMADEN BLVD. SAN JOSE CA 95113
Butsch Margo G. officer: EVP/Chief Credit Officer 150 ALMADEN BLVD SAN JOSE CA 95113
Sutton Marina Park director 150 ALMADEN BOULEVARD SAN JOSE CA 95113

Heritage Commerce Headlines

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