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Northern Trust E10

: $4.59 (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.

Northern Trust's adjusted earnings per share data for the three months ended in Sep. 2020 was $1.320. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $4.59 for the trailing ten years ended in Sep. 2020.

As of today (2020-10-29), Northern Trust's current stock price is $78.29. Northern Trust's E10 for the quarter that ended in Sep. 2020 was $4.59. Northern Trust's Shiller PE Ratio of today is 17.06.

During the past 13 years, the highest Shiller PE Ratio of Northern Trust was 30.16. The lowest was 11.54. And the median was 19.81.


Northern Trust 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.

Northern Trust 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 3.33 3.49 3.67 3.98 4.37

Northern Trust 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 4.29 4.37 4.42 4.52 4.59

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.


Northern Trust E10 Distribution

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



Northern Trust 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, Northern Trust'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)
=1.32/109.6622*109.6622
=1.320

Current CPI (Sep. 2020) = 109.6622.

Northern Trust Quarterly Data

per share eps CPI Adj_EPS
201012 0.640 92.914 0.755
201103 0.610 94.890 0.705
201106 0.620 95.319 0.713
201109 0.700 95.529 0.804
201112 0.530 95.632 0.608
201203 0.660 97.075 0.746
201206 0.730 96.661 0.828
201209 0.730 97.595 0.820
201212 0.690 97.158 0.779
201303 0.670 98.107 0.749
201306 0.780 98.557 0.868
201309 0.840 98.536 0.935
201312 0.700 98.692 0.778
201403 0.750 100.023 0.822
201406 0.750 100.520 0.818
201409 0.840 100.176 0.920
201412 0.980 98.604 1.090
201503 0.940 99.824 1.033
201506 1.100 100.691 1.198
201509 0.960 100.346 1.049
201512 0.990 99.957 1.086
201603 1.030 100.947 1.119
201606 1.100 101.524 1.188
201609 1.080 101.988 1.161
201612 1.110 102.456 1.188
201703 1.090 103.167 1.159
201706 1.120 103.278 1.189
201709 1.200 104.070 1.264
201712 1.510 104.578 1.583
201803 1.580 105.708 1.639
201806 1.680 106.324 1.733
201809 1.580 106.695 1.624
201812 1.800 106.200 1.859
201903 1.480 107.818 1.505
201906 1.750 108.250 1.773
201909 1.690 108.577 1.707
201912 1.700 108.841 1.713
202003 1.550 108.173 1.571
202006 1.460 109.318 1.465
202009 1.320 109.662 1.320

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


Northern Trust  (NAS:NTRS) 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.

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

Shiller PE Ratio=Share Price/E10
=78.29/4.59
=17.06

* 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 Northern Trust was 30.16. The lowest was 11.54. And the median was 19.81.


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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