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Costamare E10

: $1.28 (As of Jun. 2019)
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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.

Costamare's adjusted earnings per share data for the three months ended in Jun. 2019 was $0.180. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $1.28 for the trailing ten years ended in Jun. 2019.

As of today, Costamare's current stock price is $5.31. Costamare's E10 for the quarter that ended in Jun. 2019 was $1.28. Costamare's Shiller PE Ratio of today is 4.15.

During the past 11 years, the highest Shiller PE Ratio of Costamare was 4.88. The lowest was 3.96. And the median was 4.14.


Costamare 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.

Costamare Annual Data
Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 0.00

Costamare Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 0.00 0.00 0.00 0.00 1.28

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.


Costamare E10 Distribution

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



Costamare 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.

For example, Costamare's adjusted earnings per share data for the three months ended in Jun. 2019 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Jun. 2019 (Change)*Current CPI (Jun. 2019)
=0.18/256.143*256.143
=0.180

Current CPI (Jun. 2019) = 256.143.

Costamare Quarterly Data

per share eps CPI Adj_EPS
200909 0.510 215.969 0.605
200912 0.480 215.949 0.569
201003 0.530 217.631 0.624
201006 0.440 217.965 0.517
201009 0.510 218.439 0.598
201012 0.170 219.179 0.199
201103 0.300 223.467 0.344
201106 0.430 225.722 0.488
201109 0.290 226.889 0.327
201112 0.430 225.672 0.488
201203 0.400 229.392 0.447
201206 0.310 229.478 0.346
201209 0.180 231.407 0.199
201212 0.310 229.601 0.346
201303 0.330 232.773 0.363
201306 0.410 233.504 0.450
201309 0.270 234.149 0.295
201312 0.350 233.049 0.385
201403 0.230 236.293 0.249
201406 0.320 238.343 0.344
201409 0.450 238.031 0.484
201412 0.370 234.812 0.404
201503 0.310 236.119 0.336
201506 0.530 238.638 0.569
201509 0.390 237.945 0.420
201512 0.440 236.525 0.476
201603 0.400 238.132 0.430
201606 0.420 241.018 0.446
201609 0.200 241.428 0.212
201612 -0.200 241.432 -0.212
201703 0.200 243.801 0.210
201706 0.180 244.955 0.188
201709 0.180 246.819 0.187
201712 -0.020 246.524 -0.021
201803 0.110 249.554 0.113
201806 0.060 251.989 0.061
201809 0.060 252.439 0.061
201812 0.110 251.233 0.112
201903 -0.080 254.202 -0.081
201906 0.180 256.143 0.180

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


Costamare  (NYSE:CMRE) 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.

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

Shiller PE Ratio=Share Price/E10
=5.31/1.28
=4.15

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

During the past 11 years, the highest Shiller P/E Ratio of Costamare was 4.88. The lowest was 3.96. And the median was 4.14.


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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