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Dover E10

: $4.86 (As of Sep. 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.

Dover's adjusted earnings per share data for the three months ended in Sep. 2019 was $1.400. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $4.86 for the trailing ten years ended in Sep. 2019.

As of today (2019-12-14), Dover's current stock price is $113.65. Dover's E10 for the quarter that ended in Sep. 2019 was $4.86. Dover's Shiller PE Ratio of today is 23.38.

During the past 13 years, the highest Shiller PE Ratio of Dover was 23.38. The lowest was 6.88. And the median was 14.88.


Dover 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.

Dover 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 3.92 4.20 4.28 4.49 4.59

Dover Quarterly Data
Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19
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 4.62 4.59 4.67 4.79 4.86

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.


Dover E10 Distribution

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



Dover 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, Dover's adjusted earnings per share data for the three months ended in Sep. 2019 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Sep. 2019 (Change)*Current CPI (Sep. 2019)
=1.4/256.358*256.358
=1.400

Current CPI (Sep. 2019) = 256.358.

Dover Quarterly Data

per share eps CPI Adj_EPS
200912 0.530 215.949 0.629
201003 0.580 217.631 0.683
201006 0.900 217.965 1.059
201009 1.190 218.439 1.397
201012 1.040 219.179 1.216
201103 1.030 223.467 1.182
201106 1.320 225.722 1.499
201109 0.910 226.889 1.028
201112 1.480 225.672 1.681
201203 1.050 229.392 1.173
201206 1.150 229.478 1.285
201209 1.310 231.407 1.451
201212 0.890 229.601 0.994
201303 1.200 232.773 1.322
201306 1.910 233.504 2.097
201309 1.560 234.149 1.708
201312 1.130 233.049 1.243
201403 0.930 236.293 1.009
201406 1.270 238.343 1.366
201409 1.380 238.031 1.486
201412 1.020 234.812 1.114
201503 1.280 236.119 1.390
201506 2.070 238.638 2.224
201509 1.190 237.945 1.282
201512 0.910 236.525 0.986
201603 0.640 238.132 0.689
201606 0.760 241.018 0.808
201609 0.830 241.428 0.881
201612 1.030 241.432 1.094
201703 1.090 243.801 1.146
201706 1.040 244.955 1.088
201709 1.140 246.819 1.184
201712 1.880 246.524 1.955
201803 0.840 249.554 0.863
201806 0.910 251.989 0.926
201809 1.050 252.439 1.066
201812 0.960 251.233 0.980
201903 0.720 254.202 0.726
201906 1.350 256.143 1.351
201909 1.400 256.358 1.400

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


Dover  (NYSE:DOV) 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.

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

Shiller PE Ratio=Share Price/E10
=113.65/4.86
=23.38

* 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 Dover was 23.38. The lowest was 6.88. And the median was 14.88.


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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