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Dover E10

: $4.95 (As of Mar. 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.

Dover's adjusted earnings per share data for the three months ended in Mar. 2020 was $1.210. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $4.95 for the trailing ten years ended in Mar. 2020.

As of today (2020-06-02), Dover's current stock price is $99.25. Dover's E10 for the quarter that ended in Mar. 2020 was $4.95. Dover's Shiller PE Ratio of today is 20.05.

During the past 13 years, the highest Shiller PE Ratio of Dover was 24.21. The lowest was 9.83. And the median was 15.14.


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
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 4.18 4.26 4.47 4.57 4.95

Dover Quarterly Data
Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20
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 4.66 4.77 4.85 4.95 4.95

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 Mar. 2020 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Mar. 2020 (Change)*Current CPI (Mar. 2020)
=1.21/258.12*258.12
=1.210

Current CPI (Mar. 2020) = 258.12.

Dover Quarterly Data

per share eps CPI Adj_EPS
201006 0.900 217.970 1.066
201009 1.190 218.440 1.406
201012 1.040 219.180 1.225
201103 1.030 223.470 1.190
201106 1.320 225.720 1.509
201109 0.910 226.890 1.035
201112 1.480 225.670 1.693
201203 1.050 229.390 1.182
201206 1.150 229.480 1.294
201209 1.310 231.410 1.461
201212 0.890 229.600 1.001
201303 1.200 232.770 1.331
201306 1.910 233.500 2.111
201309 1.560 234.150 1.720
201312 1.130 233.050 1.252
201403 0.930 236.290 1.016
201406 1.270 238.340 1.375
201409 1.380 238.030 1.496
201412 1.020 234.810 1.121
201503 1.280 236.120 1.399
201506 2.070 238.640 2.239
201509 1.190 237.940 1.291
201512 0.910 236.530 0.993
201603 0.640 238.130 0.694
201606 0.760 241.020 0.814
201609 0.830 241.430 0.887
201612 1.030 241.430 1.101
201703 1.090 243.800 1.154
201706 1.040 244.960 1.096
201709 1.140 246.820 1.192
201712 1.880 246.520 1.968
201803 0.840 249.550 0.869
201806 0.910 251.990 0.932
201809 1.050 252.440 1.074
201812 0.960 251.230 0.986
201903 0.720 254.200 0.731
201906 1.350 256.140 1.360
201909 1.400 256.760 1.407
201912 1.150 256.970 1.155
202003 1.210 258.120 1.210

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
=99.25/4.95
=20.05

* 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 24.21. The lowest was 9.83. And the median was 15.14.


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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