USD 1.56 as of today(2019-11-17). GLW E10 explanation, calculation, historical data and more" />GLW E10 | Corning - GuruFocus.com
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Corning E10

: USD 1.56 (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.

Corning's adjusted earnings per share data for the three months ended in Sep. 2019 was USD 0.380. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is USD 1.56 for the trailing ten years ended in Sep. 2019.

As of today (2019-11-17), Corning's current stock price is USD 29.35. Corning's E10 for the quarter that ended in Sep. 2019 was USD 1.56. Corning's Shiller PE Ratio of today is 18.81.

During the past 13 years, the highest Shiller PE Ratio of Corning was 30.69. The lowest was 9.58. And the median was 14.15.


Corning 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.

Corning 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 1.68 1.75 1.97 1.77 1.52

Corning 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 1.53 1.52 1.59 1.57 1.56

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.


Corning E10 Distribution

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



Corning 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, Corning'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)
=0.38/256.358*256.358
=0.380

Current CPI (Sep. 2019) = 256.358.

Corning Quarterly Data

per share eps CPI Adj_EPS
200912 0.470 215.949 0.558
201003 0.520 217.631 0.613
201006 0.580 217.965 0.682
201009 0.500 218.439 0.587
201012 0.660 219.179 0.772
201103 0.470 223.467 0.539
201106 0.470 225.722 0.534
201109 0.510 226.889 0.576
201112 0.310 225.672 0.352
201203 0.310 229.392 0.346
201206 0.310 229.478 0.346
201209 0.360 231.407 0.399
201212 0.190 229.601 0.212
201303 0.330 232.773 0.363
201306 0.430 233.504 0.472
201309 0.280 234.149 0.307
201312 0.300 233.049 0.330
201403 0.200 236.293 0.217
201406 0.110 238.343 0.118
201409 0.720 238.031 0.775
201412 0.700 234.812 0.764
201503 0.290 236.119 0.315
201506 0.360 238.638 0.387
201509 0.150 237.945 0.162
201512 0.170 236.525 0.184
201603 -0.360 238.132 -0.388
201606 1.870 241.018 1.989
201609 0.260 241.428 0.276
201612 1.470 241.432 1.561
201703 0.070 243.801 0.074
201706 0.420 244.955 0.440
201709 0.390 246.819 0.405
201712 -1.660 246.524 -1.726
201803 -0.720 249.554 -0.740
201806 0.780 251.989 0.794
201809 0.670 252.439 0.680
201812 0.320 251.233 0.327
201903 0.550 254.202 0.555
201906 0.090 256.143 0.090
201909 0.380 256.358 0.380

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


Corning  (NYSE:GLW) 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.

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

Shiller PE Ratio=Share Price/E10
=29.35/1.56
=18.81

* 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 Corning was 30.69. The lowest was 9.58. And the median was 14.15.


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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