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SAP SE E10

: $3.31 (As of Dec. 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.

SAP SE's adjusted earnings per share data for the three months ended in Dec. 2019 was $1.522. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $3.31 for the trailing ten years ended in Dec. 2019.

As of today (2020-06-01), SAP SE's current stock price is $128.51. SAP SE's E10 for the quarter that ended in Dec. 2019 was $3.31. SAP SE's Shiller PE Ratio of today is 38.82.

During the past 13 years, the highest Shiller PE Ratio of SAP SE was 43.71. The lowest was 24.54. And the median was 31.79.


SAP SE 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.

SAP SE 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 2.39 2.48 3.09 3.18 3.31

SAP SE Quarterly Data
Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19
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 3.18 3.12 3.18 3.14 3.31

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.


SAP SE E10 Distribution

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



SAP SE 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, SAP SE's adjusted earnings per share data for the three months ended in Dec. 2019 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Dec. 2019 (Change)*Current CPI (Dec. 2019)
=1.5222222222222/256.97*256.97
=1.522

Current CPI (Dec. 2019) = 256.97.

SAP SE Quarterly Data

per share eps CPI Adj_EPS
201003 0.448 217.630 0.529
201006 0.501 217.970 0.591
201009 0.550 218.440 0.648
201012 0.476 219.180 0.558
201103 0.477 223.470 0.548
201106 0.706 225.720 0.804
201109 1.444 226.890 1.636
201112 1.329 225.670 1.513
201203 0.489 229.390 0.548
201206 0.690 229.480 0.773
201209 0.670 231.410 0.744
201212 1.207 229.600 1.351
201303 0.570 232.770 0.629
201306 0.805 233.500 0.886
201309 0.856 234.150 0.939
201312 1.521 233.050 1.677
201403 0.622 236.290 0.677
201406 0.639 238.340 0.689
201409 0.941 238.030 1.016
201412 1.344 234.810 1.471
201503 0.379 236.120 0.412
201506 0.438 238.640 0.471
201509 0.842 237.940 0.909
201512 1.166 236.530 1.266
201603 0.535 238.130 0.577
201606 0.764 241.020 0.815
201609 0.685 241.430 0.729
201612 1.329 241.430 1.415
201703 0.460 243.800 0.485
201706 0.629 244.960 0.660
201709 0.977 246.820 1.018
201712 1.834 246.520 1.912
201803 0.727 249.550 0.749
201806 0.701 251.990 0.715
201809 0.945 252.440 0.962
201812 1.604 251.230 1.641
201903 -0.113 254.200 -0.114
201906 0.542 256.140 0.544
201909 1.145 256.760 1.146
201912 1.522 256.970 1.522

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


SAP SE  (NYSE:SAP) 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.

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

Shiller PE Ratio=Share Price/E10
=128.51/3.31
=38.82

* 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 SAP SE was 43.71. The lowest was 24.54. And the median was 31.79.


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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