Makati Finance (PHS:MFIN) E10

: ₱0.14 (As of Dec. 2023)

View and export this data going back to 2003. Start your Free Trial

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.

Makati Finance's adjusted earnings per share data for the three months ended in Dec. 2023 was ₱0.030. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is ₱0.14 for the trailing ten years ended in Dec. 2023.

During the past 5 years, the average E10 Growth Rate was 1.10% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the E10 growth rate using E10 data.

During the past 13 years, the highest 3-Year average E10 Growth Rate of Makati Finance was 2.50% per year. The lowest was 2.50% per year. And the median was 2.50% per year.

As of today (2024-04-23), Makati Finance's current stock price is ₱1.60. Makati Finance's E10 for the quarter that ended in Dec. 2023 was ₱0.14. Makati Finance's Shiller PE Ratio of today is 11.43.

During the past 13 years, the highest Shiller PE Ratio of Makati Finance was 23.07. The lowest was 9.77. And the median was 15.88.

Makati Finance E10 Historical Data

The historical data trend for Makati Finance's E10 can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Makati Finance Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

E10

0.14

Makati Finance Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
E10																0.14	0.15	0.14	0.14	0.14

Competitive Comparison

For the Credit Services subindustry, Makati Finance's Shiller PE Ratio, along with its competitors' market caps and Shiller PE Ratio data, can be viewed below:

* 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. Note that "N/A" values will not show up in the chart.

Makati Finance Shiller PE Ratio Distribution

For the Credit Services industry and Financial Services sector, Makati Finance's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where Makati Finance's Shiller PE Ratio falls into.

Makati Finance 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.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

For example, Makati Finance's adjusted earnings per share data for the three months ended in Dec. 2023 was:

Adj_EPS	=	Earnings per Share (Diluted)	/	CPI of Dec. 2023 (Change)	*	Current CPI (Dec. 2023)
	=	0.03	/	129.4194	*	129.4194
	=	0.030

Current CPI (Dec. 2023) = 129.4194.

Makati Finance Quarterly Data

	per share eps	CPI	Adj_EPS
201403	0.045	99.695	0.058
201406	0.112	100.560	0.144
201409	-0.023	100.428	-0.030
201412	0.059	99.070	0.077
201503	0.039	99.621	0.051
201506	0.031	100.684	0.040
201509	0.024	100.392	0.031
201512	0.085	99.792	0.110
201603	0.040	100.470	0.052
201606	0.031	101.688	0.039
201609	-0.003	101.861	-0.004
201612	0.113	101.863	0.144
201703	0.025	102.862	0.031
201706	0.008	103.349	0.010
201709	0.009	104.136	0.011
201712	0.207	104.011	0.258
201803	0.000	105.290	0.000
201806	0.009	106.317	0.011
201809	0.001	106.507	0.001
201812	0.029	105.998	0.035
201903	0.010	107.251	0.012
201906	0.019	108.070	0.023
201909	0.020	108.329	0.024
201912	0.042	108.420	0.050
202003	0.010	108.902	0.012
202006	-0.029	108.767	-0.035
202009	0.020	109.815	0.024
202012	0.040	109.897	0.047
202103	0.020	111.754	0.023
202106	0.010	114.631	0.011
202109	0.010	115.734	0.011
202112	0.002	117.630	0.002
202203	0.020	121.301	0.021
202206	-0.020	125.017	-0.021
202209	0.010	125.227	0.010
202212	0.060	125.222	0.062
202303	0.010	127.348	0.010
202306	0.010	128.729	0.010
202309	0.010	129.860	0.010
202312	0.030	129.419	0.030

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

Makati Finance (PHS:MFIN) 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.

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

Shiller PE Ratio	=	Share Price	/	E10
	=	1.60	/	0.14
	=	11.43

During the past 13 years, the highest Shiller P/E Ratio of Makati Finance was 23.07. The lowest was 9.77. And the median was 15.88.

Be Aware

Shiller PE Ratio works better for cyclical companies. It gives you a better idea on the company's real earnings power.

Makati Finance E10 Related Terms

Thank you for viewing the detailed overview of Makati Finance's E10 provided by GuruFocus.com. Please click on the following links to see related term pages.

Makati Finance (PHS:MFIN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » Makati Finance Corp (PHS:MFIN) » Definitions » E10

Comparable Companies

Traded in Other Exchanges

N/A

Address

2301 Chino Roces Avenue, 3rd Floor Mazda Makati Building, Barangay Magallanes, Makati City, PHL, 1231

Website

http://www.makatifinance.ph

Makati Finance Corp provides financial services and advisory to its clients. The company's operations include sales and marketing, evaluation and approval of loan applications, and collection of loan accounts. The company derives revenues from the following main operating business segments of Rx Cashline Group; Business loans; MFC Factors Group; Motor Vehicles Financing Group and Others. Business loans division grants loans to finance business owners who wishes to expand its business or for the purpose of starting capital whereas Motor Vehicles Financing Group grants loans to motorcycle buyers. The company's assets producing revenues are located in the Philippines.