TSRC (TPE:2103) E10: NT$ (As of Jun. 2026)

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Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TPE:2103 TSRC Corp TPE:2103
68 GF Score
Price NT$27.60
GF Value NT$23.52
Valuation Modestly Overvalued
! 10 Warning Signs
View Full Analysis

What is TSRC E10?

TSRC TPE:2103 -2.13% 68 E10 is NT$ as of Jun. 2026. GuruFocus rates TPE:2103 with a GF Score™ of 68/100 and a GF Value™ of NT$23.52 (Modestly Overvalued). The stock has 10 warning signs investors should review.

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.

TSRC's adjusted earnings per share data for the three months ended in Jun. 2026 was NT$1.728. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is NT$ for the trailing ten years ended in Jun. 2026.

During the past 12 months, TSRC's average E10 Growth Rate was 11.80% per year. During the past 3 years, the average E10 Growth Rate was -2.10% per year. During the past 5 years, the average E10 Growth Rate was -4.20% 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 TSRC was -2.10% per year. The lowest was -11.20% per year. And the median was -6.80% per year.

As of today (2026-09-20), TSRC's current stock price is NT$27.60. TSRC's E10 for the quarter that ended in Jun. 2026 was NT$. TSRC's Shiller PE Ratio of today is .

During the past 13 years, the highest Shiller PE Ratio of TSRC was 21.81. The lowest was 5.62. And the median was 13.39.


TSRC  (TPE:2103) 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.

During the past 13 years, the highest Shiller P/E Ratio of TSRC was 21.81. The lowest was 5.62. And the median was 13.39.


Be Aware

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


TSRC E10 Related Terms


TSRC E10 Historical Data

* Premium members only.

The historical data trend for TSRC'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.

TSRC E10 Chart

TSRC Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
E10
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TSRC Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
E10 Get a 7-Day Free Trial 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 - - - - -

TPE:2103 vs LIN, SHW, ECL: E10 Comparison

For the Specialty Chemicals subindustry, TSRC'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.


TSRC Shiller PE Ratio vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, TSRC's Shiller PE Ratio distribution charts can be found below:

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


TPE:2103
68GF Score
TSRC Corp TPE:2103
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TSRC 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, TSRC's adjusted earnings per share data for the three months ended in Jun. 2026 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=1.7276/333.9520*333.9520
=1.728

Current CPI (Jun. 2026) = 333.9520.

TSRC Quarterly Data

per share eps CPI Adj_EPS
201609 0.300 241.428 0.415
201612 0.070 241.432 0.097
201703 0.430 243.801 0.589
201706 -0.110 244.955 -0.150
201709 0.360 246.819 0.487
201712 0.380 246.524 0.515
201803 0.290 249.554 0.388
201806 0.470 251.989 0.623
201809 0.243 252.439 0.321
201812 0.440 251.233 0.585
201903 0.343 254.202 0.451
201906 0.403 256.143 0.526
201909 0.023 256.759 0.030
201912 0.125 256.974 0.163
202003 0.072 258.115 0.093
202006 -0.142 257.797 -0.184
202009 -0.280 260.280 -0.359
202012 0.324 260.474 0.416
202103 1.084 264.877 1.366
202106 1.211 271.696 1.488
202109 1.740 274.310 2.118
202112 0.706 278.802 0.845
202203 0.785 287.504 0.912
202206 0.903 296.311 1.018
202209 0.474 296.808 0.533
202212 -0.014 296.797 -0.016
202303 0.309 301.836 0.341
202306 0.050 305.109 0.055
202309 0.191 307.789 0.208
202312 0.272 306.746 0.296
202403 0.316 312.332 0.338
202406 0.393 314.175 0.418
202409 0.427 315.301 0.452
202412 -0.093 315.605 -0.098
202503 0.399 319.799 0.417
202506 -0.082 322.561 -0.085
202509 -0.100 324.800 -0.102
202512 0.325 324.054 0.335
202603 0.527 330.213 0.533
202606 1.728 333.952 1.728

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

Frequently Asked Questions Learn more about E10 →
What does a E10 of NT$ mean?
TSRC (TPE:2103) has a E10 of NT$ as of Jun. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on TSRC and its competitors.
Is TSRC's E10 too high?
TSRC's current E10 is NT$. Overall, TSRC has a GF Score™ of 68/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TSRC's E10 compare to LIN and SHW?
TSRC's E10 of NT$ can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good E10 for a Chemicals company?
A good E10 depends on the Chemicals industry context. However, E10 should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high E10 mean?
A high E10 can signal that a stock is expensive relative to its fundamentals. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on TSRC and its competitors. TSRC's current E10 is NT$. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TSRC stock overvalued right now?
Based on GuruFocus' analysis, TSRC (TPE:2103) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$23.52, compared to a current price of NT$27.60 — trading 17.3% above its estimated fair value. The current E10 is NT$. TSRC's overall GF Score™ is 68/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is E10 calculated?
E10 is calculated from a company's financial statements. For TSRC (TPE:2103), the current E10 is NT$ as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is TSRC (TPE:2103) Overvalued in 2026?

Based on GuruFocus' analysis, TSRC stock appears to be overvalued. The current stock price of NT$27.60 is trading 17.3% above its estimated GF Value™ of NT$23.52. GuruFocus considers TSRC to be Modestly Overvalued.

Key valuation signals for TPE:2103:

  • E10: NT$
  • GF Value™: NT$23.52 vs. price of NT$27.60 (17.3% above fair value)
  • GF Score™: 68/100 with 10 warning signs

No single metric tells the full story. See the TPE:2103 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TSRC Business Description

Address No. 2, Singgong Road, Dashe District, Kaohsiung, TWN
TSRC Corporation is a rubber manufacturer based out of Taiwan. The company offers tire products globally, with Asian markets accounting for the majority of the company's sales. Product offerings are divided into the Synthetic Rubber business and Applied polymer business. Under the Synthetic Rubber business, tires are built to improve abrasion resistance and provide low rolling resistance and wet grip resistance. Consumers of TSRC Corp tire products depend on products to deliver reduced fuel consumption and meet a host of regulations and environmental conditions. Products under the Applied Polymers business are often used in high-grade shoe soles, asphalt modification, plastic modification, adhesives, and other end markets. Its geographical segments are Asia, America, Europe, and Others.
68GF Score

Get the complete analysis for TPE:2103

E10 is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

NT$27.60
Price
NT$23.52
GF Value