Ichigo (TSE:2337) E10: 円27.12 (As of May. 2026)

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Director of Data and Quant Analytics at GuruFocus
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TSE:2337 Ichigo Inc TSE:2337
74 GF Score
Price 円392.00
GF Value 円466.34
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Ichigo E10?

Ichigo TSE:2337 -2.24% 74 E10 is 円27.12 as of May. 2026. GuruFocus rates TSE:2337 with a GF Score™ of 74/100 and a GF Value™ of 円466.34 (Modestly Undervalued). The stock has 4 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.

Ichigo's adjusted earnings per share data for the three months ended in May. 2026 was 円7.240. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is 円27.12 for the trailing ten years ended in May. 2026.

During the past 12 months, Ichigo's average E10 Growth Rate was 3.60% per year. During the past 3 years, the average E10 Growth Rate was 9.40% per year. During the past 5 years, the average E10 Growth Rate was 10.00% 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 Ichigo was 11.70% per year. The lowest was 5.60% per year. And the median was 8.75% per year.

As of today (2026-08-04), Ichigo's current stock price is 円392.00. Ichigo's E10 for the quarter that ended in May. 2026 was 円27.12. Ichigo's Shiller PE Ratio of today is 14.45.

During the past 13 years, the highest Shiller PE Ratio of Ichigo was 37.35. The lowest was 11.73. And the median was 16.98.


Ichigo  (TSE:2337) 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.

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

Shiller PE Ratio=Share Price/E10
=392.00/27.12
=14.45

* 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.

During the past 13 years, the highest Shiller P/E Ratio of Ichigo was 37.35. The lowest was 11.73. And the median was 16.98.


Be Aware

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


Ichigo E10 Related Terms


Ichigo E10 Historical Data

* Premium members only.

The historical data trend for Ichigo'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.

Ichigo E10 Chart

Ichigo Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 18.62 20.89 23.08 25.92 27.35

Ichigo Quarterly Data
Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Aug24 Nov24 Feb25 May25 Aug25 Nov25 Feb26 May26
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 26.18 27.32 26.36 27.35 27.12

TSE:2337 vs CBRE, BEKE, JLL: E10 Comparison

For the Real Estate Services subindustry, Ichigo'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.


Ichigo Shiller PE Ratio vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Ichigo's Shiller PE Ratio distribution charts can be found below:

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


TSE:2337
74GF Score
Ichigo Inc TSE:2337
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

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

Adj_EPS= Earnings per Share (Diluted) /CPI of May. 2026 (Change)*Current CPI (May. 2026)
=7.24/113.5000*113.5000
=7.240

Current CPI (May. 2026) = 113.5000.

Ichigo Quarterly Data

per share eps CPI Adj_EPS
201608 12.600 97.900 14.608
201611 1.790 98.600 2.060
201702 4.090 98.100 4.732
201705 4.450 98.600 5.122
201708 13.280 98.500 15.302
201711 4.160 99.100 4.764
201802 6.200 99.500 7.072
201805 7.140 99.300 8.161
201808 4.150 99.800 4.720
201811 13.290 100.000 15.084
201902 6.550 99.700 7.457
201905 9.760 100.000 11.078
201908 7.880 100.000 8.944
201911 13.460 100.500 15.201
202002 -14.200 100.300 -16.069
202005 4.490 100.100 5.091
202008 1.270 100.100 1.440
202011 3.100 99.500 3.536
202102 1.614 99.800 1.836
202105 3.280 99.400 3.745
202108 0.400 99.700 0.455
202111 0.510 100.100 0.578
202202 9.610 100.700 10.832
202205 3.290 101.800 3.668
202208 4.090 102.700 4.520
202211 11.020 103.900 12.038
202302 2.071 104.000 2.260
202305 3.210 105.100 3.467
202308 15.550 105.900 16.666
202311 2.420 106.900 2.569
202402 5.680 106.900 6.031
202405 8.160 108.100 8.568
202408 4.050 109.100 4.213
202411 8.148 110.000 8.407
202502 14.510 110.800 14.864
202505 5.555 111.800 5.639
202508 14.965 112.100 15.152
202511 4.625 113.200 4.637
202602 15.283 112.200 15.460
202605 7.240 113.500 7.240

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 円27.12 mean?
Ichigo (TSE:2337) has a E10 of 円27.12 as of May. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on Ichigo and its competitors.
Is Ichigo's E10 too high?
Ichigo's current E10 is 円27.12. Overall, Ichigo has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ichigo's E10 compare to CBRE and BEKE?
Ichigo's E10 of 円27.12 can be compared against companies in the Real Estate 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 Real Estate company?
A good E10 depends on the Real Estate 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 Ichigo and its competitors. Ichigo's current E10 is 円27.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ichigo stock overvalued right now?
Based on GuruFocus' analysis, Ichigo (TSE:2337) is currently considered Modestly Undervalued. The stock's GF Value™ is 円466.34, compared to a current price of 円392.00 — trading 15.9% below its estimated fair value. The current E10 is 円27.12. Ichigo's overall GF Score™ is 74/100 with 4 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 Ichigo (TSE:2337), the current E10 is 円27.12 as of May. 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 Ichigo (TSE:2337) Overvalued in 2026?

Based on GuruFocus' analysis, Ichigo stock appears to be undervalued. The current stock price of 円392.00 is trading 15.9% below its estimated GF Value™ of 円466.34. GuruFocus considers Ichigo to be Modestly Undervalued.

Key valuation signals for TSE:2337:

  • E10: 円27.12
  • GF Value™: 円466.34 vs. price of 円392.00 (15.9% below fair value)
  • GF Score™: 74/100 with 4 warning signs

No single metric tells the full story. See the TSE:2337 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ichigo Business Description

Address 2-6-1 Marunouchi, 17th Floor, The Imperial Hotel Tower, Chiyoda-ku, Tokyo, JPN, 100-0011
Ichigo Inc is a Japanese real estate owner and operator, and clean energy producer. It manages several real estate investment trusts and operates solar plants across Japan. REIT opportunities include midsize hotel and office properties. Revenue is generated through fees via the management of the Ichigo REIT and private funds, and other fee-generating real estate services related to sourcing, financing, operation, property management, facility management, and disposition of real estate assets. Additional income is generated through the sale of properties and rental income. Clean Energy services involve the production of mega solar power.
74GF Score

Get the complete analysis for TSE:2337

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

円392.00
Price
円466.34
GF Value