First Brothers Co (TSE:3454) E10: 円190.75 (As of May. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

TSE:3454 First Brothers Co Ltd TSE:3454
65 GF Score
Price 円1,277.00
GF Value 円1,541.44
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is First Brothers Co E10?

First Brothers Co TSE:3454 +0.08% 65 E10 is 円190.75 as of May. 2026. GuruFocus rates TSE:3454 with a GF Score™ of 65/100 and a GF Value™ of 円1,541.44 (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.

First Brothers Co's adjusted earnings per share data for the three months ended in May. 2026 was 円138.770. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is 円190.75 for the trailing ten years ended in May. 2026.

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.

As of today (2026-07-16), First Brothers Co's current stock price is 円1277.00. First Brothers Co's E10 for the quarter that ended in May. 2026 was 円190.75. First Brothers Co's Shiller PE Ratio of today is 6.69.

During the past 13 years, the highest Shiller PE Ratio of First Brothers Co was 7.39. The lowest was 6.23. And the median was 6.90.


First Brothers Co  (TSE:3454) 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.

First Brothers Co's Shiller P/E Ratio of today is calculated as

Shiller PE Ratio=Share Price/E10
=1277.00/190.75
=6.69

* 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 First Brothers Co was 7.39. The lowest was 6.23. And the median was 6.90.


Be Aware

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


First Brothers Co E10 Related Terms


First Brothers Co E10 Historical Data

* Premium members only.

The historical data trend for First Brothers Co'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.

First Brothers Co E10 Chart

First Brothers Co Annual Data
Trend Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23 Nov24 Nov25
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 0.00 175.05

First Brothers Co Quarterly Data
Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24 Nov24 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 0.00 167.64 175.05 174.31 190.75

TSE:3454 vs BLK, BX, KKR: E10 Comparison

For the Asset Management subindustry, First Brothers Co'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.


First Brothers Co Shiller PE Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, First Brothers Co's Shiller PE Ratio distribution charts can be found below:

* The bar in red indicates where First Brothers Co's Shiller PE Ratio falls into.


TSE:3454
65GF Score
First Brothers Co Ltd TSE:3454
E10 is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

First Brothers Co 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, First Brothers Co'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)
=138.77/113.5000*113.5000
=138.770

Current CPI (May. 2026) = 113.5000.

First Brothers Co Quarterly Data

per share eps CPI Adj_EPS
201602 14.480 97.800 16.804
201605 44.700 98.200 51.664
201608 37.628 97.900 43.624
201611 63.400 98.600 72.981
201702 4.870 98.100 5.635
201705 73.420 98.600 84.515
201708 -1.342 98.500 -1.546
201711 69.260 99.100 79.324
201802 18.510 99.500 21.114
201805 109.190 99.300 124.804
201808 -0.020 99.800 -0.023
201811 77.250 100.000 87.679
201902 14.980 99.700 17.053
201905 -14.110 100.000 -16.015
201908 26.570 100.000 30.157
201911 128.100 100.500 144.670
202002 -13.560 100.300 -15.345
202005 6.930 100.100 7.858
202008 151.980 100.100 172.325
202011 19.600 99.500 22.358
202102 4.340 99.800 4.936
202105 120.310 99.400 137.376
202108 4.309 99.700 4.905
202111 70.375 100.100 79.796
202202 47.440 100.700 53.470
202205 -5.120 101.800 -5.708
202208 14.263 102.700 15.763
202211 27.580 103.900 30.128
202302 26.330 104.000 28.735
202305 131.607 105.100 142.126
202308 31.550 105.900 33.814
202311 37.765 106.900 40.097
202402 4.520 106.900 4.799
202405 8.250 108.100 8.662
202411 0.000 110.000 0.000
202505 0.000 111.800 0.000
202508 31.070 112.100 31.458
202511 77.730 113.200 77.936
202602 35.020 112.200 35.426
202605 138.770 113.500 138.770

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190.75 mean?
First Brothers Co (TSE:3454) has a E10 of 円190.75 as of May. 2026. E10 represents the company's inflation-adjusted earnings per share over a 10-year period. View historical data on First Brothers Co and its competitors.
Is First Brothers Co's E10 too high?
First Brothers Co's current E10 is 円190.75. Overall, First Brothers Co has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does First Brothers Co's E10 compare to BLK and BX?
First Brothers Co's E10 of 円190.75 can be compared against companies in the Asset Management 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 an Asset Management company?
A good E10 depends on the Asset Management 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 First Brothers Co and its competitors. First Brothers Co's current E10 is 円190.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Brothers Co stock overvalued right now?
Based on GuruFocus' analysis, First Brothers Co (TSE:3454) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,541.44, compared to a current price of 円1,277.00 — trading 17.2% below its estimated fair value. The current E10 is 円190.75. First Brothers Co's overall GF Score™ is 65/100 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 First Brothers Co (TSE:3454), the current E10 is 円190.75 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 First Brothers Co (TSE:3454) Overvalued in 2026?

Based on GuruFocus' analysis, First Brothers Co stock appears to be undervalued. The current stock price of 円1,277.00 is trading 17.2% below its estimated GF Value™ of 円1,541.44. GuruFocus considers First Brothers Co to be Modestly Undervalued.

Key valuation signals for TSE:3454:

  • E10: 円190.75
  • GF Value™: 円1,541.44 vs. price of 円1,277.00 (17.2% below fair value)
  • GF Score™: 65/100 with 4 warning signs

No single metric tells the full story. See the TSE:3454 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


First Brothers Co Business Description

Address 2-4-1 Marunouchi, 25th Floor, Marunouchi Building, Chiyoda-ku, Tokyo, JPN, 100-6325
First Brothers Co Ltd engages in the investment management business. It operates through the Investment Management, Investment Banking, and Facility Management divisions. The Investment Management division invests in real estate or real estate trust beneficiary rights by performing asset management in a private fund format. The Investment Banking division provides various advisory services for real estate and other investments. The Facility Management operates accommodation facilities to provide hospitality services from a medium-to long-term perspective.
65GF Score

Get the complete analysis for TSE:3454

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

円1,277.00
Price
円1,541.44
GF Value