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TSR Inc  (NAS:TSRI) E10: $0.12 (As of Aug. 2017)

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.

TSR Inc's adjusted earnings per share data for the three months ended in Aug. 2017 was $0.070. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $0.12 for the trailing ten years ended in Aug. 2017.

As of today, TSR Inc's current stock price is $5.25. TSR Inc's E10 for the quarter that ended in Aug. 2017 was $0.12. TSR Inc's Shiller PE Ratio of today is 43.75.

During the past 13 years, the highest Shiller PE Ratio of TSR Inc was 64.86. The lowest was 2.63. And the median was 6.41.


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.

TSR Inc Annual Data

May08 May09 May10 May11 May12 May13 May14 May15 May16 May17
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.48 0.36 0.24 0.19 0.14

TSR Inc Quarterly Data

Nov12 Feb13 May13 Aug13 Nov13 Feb14 May14 Aug14 Nov14 Feb15 May15 Aug15 Nov15 Feb16 May16 Aug16 Nov16 Feb17 May17 Aug17
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 0.18 0.16 0.15 0.14 0.12

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.


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, TSR Inc's adjusted earnings per share data for the three months ended in Aug. 2017 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Aug. 2017 (Change)*Current CPI (Aug. 2017)
=0.07/245.519*245.519
=0.070

Current CPI (Aug. 2017) = 245.519.

TSR Inc Quarterly Data

per share eps CPI Adj_EPS
200711 0.160 210.177 0.187
200802 0.100 211.693 0.116
200805 0.100 216.632 0.113
200808 0.100 219.086 0.112
200811 0.100 212.425 0.116
200902 0.040 212.193 0.046
200905 0.060 213.856 0.069
200908 0.040 215.834 0.046
200911 0.040 216.330 0.045
201002 0.000 216.741 0.000
201005 0.000 218.178 0.000
201008 0.010 218.312 0.011
201011 0.070 218.803 0.079
201102 -0.030 221.309 -0.033
201105 0.050 225.964 0.054
201108 0.020 226.545 0.022
201111 0.020 226.230 0.022
201202 -0.050 227.663 -0.054
201205 -0.020 229.815 -0.021
201208 -0.050 230.379 -0.053
201211 -0.090 230.221 -0.096
201302 -0.130 232.166 -0.137
201305 0.010 232.945 0.011
201308 0.010 233.877 0.010
201311 0.020 233.069 0.021
201402 -0.050 234.781 -0.052
201405 -0.020 237.900 -0.021
201408 0.010 237.852 0.010
201411 0.070 236.151 0.073
201502 -0.040 234.722 -0.042
201505 0.060 237.805 0.062
201508 0.070 238.316 0.072
201511 0.060 237.336 0.062
201602 -0.010 237.111 -0.010
201605 0.080 240.229 0.082
201608 0.080 240.849 0.082
201611 0.060 241.353 0.061
201702 -0.030 243.603 -0.030
201705 0.040 244.733 0.040
201708 0.070 245.519 0.070

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

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

Shiller PE Ratio=Share Price/E10
=5.25/0.12
=43.75

* 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 TSR Inc was 64.86. The lowest was 2.63. And the median was 6.41.


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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