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CI Financial (TSX:CIX) E10 : C$1.67 (As of Dec. 2024)


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What is CI Financial E10?

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.

CI Financial's adjusted earnings per share data for the three months ended in Dec. 2024 was C$-2.750. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is C$1.67 for the trailing ten years ended in Dec. 2024.

During the past 12 months, CI Financial's average E10 Growth Rate was -22.30% per year. During the past 3 years, the average E10 Growth Rate was -7.80% per year. During the past 5 years, the average E10 Growth Rate was -0.90% per year. During the past 10 years, the average E10 Growth Rate was 3.20% 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 CI Financial was 36.80% per year. The lowest was -7.80% per year. And the median was 7.15% per year.

As of today (2025-03-17), CI Financial's current stock price is C$31.15. CI Financial's E10 for the quarter that ended in Dec. 2024 was C$1.67. CI Financial's Shiller PE Ratio of today is 18.65.

During the past 13 years, the highest Shiller PE Ratio of CI Financial was 23.90. The lowest was 5.35. And the median was 11.36.


CI Financial E10 Historical Data

The historical data trend for CI Financial'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.

CI Financial E10 Chart

CI Financial Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
E10
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.99 2.13 2.27 2.15 1.67

CI Financial Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 2.15 2.01 2.09 2.01 1.67

Competitive Comparison of CI Financial's E10

For the Asset Management subindustry, CI Financial'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.


CI Financial's Shiller PE Ratio Distribution in the Asset Management Industry

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

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



CI Financial 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, CI Financial's adjusted earnings per share data for the three months ended in Dec. 2024 was:

Adj_EPS= Earnings per Share (Diluted) /CPI of Dec. 2024 (Change)*Current CPI (Dec. 2024)
=-2.75/127.3637*127.3637
=-2.750

Current CPI (Dec. 2024) = 127.3637.

CI Financial Quarterly Data

per share eps CPI Adj_EPS
201503 0.510 99.789 0.651
201506 0.500 100.500 0.634
201509 0.510 100.421 0.647
201512 0.460 99.947 0.586
201603 0.420 101.054 0.529
201606 0.470 102.002 0.587
201609 0.510 101.765 0.638
201612 0.450 101.449 0.565
201703 0.550 102.634 0.683
201706 0.420 103.029 0.519
201709 0.600 103.345 0.739
201712 0.510 103.345 0.629
201803 0.590 105.004 0.716
201806 0.600 105.557 0.724
201809 0.620 105.636 0.748
201812 0.570 105.399 0.689
201903 0.580 106.979 0.691
201906 0.470 107.690 0.556
201909 0.600 107.611 0.710
201912 0.650 107.769 0.768
202003 0.540 107.927 0.637
202006 0.550 108.401 0.646
202009 0.610 108.164 0.718
202012 0.500 108.559 0.587
202103 0.590 110.298 0.681
202106 0.570 111.720 0.650
202109 0.220 112.905 0.248
202112 0.620 113.774 0.694
202203 0.700 117.646 0.758
202206 0.810 120.806 0.854
202209 0.080 120.648 0.084
202212 -0.030 120.964 -0.032
202303 0.160 122.702 0.166
202306 0.280 124.203 0.287
202309 -0.080 125.230 -0.081
202312 -0.400 125.072 -0.407
202403 -1.000 126.258 -1.009
202406 1.150 127.522 1.149
202409 -0.190 127.285 -0.190
202412 -2.750 127.364 -2.750

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


CI Financial  (TSX:CIX) 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.

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

Shiller PE Ratio=Share Price/E10
=31.15/1.67
=18.65

* 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 CI Financial was 23.90. The lowest was 5.35. And the median was 11.36.


Be Aware

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


CI Financial E10 Related Terms

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


CI Financial Business Description

Traded in Other Exchanges
Address
15 York Street, 2nd Floor, Legal Department, Toronto, ON, CAN, M5J 0A3
CI Financial is a provider of asset- and wealth-management products and services. The company has a decent share in the Canadian fund market (fifth behind Royal Bank of Canada, Toronto-Dominion, IGM Financial, and Fidelity at the end of last year) and remains the second-largest non-bank-affiliated asset manager in the Canadian market, with CAD 135.4 billion in assets under management (including CAD 36.0 billion in AUM managed for its CI Assante Wealth Management, CI Private Counsel, and Aligned Capital Partners subsidiaries) at the end of September. The firm also had CAD 350.7 billion in assets under advisement (including CAD 250.6 billion from its US wealth-management operations and CAD 100.1 billion from its Canadian wealth-management partners) and CAD 31.9 billion in custody assets.
Executives
Yvette Zhang Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Hoi Sha Elsa Li Director or Senior Officer of 10% Security Holder
Jennifer Francine Sinopoli Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Manisha Burman Senior Officer
William Thomas Holland Director
Brigette Elizabeth Chang Director
Darie Urbanky Senior Officer
Amarjit Kaur Anderson Senior Officer
Julie Lynn Silcox Senior Officer
Amit Muni Senior Officer
Kurt Macalpine Director, Senior Officer
Marc-andre Lewis Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Edward Douglas Kelterborn Senior Officer
Sean Andrew Etherington Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Christopher James Enright Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)