2.95(7.09%) Volume: 6,608,574 4:00PM EDT| Market Cap : 11.56 B | Enterprise Value : 18.26 B | P/E (TTM) : | P/B : 1.22 |
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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.
Western Digital's adjusted earnings per share data for the three months ended in Dec. 2019 was $-0.470. Add all the adjusted EPS for the past 10 years together and divide 10 will get our e10, which is $3.35 for the trailing ten years ended in Dec. 2019.
As of today (2020-04-01), Western Digital's current stock price is $38.67. Western Digital's E10 for the quarter that ended in Dec. 2019 was $3.35. Western Digital's Shiller PE Ratio of today is 11.54.
During the past 13 years, the highest Shiller PE Ratio of Western Digital was 36.16. The lowest was 7.65. And the median was 16.76.
* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.
| Western Digital Quarterly Data | ||||||||||||||||||||
| Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | |
| E10 |
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4.17 | 3.98 | 3.86 | 3.61 | 3.35 |
* The bar in red indicates where Western Digital's E10 falls into.
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 todays 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, Western Digital's adjusted earnings per share data for the three months ended in Dec. 2019 was:
| Adj_EPS | = | Earnings per Share (Diluted) | / | CPI of Dec. 2019 (Change) | * | Current CPI (Dec. 2019) |
| = | -0.47 | / | 257.14 | * | 257.14 | |
| = | -0.470 |
Current CPI (Dec. 2019) = 257.14.
Western Digital Quarterly Data
| per share eps | CPI | Adj_EPS | |
| 201003 | 1.710 | 217.630 | 2.020 |
| 201006 | 1.110 | 217.970 | 1.309 |
| 201009 | 0.840 | 218.440 | 0.989 |
| 201012 | 0.960 | 219.180 | 1.126 |
| 201103 | 0.620 | 223.470 | 0.713 |
| 201106 | 0.670 | 225.720 | 0.763 |
| 201109 | 1.010 | 226.890 | 1.145 |
| 201112 | 0.610 | 225.670 | 0.695 |
| 201203 | 1.960 | 229.390 | 2.197 |
| 201206 | 2.970 | 229.480 | 3.328 |
| 201209 | 2.060 | 231.410 | 2.289 |
| 201212 | 1.360 | 229.600 | 1.523 |
| 201303 | 1.600 | 232.770 | 1.768 |
| 201306 | -1.120 | 233.500 | -1.233 |
| 201309 | 2.050 | 234.150 | 2.251 |
| 201312 | 1.770 | 233.050 | 1.953 |
| 201403 | 1.550 | 236.290 | 1.687 |
| 201406 | 1.320 | 238.340 | 1.424 |
| 201409 | 1.760 | 238.030 | 1.901 |
| 201412 | 1.840 | 234.810 | 2.015 |
| 201503 | 1.630 | 236.120 | 1.775 |
| 201506 | 0.940 | 238.640 | 1.013 |
| 201509 | 1.210 | 237.940 | 1.308 |
| 201512 | 1.070 | 236.530 | 1.163 |
| 201603 | 0.320 | 238.130 | 0.346 |
| 201606 | -1.340 | 241.020 | -1.430 |
| 201609 | -1.280 | 241.430 | -1.363 |
| 201612 | 0.800 | 241.430 | 0.852 |
| 201703 | 0.830 | 243.800 | 0.875 |
| 201706 | 0.930 | 244.960 | 0.976 |
| 201709 | 2.230 | 246.820 | 2.323 |
| 201712 | -2.780 | 246.520 | -2.900 |
| 201803 | 0.200 | 249.550 | 0.206 |
| 201806 | 2.460 | 251.990 | 2.510 |
| 201809 | 1.710 | 252.440 | 1.742 |
| 201812 | -1.680 | 251.230 | -1.720 |
| 201903 | -1.990 | 254.200 | -2.013 |
| 201906 | -0.670 | 256.140 | -0.673 |
| 201909 | -0.930 | 256.760 | -0.931 |
| 201912 | -0.470 | 257.140 | -0.470 |
Add all the adjusted EPS together and divide 10 will get our e10.
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.
Western Digital's Shiller P/E Ratio of today is calculated as
| Shiller PE Ratio | = | Share Price | / | E10 |
| = | 38.67 | / | 3.35 | |
| = | 11.54 |
* 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 Western Digital was 36.16. The lowest was 7.65. And the median was 16.76.
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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