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Western Digital E10

: $3.35 (As of Dec. 2019)
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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.


Western Digital E10 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.

Western Digital Annual Data
Jun10 Jun11 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19
E10 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.52 4.48 4.39 4.28 3.86

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 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 4.17 3.98 3.86 3.61 3.35

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.


Western Digital E10 Distribution

* The bar in red indicates where Western Digital's E10 falls into.



Western Digital 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.

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.


Western Digital  (NAS:WDC) 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.

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.


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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