Not exact matches
Shiller's CAPE ratio measures the stock
price divided by the
average of ten years
of earnings,
adjusted for inflation.
(The
average price of gasoline was $ 2.22 a gallon in April — cheaper than in 1931, when
adjusted for inflation.)
A hundred years
of inflation -
adjusted US housing
prices suggest that a home increases only 0.1 percent in value per year on
average.
The Shiller
price / earnings ratio, which compares companies» share
prices with their inflation -
adjusted 10 - year earnings
average, is at 31, well above the historical median
of 16 — a sign that future returns will be sluggish.
For the best results, a good analyst would most likely
average several years, perhaps as much as one full business cycle,
of cash flow statements to get an
adjusted price to cash flow ratio that factored in the entire development cycle
of several drugs or products.
The net percent
of owners raising
average selling
prices rose 3 points to a net 16 percent seasonally
adjusted, after a 3 - point increase in both February and January.
«Parent Trading
Price» shall mean the average closing sales price of one (1) share of Parent Common Stock as reported on the New York Stock Exchange for the ten (10) consecutive trading days ending on the date that is two (2) trading days immediately preceding the Closing Date (as adjusted as appropriate to reflect any stock splits, stock dividends, combinations, reorganizations, reclassifications or similar eve
Price» shall mean the
average closing sales
price of one (1) share of Parent Common Stock as reported on the New York Stock Exchange for the ten (10) consecutive trading days ending on the date that is two (2) trading days immediately preceding the Closing Date (as adjusted as appropriate to reflect any stock splits, stock dividends, combinations, reorganizations, reclassifications or similar eve
price of one (1) share
of Parent Common Stock as reported on the New York Stock Exchange for the ten (10) consecutive trading days ending on the date that is two (2) trading days immediately preceding the Closing Date (as
adjusted as appropriate to reflect any stock splits, stock dividends, combinations, reorganizations, reclassifications or similar events).
It calculated by taking the current
price of the S&P 500 and dividing by its
average inflation -
adjusted earnings from the previous 10 years.
(a)
Average of nominal interest rates on outstanding loans (fixed and variable); pre terms of trade boom average is 1993/94 — 2002/03; year - ended observation is the June quarter 2016 average (b) Consumer price data exclude interest charges prior to September quarter 1998 and deposit & loan facilities to June quarter 2011, and are adjusted for the tax changes of 1999 — 2000 (c) Pre terms of trade boom average is 1997/98 —
Average of nominal interest rates on outstanding loans (fixed and variable); pre terms
of trade boom
average is 1993/94 — 2002/03; year - ended observation is the June quarter 2016 average (b) Consumer price data exclude interest charges prior to September quarter 1998 and deposit & loan facilities to June quarter 2011, and are adjusted for the tax changes of 1999 — 2000 (c) Pre terms of trade boom average is 1997/98 —
average is 1993/94 — 2002/03; year - ended observation is the June quarter 2016
average (b) Consumer price data exclude interest charges prior to September quarter 1998 and deposit & loan facilities to June quarter 2011, and are adjusted for the tax changes of 1999 — 2000 (c) Pre terms of trade boom average is 1997/98 —
average (b) Consumer
price data exclude interest charges prior to September quarter 1998 and deposit & loan facilities to June quarter 2011, and are
adjusted for the tax changes
of 1999 — 2000 (c) Pre terms
of trade boom
average is 1997/98 —
average is 1997/98 — 2002/03
Seasonally
adjusted * sales
of residential properties were 10.8 per cent lower than the same month last year, with the
average sale
price up 5.1 per cent for the month.
Seasonally
adjusted * sales
of residential properties were 34 per cent lower than the same month last year, with the
average sale
price down 8.6 per cent for the month.
None
of these three
price indices
adjusts for improvement in the
average quality
of houses through time.
Shiller, on the other hand, is more concerned about the stock market based on his valuation method, the cyclically
adjusted price - earnings (CAPE) ratio, which is based on an
average of 10 years» worth
of earnings.
For instance, it can push the base
price of an e-book up if it determines you are more likely to buy that particular item than an
average user; conversely, it can
adjust the
price down as an incentive if you are judged less likely to purchase.
Why has the
average annual net
price of a four - year public college, after grants and scholarships, doubled in inflation -
adjusted terms from 1997 — 98 to 2017 — 18?
A plot
of average overall vehicle fuel economy (CAFE) for new model year passenger cars, the required by law CAFE standard target fuel economy value (CAFE standard) for new model year passenger cars, and fuel
prices,
adjusted for inflation, shows that there has been little variation over the past 20 years.
An Automotive News analysis shows that Chrysler's domestic car
prices are up an
average of 4.7 percent, or about $ 680, over 1993 models on a sales - weighted sticker - to - sticker comparison before
adjusting for equipment changes.
The
average price of regular unleaded in Metro Orlando on Monday was $ 2.98, down from the inflation - adjusted all - time high of $ 3.08 on May 25, according to the Oil Price Information Service, which provides data for
price of regular unleaded in Metro Orlando on Monday was $ 2.98, down from the inflation -
adjusted all - time high
of $ 3.08 on May 25, according to the Oil
Price Information Service, which provides data for
Price Information Service, which provides data for AAA.
Translated into US
prices (but not
adjusted for cost
of living), that amounts to 11.52 an hour, far above what US employees make from not only Amazon, but from another major US retailer whose
average permanent employee only makes 8.40 an hour, according to Glassdoor.com; additionally, the
average Walmart employee makes 8.81 an hour according to MakeChangeatWalmart.com, and the
average McDonald's employee makes 7.72 an hour, again according to Glassdoor.com.
The current Shiller cyclically
adjusted price to earnings (P / E) ratio
of the S&P 500 is over 29, well above its long - term
average of around 17.
If you invest in US stocks, and
prices revert to the long term cyclically
adjusted average, you will lose a lot
of money.
To put numbers to it, the Standard & Poor's 500 - stock index's cyclically
adjusted price - to - earnings ratio («CAPE»), which compares a 10 - year
average of corporate earnings to today's share
prices, clocks in at 31.
It uses 10 years
of past earnings,
adjusts for inflation, and then divides the 10 - year
average earnings by stock
prices to come to a simple ratio.
Based on current positioning, we expect the All Asset strategies to benefit from the following return tailwinds: a stable to rising breakeven inflation rate, appreciating EM currencies, convergence
of EM - to - U.S. cyclically
adjusted price / earnings (CAPE) ratios toward longer - term
averages, and appreciation
of global value stocks from today's elevated discounts toward longer - term norms.
In that paper he examined the ratio
of market
price to the 30 - year
average of lagged earnings
adjusted for inflation.
I took the
average of the past ten years
of inflation
adjusted earnings and compared it to yesterday's closing stock
price for all publicly traded stocks.
e.g. on a universe
of all liquid stocks with pretty generous liquidity filters (
price > $ 1, mcap > $ 100 million, on the market for at least 1 year, inflation -
adjusted daily dollar volume in the last 63 days > $ 100,000), before friction, and hold for 5 days (no other sell rule), tested on all start dates Sept 2, 1997 forward to Aug 18, 2015 and then
averaged CAGR, leaving an
average of 3360 stocks in the universe to then test: a. 17.6 % cagr bottom 5 %
of stocks left by bad 4 day return (requiring
price > ma200 was slightly worse than this at 17.4 %; but requiring
price < ma5 was better at 18.1 %) b. 16.0 % cagr bottom 5 %
of stocks left by bad 5 day return c. 14.6 % cagr bottom 5 % by rsi (2) d. 14.7 % cagr for rsi (2) < 5 I have tested longer backtests on simpler liquidity filters (since my tests can't use all
of the above filters on very long tests) and this still holds true: bad return in the last 4 or 5 days beats low rsi (2) for 1 week holds.
According to the efficient market hypothesis, the market
price of a stock «
adjusts» quickly and on
average «without any bias» to the new information.
Recognizing that dividends are a poor measure
of a company's cash flows, Shiller and Campbell used a ratio
of real (net
of inflation) market
price relative to 10 - year
average of real earnings — which they called the cyclically
adjusted PE, or CAPE, ratio — to reach the same conclusion.
So if you were looking at a stock today that split 2 days ago, you'd compute all your
averages and indicators using split -
adjusted prices as
of today.
The divisor is
adjusted to account for stock dividends and stock splits, substitutions and mergers, and cash equivalent distributions equal to 10 percent or more
of the closing
price for an issue in the
average.
The moving
average is calculated from
adjusted close
prices either based on end -
of - month
prices for monthly moving
averages or daily
prices when the moving
average is specified in trading days.
But presuming software is the ultimate driver
of the business, EBITDA will become increasingly relevant: A decent compromise for now is to use an
adjusted margin,
averaging the latest 19.9 % EBITDA margin & Op FCF margin
of 7.2 % (noting a prior year margin
of just 2.6 %)-- a 13.6 %
adjusted margin deserves a 1.33
Price / Sales ratio.
So you take an
average of 10 years
of earnings, so it's called the Cyclically
Adjusted Price - Earnings ratio, that's where the CAPE comes from.
Price of the S&P 500 divided by the 10 - year
average of earnings, inflation
adjusted.
So, if you can just show, for example, that the odds
of a stock market crash are far higher in years when the P - E ratio is much higher than
average (or for housing crashes the buy - rent, or
price - household income ratio), or that the expected risk -
adjusted long run return is much lower than
average, or other «anomalies» (anomalous to the EMH) like this, then you can show that the EMH is substantially far from the truth.
An option -
adjusted measure
of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the
average percentage change in a bond's value (
price plus accrued interest) under shifts
of the Treasury curve + / - 100 bps.
This information is based on the non-seasonally
adjusted U.S. City
Average All Items Consumer
Price Index for All Urban Consumers (CPI - U) published by the Bureau
of Labor Statistics
of the U.S. Department
of Labor.
In other words, we sometimes think the market is going to earn more than that 7 % so we bid
prices way up at an unsustainable rate and then reality hits us over the head and the market corrects to
adjust back towards the
average rate
of return.
In a nutshell, the ATR measures volatility using the
average range
of each
price bar and
adjusts for any gaps.
We show four relevant empirical facts: i) the striking ability
of the logarithmic
averaged earning over
price ratio to predict returns
of the index, with an R squared which increases with the time horizon, ii) how this evidence increases switching from returns to gross returns, iii) moving over different time horizons, the regression coefficients are constant in a statistically robust way, and iv) the poorness
of the prediction when the precursor is
adjusted with long term interest rate.
revenue
of $ 934 million — unfortunately, we continue to see the same cash flow issue each year, on
average a 20 % + shortfall in Op FCF (vs.
adjusted operating profit) over 2015 - 16, implying an
adjusted 8.6 % margin is more appropriate in determining a suitable 0.875
Price / Sales multiple.
However, a cash bid is always hard to beat (especially if the bidder has the fire - power, and the desire, to raise it), and CQB shareholders may soon realise even a $ 13.00 cash bid could be far superior to a ChiquitaFyffes share
price that could trade anywhere... As for Fyffes shareholders, at this point referencing a stand - alone intrinsic value might be a good idea again:
Adjusted EBITA's notched a little higher to 3.8 %, but again operating free cash flow (Op FCF) has only averaged about 55 % of adjusted EBITA in the past fe
Adjusted EBITA's notched a little higher to 3.8 %, but again operating free cash flow (Op FCF) has only
averaged about 55 %
of adjusted EBITA in the past fe
adjusted EBITA in the past few years.
[All other holdings: Gains based on
average stake size (as
of year - end 2014,
adjusted for incremental buys / sells), and year - end 2015
prices (vs. year - end 2014
prices, or original investment write - up
prices).
Take the so - called «Cyclically -
Adjusted Price - to - Earnings» ratio, which compares share
prices, not simply with one year's profits, but with
average earnings across an economic cycle
of about 10 years.
It simply
averages the percentiles
of both the cyclically
adjusted P / E ratio and the
Price - to - Dividend Ratio.
The periodic adjustment
of U.S. inflation protected bonds is tied to the non-seasonally
adjusted U.S. City
Average All Items Consumer
Price Index for All Urban Consumers (CPI - U), published monthly by the U.S. Bureau
of Labor Statistics.
The all - cash purchase
price of $ 40.00 per share represents a 23 percent premium to Blue Buffalo's 60 - day volume weighted
average price (VWAP), and a 2017
Adjusted EBITDA multiple
of approximately 22x, including synergies.
The value
of energy your Solar Roof is expected to produce over 30 years is based on the
average price of electricity in your area,
adjusted for inflation by 2 % annually.
National home
prices are right in line — within 2 % — with inflation
adjusted long - run
average levels, which Clear Capital says shows
prices have normalized post-bubble and future rates
of growth will look more like historical rates
of growth.