Stock Analysis on Net
Stock Analysis on Net

CoStar Group Inc. (NASDAQ:CSGP)

This company has been moved to the archive! The financial data has not been updated since July 26, 2023.

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

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Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Historical Valuation Ratios (Summary)

CoStar Group Inc., historical price multiples (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Price to earnings (P/E) 89.65 80.00 79.42 96.31 83.61 84.30 72.23 150.66 149.74 148.99 145.09 111.99 108.91 79.00 79.38 66.85 78.96 63.90 69.97 — — —
Price to operating profit (P/OP) 94.69 74.40 65.06 70.13 58.88 56.46 48.88 102.18 102.74 108.26 113.95 93.36 92.61 69.11 68.77 56.38 66.60 55.28 60.96 — — —
Price to sales (P/S) 14.85 13.05 13.44 15.38 13.40 12.95 10.87 18.85 18.99 19.74 19.86 19.68 21.52 16.34 17.86 15.49 17.75 13.91 13.99 — — —
Price to book value (P/BV) 4.85 4.22 4.27 4.85 4.69 4.47 3.70 6.33 6.21 6.25 6.13 5.88 6.25 6.90 7.34 6.29 7.16 5.54 5.52 4.47 5.59 4.81

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Price to Earnings (P/E) Ratio
The P/E ratio data starts from March 31, 2019. Initial observations reveal values fluctuating significantly, beginning near 70 and rising sharply towards the end of 2020, peaking around 150. This suggests an increasing valuation relative to earnings during this period. From 2021 onward, the P/E ratio maintains high levels near or above 140 in the first half, followed by a noticeable decline reaching approximately 72 by March 2022. Following this trough, the ratio increases again, reaching values close to 90 by mid-2023. The pattern indicates cycles of elevated market optimism alternating with corrections in valuation relative to earnings.
Price to Operating Profit (P/OP) Ratio
The P/OP ratio follows a pattern generally similar to the P/E ratio, with values starting near 61 in early 2019 and rising steadily to peak above 110 at the end of 2020. This trend suggests a substantial increase in the market's valuation relative to operating profit during that period. In 2021, the ratio slightly declines but remains above 100 until early 2022. Subsequently, the ratio falls sharply to below 50 by March 2022 but then rebounds to exceed 90 by mid-2023. This indicates volatility in market valuation relative to operating profit, with notable periods of contraction and recovery.
Price to Sales (P/S) Ratio
The P/S ratio exhibits a moderate upward trend from early 2019 through 2021, rising from approximately 14 to around 20. This indicates an increasing market valuation relative to sales over this period. However, from 2022 onward, the ratio decreases to a range between 13 and 15, reflecting a moderation in valuation relative to sales. The overall trend suggests growth in valuation relative to sales up to 2021, followed by a downward adjustment beginning in 2022.
Price to Book Value (P/BV) Ratio
The P/BV ratio displays considerable variability throughout the observed periods. Initially, values fluctuate between approximately 4.5 and 7.3, with a peak near the end of 2019. From 2020 through early 2021, the ratio remains around 6.2, followed by a sharp decline to a low near 3.7 by March 2022. Subsequently, the ratio rises again to about 4.85 by mid-2023. This pattern may reflect shifts in market perception of the company's net asset value, with periods of both contraction and expansion in relation to book value across the evaluated timeline.

Price to Earnings (P/E)

CoStar Group Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 408,336,600 408,539,209 406,772,431 406,690,060 395,949,425 396,225,292 394,987,704 394,935,769 394,955,148 394,935,500 394,104,410 394,180,770 393,670,980 367,264,430 366,447,340 366,349,760 365,486,540 365,415,760 364,518,290 364,197,870 363,910,840 363,920,210
Selected Financial Data (US$)
Net income (in thousands) 100,520 87,131 124,372 72,290 83,473 89,318 92,900 64,304 61,148 74,212 35,789 58,186 60,360 72,793 87,927 78,619 63,248 85,169 83,509 58,759 43,835 52,231
Earnings per share (EPS)2 0.94 0.90 0.91 0.83 0.83 0.78 0.74 0.60 0.58 0.58 0.58 0.71 0.76 0.82 0.86 0.85 0.80 0.74 0.65 0.00 0.00 0.00
Share price1, 3 84.38 71.92 72.13 80.04 69.68 65.46 53.50 89.82 86.95 86.22 83.62 79.34 82.91 65.09 68.23 56.67 62.80 47.44 45.75 35.93 43.77 37.02
Valuation Ratio
P/E ratio4 89.65 80.00 79.42 96.31 83.61 84.30 72.23 150.66 149.74 148.99 145.09 111.99 108.91 79.00 79.38 66.85 78.96 63.90 69.97 — — —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2023 Calculation
EPS = (Net incomeQ2 2023 + Net incomeQ1 2023 + Net incomeQ4 2022 + Net incomeQ3 2022) ÷ No. shares of common stock outstanding
= (100,520,000 + 87,131,000 + 124,372,000 + 72,290,000) ÷ 408,336,600 = 0.94

3 Closing price as at the filing date of CoStar Group Inc. Quarterly or Annual Report.

4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= 84.38 ÷ 0.94 = 89.65

Share Price Trends
The share price shows notable fluctuations over the analyzed quarters. Starting at $37.02 in March 2018, it generally exhibited an upward trajectory, reaching peaks above $80 during mid to late 2020 and parts of 2021. A significant decline occurred in December 2021, dropping to $53.50 from a high near $90 in September 2021. Subsequent quarters show a recovery trend, with the share price climbing again to $84.38 by June 2023. Overall, the price demonstrates volatility with periods of strong growth interrupted by corrections.
Earnings Per Share (EPS) Analysis
EPS data begins from March 2019, with an initial value of $0.65. Over the quarters, the EPS fluctuated moderately, reaching a low of $0.58 in several quarters around 2020 and 2021. Thereafter, a consistent improvement trend is observed from March 2022 onwards, rising from $0.74 to $0.94 by June 2023. This indicates steady earnings growth in more recent periods after a phase of relative stability and minor decline.
Price-to-Earnings (P/E) Ratio Dynamics
The P/E ratio exhibits high volatility and generally elevated values throughout the timeline. Starting at about 70 in early 2019, it reached extreme highs exceeding 145 in late 2020 and early 2021, coinciding with periods of declining EPS and high share prices. The highest P/E ratios correspond to lower EPS and relatively high share prices, indicating possibly overvalued conditions during that period. A marked reduction in the P/E ratio occurs in 2022, dropping back to the 70-85 range, then fluctuating moderately around 80-90 in 2023, reflecting a normalization relative to earnings improvements and share price adjustments.
Interrelationships and Insights
The data suggest that while the share price experienced strong upward momentum through 2020 and early 2021, EPS growth lagged, leading to very high P/E ratios indicative of stretched valuations. The subsequent correction in share price in late 2021 and 2022 coincided with an EPS recovery, leading to more balanced valuation multiples. The recent quarters show an alignment of improved earnings and stabilizing valuations, suggesting a maturing phase with less speculative pricing pressure.

Price to Operating Profit (P/OP)

CoStar Group Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 408,336,600 408,539,209 406,772,431 406,690,060 395,949,425 396,225,292 394,987,704 394,935,769 394,955,148 394,935,500 394,104,410 394,180,770 393,670,980 367,264,430 366,447,340 366,349,760 365,486,540 365,415,760 364,518,290 364,197,870 363,910,840 363,920,210
Selected Financial Data (US$)
Income from operations (in thousands) 79,146 72,221 127,162 85,329 110,183 128,275 140,385 89,732 101,011 101,209 55,210 76,809 81,319 75,864 100,986 94,269 74,800 93,492 105,657 70,688 43,774 53,445
Operating profit per share2 0.89 0.97 1.11 1.14 1.18 1.16 1.09 0.88 0.85 0.80 0.73 0.85 0.90 0.94 0.99 1.01 0.94 0.86 0.75 0.00 0.00 0.00
Share price1, 3 84.38 71.92 72.13 80.04 69.68 65.46 53.50 89.82 86.95 86.22 83.62 79.34 82.91 65.09 68.23 56.67 62.80 47.44 45.75 35.93 43.77 37.02
Valuation Ratio
P/OP ratio4 94.69 74.40 65.06 70.13 58.88 56.46 48.88 102.18 102.74 108.26 113.95 93.36 92.61 69.11 68.77 56.38 66.60 55.28 60.96 — — —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2023 Calculation
Operating profit per share = (Income from operationsQ2 2023 + Income from operationsQ1 2023 + Income from operationsQ4 2022 + Income from operationsQ3 2022) ÷ No. shares of common stock outstanding
= (79,146,000 + 72,221,000 + 127,162,000 + 85,329,000) ÷ 408,336,600 = 0.89

3 Closing price as at the filing date of CoStar Group Inc. Quarterly or Annual Report.

4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 84.38 ÷ 0.89 = 94.69

The share price of the company exhibits a generally upward trend from March 2018 through June 2023, with noticeable fluctuations. Initially, the share price increased from $37.02 in March 2018 to a peak of $68.23 in December 2019. This was followed by a short-term volatility period, coinciding with the onset of the global COVID-19 pandemic, where the price dropped slightly to $65.09 by March 2020 but then rose again to reach a high point of $89.82 by September 2021. Subsequently, a significant decline occurred in December 2021 to $53.50, before recovering again to $84.38 by June 2023. This suggests that while the stock price has some volatility, the overall direction is positive with periods of correction and recovery.

Operating profit per share (OPPS) data starts from March 2019 and shows a consistent upward trend until March 2022, increasing from $0.75 to a peak of $1.18 by September 2022. After this peak, a slight decline is observed, with OPPS decreasing to $0.89 by June 2023. This progression indicates improved profitability on a per-share basis over the three-year period, although the recent decline could signify emerging operational challenges or market conditions influencing profitability.

The price-to-operating-profit (P/OP) ratio illustrates the market valuation relative to the operating profit generated per share. Initially, from March 2019, the ratio fluctuates significantly, starting at a high valuation of 60.96 and peaking at over 113.95 in March 2021. Such elevated ratios suggest that the market was valuing the company's operating profit highly during this period, potentially reflecting investor optimism or growth expectations. Following March 2021, the ratio declines sharply to 48.88 by March 2022, indicating a market correction or reevaluation of the company's profitability relative to its share price. However, from March 2022 onwards, the ratio again trends upward, reaching 94.69 by June 2023, pointing to renewed market confidence or higher share price levels relative to operating profit.

In summary, the data reveals an upward trajectory in share price accompanied by improving operating profit per share until late 2022, after which a moderate downturn in profitability and high valuation volatility occurs. The oscillations in the P/OP ratio reflect changing market perceptions about the company's operating performance. These patterns suggest the company experienced phases of significant growth and investor confidence, challenged by recent market or operational pressures leading to valuation adjustments.

Price to Sales (P/S)

CoStar Group Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 408,336,600 408,539,209 406,772,431 406,690,060 395,949,425 396,225,292 394,987,704 394,935,769 394,955,148 394,935,500 394,104,410 394,180,770 393,670,980 367,264,430 366,447,340 366,349,760 365,486,540 365,415,760 364,518,290 364,197,870 363,910,840 363,920,210
Selected Financial Data (US$)
Revenues (in thousands) 605,906 584,366 573,345 556,921 536,308 515,825 506,786 499,319 480,333 457,697 444,393 425,620 397,159 391,847 374,726 352,808 343,760 328,425 315,571 305,525 297,018 273,718
Sales per share2 5.68 5.51 5.37 5.20 5.20 5.05 4.92 4.76 4.58 4.37 4.21 4.03 3.85 3.98 3.82 3.66 3.54 3.41 3.27 0.00 0.00 0.00
Share price1, 3 84.38 71.92 72.13 80.04 69.68 65.46 53.50 89.82 86.95 86.22 83.62 79.34 82.91 65.09 68.23 56.67 62.80 47.44 45.75 35.93 43.77 37.02
Valuation Ratio
P/S ratio4 14.85 13.05 13.44 15.38 13.40 12.95 10.87 18.85 18.99 19.74 19.86 19.68 21.52 16.34 17.86 15.49 17.75 13.91 13.99 — — —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2023 Calculation
Sales per share = (RevenuesQ2 2023 + RevenuesQ1 2023 + RevenuesQ4 2022 + RevenuesQ3 2022) ÷ No. shares of common stock outstanding
= (605,906,000 + 584,366,000 + 573,345,000 + 556,921,000) ÷ 408,336,600 = 5.68

3 Closing price as at the filing date of CoStar Group Inc. Quarterly or Annual Report.

4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 84.38 ÷ 5.68 = 14.85

Share Price Trend
The share price exhibits a generally upward trajectory from March 2018 through June 2021, rising from $37.02 to a peak of $89.82 in September 2021. Following this peak, a notable decline occurs in December 2021, where the price drops to $53.50. After this decrease, the price shows a recovery trend, steadily increasing again to reach $84.38 by June 2023, although it remains volatile in some quarters within this period.
Sales Per Share Trend
Starting from March 2019, sales per share demonstrate consistent incremental growth each quarter. The values increase steadily from $3.27 in Q1 2019 to $5.68 by Q2 2023. This represents a robust, stable growth pattern in sales performance per share, with no apparent downturns or volatility during the observed period.
Price-to-Sales (P/S) Ratio Trend
The P/S ratio shows significant fluctuations over time. From Q1 2019 to Q4 2020, the ratio rises sharply, peaking at 21.52 in Q3 2020. Post this peak, the ratio gradually declines through 2021 and into early 2022, dropping to 10.87 in Q1 2022, which is the lowest in the dataset. Subsequently, a recovery phase follows, with the ratio increasing moderately to 14.85 by mid-2023. These patterns suggest periods of market reevaluation of the company's relative valuation against its sales.
Correlation Analysis and Insights
There is an observable correlation between share price and the P/S ratio, particularly around the peaks in 2020 and 2021, where both metrics reach their highest levels. The decline in share price noted in late 2021 coincides with a significant drop in the P/S ratio, indicating that market sentiment affected valuation multiples during that period despite ongoing growth in sales per share. The consistent increase in sales per share contrasts with the volatility of share price and P/S ratio, underscoring strong operational performance underlying the share price fluctuations.

Price to Book Value (P/BV)

CoStar Group Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 408,336,600 408,539,209 406,772,431 406,690,060 395,949,425 396,225,292 394,987,704 394,935,769 394,955,148 394,935,500 394,104,410 394,180,770 393,670,980 367,264,430 366,447,340 366,349,760 365,486,540 365,415,760 364,518,290 364,197,870 363,910,840 363,920,210
Selected Financial Data (US$)
Stockholders’ equity (in thousands) 7,101,072 6,965,609 6,870,121 6,706,912 5,884,353 5,797,298 5,711,672 5,603,423 5,527,227 5,446,925 5,375,359 5,318,058 5,224,321 3,462,811 3,405,593 3,299,166 3,204,071 3,128,614 3,021,942 2,928,314 2,850,618 2,800,964
Book value per share (BVPS)2 17.39 17.05 16.89 16.49 14.86 14.63 14.46 14.19 13.99 13.79 13.64 13.49 13.27 9.43 9.29 9.01 8.77 8.56 8.29 8.04 7.83 7.70
Share price1, 3 84.38 71.92 72.13 80.04 69.68 65.46 53.50 89.82 86.95 86.22 83.62 79.34 82.91 65.09 68.23 56.67 62.80 47.44 45.75 35.93 43.77 37.02
Valuation Ratio
P/BV ratio4 4.85 4.22 4.27 4.85 4.69 4.47 3.70 6.33 6.21 6.25 6.13 5.88 6.25 6.90 7.34 6.29 7.16 5.54 5.52 4.47 5.59 4.81

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 7,101,072,000 ÷ 408,336,600 = 17.39

3 Closing price as at the filing date of CoStar Group Inc. Quarterly or Annual Report.

4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 84.38 ÷ 17.39 = 4.85

Share Price Trend
The share price exhibited notable volatility throughout the observed period. Initially, it increased moderately from $37.02 to $45.75 between March 2018 and December 2018, followed by a further rise to a peak of $68.23 at the end of 2019. Early 2020 saw fluctuations with prices peaking near $83.62 in December 2020 and continuing to rise, reaching highs around $89.82 by September 2021. From late 2021, the share price declined sharply to $53.50 by March 2022 but recovered steadily towards $84.38 by June 2023.
Book Value Per Share (BVPS) Development
BVPS demonstrated consistent and gradual growth across all periods. Starting from $7.70 in March 2018, it increased steadily each quarter, reaching $14.46 by December 2021 and further climbing to $17.39 by June 2023. This growth indicates an ongoing enhancement in net asset value per share over the examined timeframe.
Price-to-Book Value Ratio (P/BV) Analysis
The P/BV ratio showed considerable fluctuations, reflecting changes in market valuation relative to book value. Between 2018 and early 2020, the ratio oscillated generally between approximately 4.5 and 7.3, with peaks observed in mid to late 2019. Notably, a dip occurred in December 2021 to a ratio of 3.7, coinciding with the decline in share price during the same period. Subsequently, the ratio recovered moderately, reaching around 4.85 by mid-2023. These variations suggest periods of elevated market optimism followed by correction and stabilization relative to underlying book value.
Overall Observations
The data reveal that while intrinsic value as measured by BVPS consistently improved, market price exhibited higher volatility, likely influenced by external market conditions or investor sentiment. The P/BV ratio mirrored this dynamic, with spikes corresponding to market price surges and declines aligning with price drops. The recent recovery in share price and P/BV ratio suggests renewed investor confidence following a period of correction.