Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Paramount Global, historical price multiples (quarterly data)
Based on: 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 Price to Earnings ratio data begins from March 31, 2019. It demonstrates a fluctuating pattern over the observed periods. Initially, the P/E ratio declines from 9.64 to 3.43 by December 31, 2018, indicating a decreasing valuation relative to earnings. Subsequently, it rises again, reaching a peak of 16.78 at the end of the third quarter of 2020. After this peak, the ratio generally decreases, with some minor fluctuations, falling to 3.53 by December 31, 2022. The latest available data from March 31, 2023, shows a notable increase to 14.61. This variability suggests changing market perceptions of earnings growth potential or volatility in earnings themselves.
- Price to Operating Profit (P/OP) Ratio
- This ratio shows a somewhat similar trend to the P/E ratio but with more pronounced volatility. Starting at 6.82 on March 31, 2019, the ratio declines steadily until the end of 2019, reaching 2.87. It then exhibits periodic increases and decreases, with a sharp upward spike to 9.82 around late 2020. Following this spike, the ratio fluctuates downward again, hitting a low of 2.26 on December 31, 2022, before a sharp surge to 31.34 on March 31, 2023. The extreme increase at the end might reflect exceptional market expectations or a sudden change in operational profitability.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio starts at 1.3 on March 31, 2019, and generally trends downward across the periods, indicating a decreasing market valuation relative to sales. There are occasional minor rebounds, such as the increase to 1.61 in the first quarter of 2021, but the general trajectory moves toward lower values, reaching 0.36 by March 31, 2023. This decline points to a relative market discounting of sales or challenges in translating sales into higher investment valuation.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio is available from March 31, 2018, starting at 10.16 and showing a clear downward trend over the time horizon. The ratio falls sharply during 2018 and 2019, reaching lows around 1.04 by December 31, 2021, and further plunging to 0.48 in September 30, 2022. The ratio demonstrates small fluctuations afterward but remains below 1.0, indicating the market values the company below its book value. The persistently low P/BV ratio suggests concerns regarding asset valuation or expectations of diminished asset profitability in the future.
Price to Earnings (P/E)
Paramount Global, historical P/E calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Paramount common stock (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
EPS
= (Net earnings (loss) attributable to Paramount common stockQ1 2023
+ Net earnings (loss) attributable to Paramount common stockQ4 2022
+ Net earnings (loss) attributable to Paramount common stockQ3 2022
+ Net earnings (loss) attributable to Paramount common stockQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced notable fluctuations over the observed period. Starting at $53.17 in March 2018, it initially declined with a significant drop through 2019, reaching a low of $16.42 by March 2020. This period includes the impact of market pressures likely associated with broader economic conditions. Subsequently, there was a marked recovery toward the end of 2020, peaking at $65.60 in December 2020. Post this peak, the share price declined again, continuing a downward trend through 2022 and into early 2023, reaching $16.40 by March 2023.
- Earnings per Share (EPS)
- EPS demonstrated a pattern of growth followed by decline during the period. From March 2019, EPS increased from 5.26 to a peak of 11.01 in December 2019. However, the onset of 2020 saw a sharp decline in EPS values, reaching as low as 2.19 by December 2020. Recovery ensued through 2021, with EPS rising again to 6.94 by March 2022. Afterward, EPS began to decrease once more, eventually turning negative at -0.78 by March 2023, indicating a period of net losses.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio mirrored the volatility in share price and earnings. It reached low values around 3.43 to 5.55 during late 2019 and early 2020, corresponding to the EPS peak and share price decline. The ratio increased significantly during 2020, hitting highs such as 16.78 and 13.36, reflecting reduced earnings alongside volatile stock valuation. In 2021, the P/E ratio stabilized somewhat between 7 and 8.76, before decreasing again in 2022 to values around 3.5 to 5. This decline ended with a sharp rise to 14.61 by March 2023, likely influenced by the negative EPS and depressed share price.
- Overall Insights
- The data reflect a company experiencing substantial volatility in market valuation and profitability. The share price and EPS peaks occurred before the COVID-19 pandemic, followed by a pronounced downturn during 2020, likely linked to pandemic-related disruptions. Despite a partial recovery in 2021 and early 2022, both earnings and share price declined again by early 2023. The negative EPS and elevated P/E ratio at the end of the period suggest challenges in profitability and market confidence, warranting close scrutiny of operational performance and strategic adjustments going forward.
Price to Operating Profit (P/OP)
Paramount Global, historical P/OP calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
Operating profit per share
= (Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals notable fluctuations in the share price over the analyzed period. Initially, the share price remained relatively stable, oscillating around the low 50s (US$53.17 to US$50.42) from the first quarter of 2018 through the first quarter of 2019. However, a pronounced decline occurred during 2019, reaching a low point near US$29.29 by the end of that year. This downward trend continued into the early months of 2020, bottoming at US$16.42 in the first quarter. Subsequently, a partial recovery was observed, with the share price increasing significantly to US$65.60 by the last quarter of 2020. Afterward, the share price experienced volatility with a general downward pressure, falling back to US$16.40 by the first quarter of 2023.
Operating profit per share, available from the first quarter of 2019 onwards, demonstrated an overall upward trend from US$7.42 in March 2019 to a peak of about US$13.16 at the end of 2019. Following this peak, the metric decreased substantially throughout 2020, falling to values close to US$4.93 by the final quarter of that year. Recovery commenced in 2021, maintaining a moderately stable range between approximately US$6.68 and US$7.37 across the quarters. In 2022, operating profit per share generally trended upwards, reaching a peak of US$9.71 in the first quarter. However, 2023 saw a sharp decline to US$0.52 in the first quarter, indicating significant operating challenges or exceptional charges impacting earnings.
The Price-to-Operating Profit (P/OP) ratio illustrates an inverse relationship relative to the share price and operating profit trends. Early ratios ranged from approximately 6.82 to 2.87 between mid-2019 and the end of 2019, reflecting improving valuation as operating profits grew while share prices decreased. During 2020, the ratio increased sharply to reach a high of 9.82, suggesting that share price movements were not fully aligned with the decline in operating profits. In 2021, the ratio dropped to the mid-single digits range, indicating a relatively more balanced valuation phase. The ratio further decreased over 2022 to around 2.26, driven by higher operating profits coupled with lower share prices. However, by the first quarter of 2023, the P/OP ratio surged dramatically to 31.34, indicating that share prices had declined disproportionately to the precipitous fall in operating profit per share, which may point to investor uncertainty or anticipated operational difficulties.
In summary, the company exhibited significant volatility in both its market valuation and operational profitability over the examined quarters. The periods of declining share price generally corresponded to declining or volatile operating profits, with temporary recoveries. The P/OP ratio fluctuations highlight periods where market pricing was either more optimistic or pessimistic relative to operating earnings, culminating in a notably high valuation discrepancy in early 2023. These patterns underscore a volatile business environment and highlight the importance of closely monitoring both operational performance and market sentiment in valuation assessments.
Price to Sales (P/S)
Paramount Global, historical P/S calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
Sales per share
= (RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022
+ RevenuesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited significant volatility. Initially, values were relatively stable in early 2018, generally fluctuating around the low to mid-50 US$ range. A pronounced decline began in late 2018 through early 2020, with the share price reaching a low point of 16.42 US$ by March 31, 2020. Post this low, a rapid recovery occurred during the latter half of 2020, reaching a peak of 65.60 US$ by December 31, 2020. However, following this peak, the share price declined again, showing a downward trend throughout 2021 and into early 2023, returning nearly to similar lows seen around the start of 2020, closing at 16.40 US$ by March 31, 2023.
- Sales Per Share
- Data for sales per share begins in March 31, 2019, missing prior values. The sales per share displayed a generally upward trend from its initial value of 38.91 US$, increasing steadily to reach 66.62 US$ by December 31, 2019. After this peak, sales declined significantly in early 2020, dipping to levels around 40-45 US$ during 2020 and 2021. From 2021 onwards, sales per share stabilized and then showed a modest increase, finishing at approximately 46.18 US$ by March 31, 2023.
- Price-to-Sales (P/S) Ratio
- The P/S ratio, which measures the share price relative to sales per share, reflects the combined trends of the two prior metrics. Initially, the ratio decreased markedly from 1.30 in March 31, 2019 to a low of 0.36 in March 31, 2020, corresponding with the sharp decline in share price despite increases in sales per share. Subsequently, the P/S ratio surged to 1.61 by December 31, 2020, during the strong recovery in share price. Then, the ratio gradually decreased in subsequent quarters, ultimately returning to lower levels near 0.36 by March 31, 2023, suggesting the share price fell relative to sales per share during this later period.
Overall, the financial data indicates an initial period of stability followed by a sharp share price decline coinciding with the early 2020 timeframe, possibly reflecting external market pressures. Sales per share showed resilience with a generally increasing trend, although a decline occurred during 2020. The P/S ratio's fluctuations align with these changes, highlighting the share price's higher volatility relative to sales. By early 2023, the valuation based on the P/S ratio appears compressed compared to prior peaks, indicating potentially lower market confidence or a shift in investor sentiment despite relatively stable sales figures.
Price to Book Value (P/BV)
Paramount Global, historical P/BV calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Paramount stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2023 Calculation
BVPS = Total Paramount stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The company's share price exhibited notable volatility over the analyzed periods. Starting at $53.17 in March 2018, the price fluctuated with a downward trend reaching a low of $16.42 in March 2020. Subsequently, a recovery phase was observed with the price rising sharply to $65.60 by December 2020, indicating a significant rebound. However, this recovery was not sustained as the share price once again declined progressively to $16.40 by March 2023.
In contrast, the book value per share (BVPS) demonstrated a generally consistent upward trajectory. From an initial value of $5.23 in March 2018, the BVPS increased steadily throughout the period, peaking at $35.41 in December 2022 before a slight decline to $33.54 in March 2023. This trend suggests an accumulation of net assets or retained earnings over time, reflecting underlying growth in company equity despite share price fluctuations.
The price-to-book value ratio (P/BV) presents a complementary perspective. Starting at a high ratio of 10.16 in March 2018, it steadily declined over time, reaching a low point of 0.48 in September 2022. This decrease generally indicates that the market price has become increasingly lower relative to the book value, implying a diminishing market confidence or undervaluation by the market. Occasional small upticks in P/BV were seen, for instance in December 2020 when it rose to 2.64 coinciding with the share price recovery. However, the ratio remained below 1.0 after early 2020, signifying that the shares traded at a discount to their book value consistently during this period.
Overall, the data reveals that while the company's intrinsic value as measured by book value per share grew steadily, the market valuation as indicated by share price and P/BV ratio experienced considerable instability and decline. This divergence might suggest external market pressures or investor sentiment factors affecting share price independent of fundamental equity growth.
- Share Price Trend
- Highly volatile with an overall downward trend from 2018 to 2023, experiencing a significant dip in early 2020 followed by a temporary recovery and then a renewed decline.
- Book Value per Share Trend
- Consistent upward trend suggesting steady growth in company equity.
- Price-to-Book Ratio Trend
- Marked decrease indicating market prices falling relative to book value, with P/BV falling below 1.0 since early 2020, highlighting potential undervaluation.
- Insights
- Stock market valuation has not mirrored the stable growth in book value, implying possible external valuation pressures or negative investor sentiment despite improving fundamental equity metrics.