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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2019
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Shockwave Medical Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio data is available from the first quarter of 2022 onward. It shows a high valuation with values exceeding 100 in the initial quarters of available data, specifically 143.13 and 144.94. This ratio then declines steadily by the end of 2022 to 32.02, followed by some fluctuations with a slight upward trend in 2023 and early 2024, reaching 75.78 by March 31, 2024. The trend suggests an initial peak in market expectations or earnings volatility, followed by stabilization but at elevated valuation levels relative to earnings.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio data starts from the first quarter of 2022. Initially, this ratio is quite high at around 129.69 and remains fairly stable through mid-2022, slightly decreasing across subsequent quarters. By late 2022, it declines significantly to about 55.72, then experiences moderate fluctuations ranging between approximately 50 and 77 through early 2024. This indicates a reduction in relative market valuation based on operating profits, with some recovery but remaining below the high early 2022 levels.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio data extends over a much longer period, beginning in the first quarter of 2019. The data shows an increasing trend from 21.46 in early 2019 to a peak of 60.01 around the first quarter of 2021. Thereafter, it demonstrates a pronounced downward trend through 2021 and 2022, falling to as low as 11.81 by the third quarter of 2023. A slight increase occurs toward the end of 2023 and early 2024, rising to 15.72 by March 31, 2024. Overall, this pattern indicates a strong increase in valuation relative to sales early on, possibly due to investor optimism or sales growth prospects, followed by a sustained correction or normalization in market valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- This ratio is observed across the entire period starting from March 31, 2019. The P/BV ratio fluctuates considerably, starting at 10.55 and generally trending downward through 2019, reaching a low of 4.78 at the end of 2019. From 2020, there is a sharp increase peaking at 38.17 in the third quarter of 2021. Subsequently, a steep decline follows, dropping to 13.53 by the end of 2022. The ratio climbs moderately thereafter, fluctuating between approximately 13 and 17 through early 2024. This indicates a marked change in market perception of net asset value, with significant volatility possibly linked to changing growth prospects, share price movements, or balance sheet adjustments.
Price to Earnings (P/E)
Shockwave Medical Inc., historical P/E calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
EPS
= (Net income (loss)Q1 2024
+ Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant volatility over the analyzed period. Initially, it decreased from $48.66 at the end of Q1 2019 to a low of $29 by the end of Q4 2019. This was followed by a steady rise throughout 2020 and 2021, reaching a peak of $277.42 in Q3 2022. After this peak, the share price experienced a decline through Q4 2022 to Q1 2023, dropping to $189.52, but subsequently rebounded, climbing again to $330 by Q1 2024, marking the highest recorded value in the dataset.
- Earnings Per Share (EPS) Trend
- EPS data starts from Q4 2019, initially showing negative values indicating losses. The EPS ranged between approximately -1.9 and -1.07 from Q4 2019 through Q1 2021, reflecting persistent losses. Positive earnings were recorded starting in Q2 2021 at $0.81 and increased steadily thereafter, peaking at $6.64 in Q3 2023. The most recent data for Q1 2024 shows a modest reduction to $4.35 but remains positive and significantly higher than the earlier negative EPS values.
- Price-to-Earnings (P/E) Ratio
- P/E ratios are available from Q2 2022 onward. The P/E ratio started at an exceptionally high level, peaking around 144 in Q2 and Q3 2022, likely influenced by the earlier low or negative earnings and high share price volatility. Over time, the ratio decreased, reaching about 32 in Q3 2023, which suggests a better alignment between share price and earnings growth as earnings increased. However, it rose again to 75.78 in Q1 2024, possibly reflecting the recent decline in EPS or adjustments in market valuation.
- Overall Financial Performance and Market Sentiment
- The period reflects a transition from sustained losses to profitability, reflected by the EPS moving from negative to positive and rising consistently thereafter. Share price performance generally corresponds with profitability improvements, despite volatility. High P/E ratios during periods of transitioning profitability imply investor expectations for future growth, while fluctuations suggest variability in market sentiment or earnings reliability projections.
Price to Operating Profit (P/OP)
Shockwave Medical Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023
+ Income (loss) from operationsQ3 2023
+ Income (loss) from operationsQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trajectory over the analyzed period. Beginning at $48.66 in March 2019, it experienced fluctuations with notable increases in the second half of 2020, reaching a peak of $238.19 in September 2021. A subsequent decline occurred by March 2022, with the price dropping to $115.91. However, the price rebounded thereafter, surging again to $330 by March 2024. The data reflects periods of volatility but an overall strong growth trend in market valuation.
- Operating Profit Per Share (Operating Profit per Share, US$)
- Operating profit per share data is absent prior to the end of 2019. Starting from a negative value of -1.63 in December 2019, the operating loss initially deepened slightly to -1.92 by September 2020. Thereafter, a consistent improvement is observed, moving steadily towards profitability with the figure turning positive in March 2022 at 0.89. Beyond this point, operating profit per share continued to increase, reaching 4.31 by March 2024, indicating improved operational efficiency and profitability over time.
- P/OP Ratio (Price to Operating Profit Ratio)
- The Price to Operating Profit ratio surfaces from March 2022 onwards, coinciding with the transition to positive operating profit per share. Initial P/OP ratios were very high, ranging around 129, indicating high market valuation relative to operating profits. Over the following quarters, this ratio decreased steadily, falling to approximately 50 by September 2023, suggestive of strengthening earnings relative to price, or moderate valuation adjustment. A slight increase toward 76.63 in March 2024 indicates some revaluation or relative price appreciation compared to operating profit growth.
- Summary
- The analyzed data illustrates a marked transition from operating losses to profitability post-2019, with consistent improvement in operating profit per share. Concurrently, the share price, despite experiencing volatility, trends strongly upward overall. The P/OP ratio's decline over time reflects growing market confidence in the company’s earnings capacity, although recent increases suggest some valuation dynamics remain influenced by factors other than operating profit trends alone. Overall, the data indicates positive financial progression and improving market perception through the later periods.
Price to Sales (P/S)
Shockwave Medical Inc., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in thousands) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
Sales per share
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a declining pattern from March 2019 (US$48.66) through December 2019 (US$29), followed by a consistent and steep increase reaching a peak in September 2021 at US$238.19. After a substantial decline to US$115.91 in March 2022, the share price rebounded sharply to US$277.42 in September 2022. Another drop occurred in December 2022 to US$189.52, followed by a recovery trend that raised the price to US$330 by March 2024. Overall, the share price showed high volatility with periods of rapid growth interrupted by notable corrections.
- Sales Per Share (SPS) Patterns
- Sales per share data begin from March 2020 at US$1.35 and display a steady upward trajectory through the quarters, increasing consistently to US$20.99 by March 2024. This growth suggests continuous expansion in sales performance relative to the number of shares, indicating improving operational output or revenue generation on a per-share basis across the analyzed period.
- Price-to-Sales Ratio (P/S) Analysis
- The P/S ratio started being recorded in March 2020 at 21.46, rising to a high point in December 2020 at 60.01. Subsequent quarters displayed a declining trend, dropping to 13.88 by June 2022. This was followed by a moderate increase and fluctuations between approximately 11.81 and 23.32 through March 2024. The initial high P/S suggests the stock was priced significantly higher relative to sales, possibly reflecting strong market expectations, followed by a correction towards more moderate valuation levels amid sales growth and share price adjustments.
- Overall Insights
- The company experienced strong sales growth per share, consistently increasing over the observed period. The share price, while generally trending upwards, demonstrated marked volatility with phases of rapid appreciation and corrections. The P/S ratio movements reflect these dynamics, initially signaling high market optimism that tempered over time as sales expanded. The ratio's decline despite share price increases from mid-2021 onwards underscores that sales growth outpaced share price appreciation during that interval, suggesting improving valuation grounded in financial performance rather than speculative price inflation.
Price to Book Value (P/BV)
Shockwave Medical Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant volatility over the analyzed quarters. Initially, from March 2019 to December 2019, the price decreased from $48.66 to $29.00, indicating a downward trend. Following this period, a notable upward trend is observed starting in March 2020, where the price increased sharply, peaking at $238.19 in September 2021. Subsequently, the share price experienced fluctuations, with a decline towards December 2021 to $175.59, followed by a secondary peak at $277.42 in September 2022. In the most recent quarters, a decline was again apparent, reaching $214.90 in September 2023 before rising to $330.00 in March 2024, marking the highest value in the series.
- Book Value Per Share (BVPS) Development
- The book value per share showed a general upward trajectory over the entire period. Starting at $4.61 in March 2019, it slightly fluctuated in the initial quarters but began a consistent increase from March 2022 onwards, rising from $7.48 to $20.02 by March 2024. This steady growth in BVPS suggests an accumulation of equity value over time, with the most pronounced increases occurring in the later periods.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited substantial fluctuations, reflecting the interplay between share price and book value changes. Early in the period, it declined from 10.55 in March 2019 to a low of 4.78 in December 2019, corresponding to declining share prices contrasted with relatively stable BVPS. From March 2020, the ratio rose sharply, peaking at 38.17 in September 2021, driven by a surge in share price outpacing the more moderate increases in BVPS. Afterward, the ratio decreased to 13.53 by December 2022, indicating either a moderation in share price gains, an increase in BVPS, or a combination of both. In the most recent quarters, the P/BV ratio ranged between 13.19 and 16.48, indicating a relative stabilization compared to prior volatility but still reflecting a premium valuation of the stock relative to its book value.
- Overall Insights
- The data reveals a company experiencing volatile market valuation, with considerable share price swings influenced by market sentiment and possibly external factors. Despite this volatility, the underlying book value per share demonstrates steady growth, indicative of strengthening fundamental equity. The P/BV ratio's high variability signifies fluctuating market premiums, suggesting periods of optimism and correction. The recent convergence of high share prices and rising BVPS accompanied by moderate P/BV ratios may imply an adjustment toward a more sustainable valuation level relative to the book value.