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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- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Current Ratio since 2005
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Historical Valuation Ratios (Summary)
Steel Dynamics Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The analysis of the financial ratios over the observed periods reveals several noteworthy trends and fluctuations.
- Price to earnings (P/E) ratio
- This ratio shows a decreasing trend from 13.8 in March 2018 to a low of 3.18 in March 2022, indicating a general decline in market valuation relative to earnings. There are fluctuations, with a peak at 16.86 in September 2020, followed by a steady decline thereafter. The low P/E towards the end of the period suggests that the stock became relatively cheaper compared to earnings, possibly due to increased earnings or market revaluation.
- Price to operating profit (P/OP) ratio
- Similar to the P/E ratio, the P/OP ratio decreases over time from 10.51 in March 2018 to a low of 2.38 in September 2022. The trend reflects a decline in valuation relative to operating profit. Notably, there is a spike reaching 10.96 in September 2020, followed by a consistent decline. This suggests operating profits increased or the stock price adjusted downward over the latter periods.
- Price to sales (P/S) ratio
- The P/S ratio decreases from 1.18 in March 2018 to 0.53 in September 2019 showing a definite downward trend in valuation relative to sales. Post-mid-2019, the ratio exhibits more volatility, with an increase peaking at 1.1 in December 2021 before dropping again. This volatility indicates fluctuations in sales growth or market price adjustments across these quarters.
- Price to book value (P/BV) ratio
- The P/BV ratio decreases steadily from 3.35 in December 2017 down to around 1.24 in March 2020, suggesting a declining market valuation against book value per share. After this point, it shows a recovery trend reaching 2.48 by June 2021, then fluctuates downward again towards 1.84 in September 2022. This pattern implies changes in investor sentiment about the book value or asset base of the company.
Overall, the ratios indicate a general trend of lower market valuation relative to earnings, operating profits, sales, and book value over the analyzed time frame, particularly after 2018. This may reflect improvements in profitability metrics outpacing price growth or market caution leading to lower valuation multiples. Periodic spikes in these ratios suggest moments of market optimism or transient changes in financial performance. The recent periods show some recovery and volatility, indicating mixed investor sentiment and shifts in the company’s financial standing or market conditions.
Price to Earnings (P/E)
Steel Dynamics Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to Steel Dynamics, Inc. (in thousands) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income attributable to Steel Dynamics, Inc.Q3 2022
+ Net income attributable to Steel Dynamics, Inc.Q2 2022
+ Net income attributable to Steel Dynamics, Inc.Q1 2022
+ Net income attributable to Steel Dynamics, Inc.Q4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Steel Dynamics Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a general downward trend from early 2017 through early 2020, declining from approximately $35.68 in March 2017 to a low near $24.30 in March 2020. This decline was punctuated by some fluctuations, specifically a drop during the second half of 2018 and a notable fall into early 2020. However, from the second quarter of 2020 onwards, the share price experienced a robust recovery, climbing sharply to reach $98.04 by September 2022. This represents a significant appreciation in stock value over this period.
- Earnings Per Share (EPS)
- EPS data begins from March 2018, starting at $3.44 and increasing to $5.63 by December 2017 (note the apparent discrepancy in dates but following the actual data sequence). Subsequently, EPS trended downward between early 2019 and early 2020, decreasing from $5.62 to $2.30. The most notable change occurred after this period, with EPS rising steadily and then accelerating sharply, eventually reaching $24.60 by September 2022. This prominent increase in earnings per share indicates improved profitability and effective operational performance over the latter period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio started at 13.8 and exhibited a downward trend through most of the timeline, falling to a low of approximately 3.18 in March 2022. This decline suggests that the share price did not increase proportionately to earnings during this interval, resulting in a lower valuation multiple. There were some intermittent rises in the P/E ratio, especially around late 2019 to early 2021, where the ratio briefly peaked near 16.86. Generally, the declining P/E ratio alongside rapidly growing EPS and share price in recent quarters indicates stronger earnings growth relative to share price appreciation, making the stock potentially more attractively valued by investors.
- Overall Trends and Insights
- The data reflects a company that faced pressure in both share price and earnings through late 2018 to early 2020, likely influenced by external or macroeconomic factors. A marked reversal began around mid-2020, characterized by sustained improvement in earnings and share price. The rapid increase in EPS alongside a moderately increasing share price culminated in a noticeable decline in the P/E ratio, suggesting improved earnings quality and possibly enhanced market confidence. The recent dynamics imply robust profitability growth outpacing stock price gains, which may indicate undervaluation or market expectation of continued strong performance.
Price to Operating Profit (P/OP)
Steel Dynamics Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022
+ Operating incomeQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Steel Dynamics Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the examined periods.
- Share Price
- The share price exhibits a fluctuating pattern between March 2017 and September 2022. Initially, it remained within a mid-30s to high 40s US dollar range until the end of 2018, experiencing a gradual decline toward early 2019 and a more pronounced decrease through 2019 and the first quarter of 2020, reaching a low point near $24.30 in March 2020. From mid-2020 onward, the share price started an upward trajectory, accelerating sharply from late 2020 and continuing to increase through 2021 and into 2022. The highest recorded price in the dataset appears in March 2022, peaking at approximately $98.04, indicating a strong recovery and growth in investor valuation during this period.
- Operating Profit per Share
- Data for operating profit per share is available from March 2018 onwards, revealing a general upward trend with some fluctuations. Initially, the metric increased from 4.52 US$ in March 2018 to around 7.69 US$ by March 2019, then declined steadily throughout 2019 and into 2020, bottoming near 3.66 US$ by December 2020. Following this trough, there was a marked recovery and subsequent significant growth, with operating profit per share rising sharply from early 2021, eventually reaching a peak of approximately 32.82 US$ by September 2022. This pattern suggests a period of operational challenges or market pressures in 2019-2020, succeeded by a robust and sustained recovery phase.
- P/OP Ratio
- The price-to-operating profit ratio shows inverse trends relative to operating profit per share, which is expected given the relationship between price and earnings metrics. Initially, P/OP declined from a high around 10.51 in early 2018 to lows near 3.11 - 2.38 during 2021 and early 2022, reflecting improved operating profits against share price movements. Notably, the ratio increases slightly during late 2019 and mid-2020 periods, consistent with declining operating profits despite fluctuating share prices. The lowest ratios occur in mid to late 2021, corresponding to a peak in operating profit per share, indicating the stock was relatively undervalued compared to its operational earnings at that time. The ratio then shows mild volatility thereafter but remains at historically low levels compared to the start of the dataset.
Overall, the data portray a company that experienced modest share price growth and operating performance improvements through 2018, followed by a downturn in 2019 and early 2020. This was succeeded by a significant and sustained recovery in both operating profits and market valuation from 2021 onwards. The P/OP ratio's decline supports the view of improving profitability outpacing price increases during the recovery period, potentially signaling enhanced operational efficiency or market confidence. The substantial rise in both share price and operating profit per share in recent quarters highlights strong financial momentum.
Price to Sales (P/S)
Steel Dynamics Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Steel Dynamics Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the observed periods. Initially hovering around the mid-30s US dollars in early 2017, it experienced a peak close to 47.51 US dollars by the end of 2017. Thereafter, a downward trend ensued throughout 2019 and early 2020, reaching a low near 24.3 US dollars in March 2020. Subsequently, the share price demonstrated a strong recovery and sustained upward trajectory, culminating in a significant rise to approximately 98.04 US dollars by September 2022.
- Sales per Share Behavior
- Sales per share data, available from the first quarter of 2018, started at 40.41 US dollars and showed consistent growth over the timeframe. Despite minor fluctuations, sales per share increased steadily from 40.41 US dollars in March 2018 to 129.55 US dollars by September 2022. This reflects a robust expansion in the company’s sales revenue on a per-share basis across the years.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio initially hovered above 1.0 in early 2018, indicating that the share price was slightly higher relative to sales per share. A downward trend followed, with the ratio dipping to a low of about 0.53 in September 2019, possibly reflecting a period where share prices were depressed relative to sales or where sales growth outpaced share price gains. From that point forward, the P/S ratio showed volatility but a general tendency to rise from mid-2020 onwards, moving up to around 0.79 by mid-2022 and then fluctuating near the 0.63 to 0.76 range towards late 2022. This suggests some normalization or valuation adjustments in response to changes in share price and sales per share.
- Insights and Patterns
- The data reflects a company that experienced a significant market-driven share price decline in early 2020, likely connected to broader market or sector-specific conditions. Despite this, sales per share maintained an upward trend, signaling underlying operational strength or growth. Post-2020, the robust recovery in share price outpaced the sales growth, especially in 2021 and 2022, leading to a rising valuation as indicated by share price increases amid steady sales increases. The P/S ratio's moderate rise post-2020 suggests investor optimism returned, though valuations remained conservative compared to the highs observed in 2018. Overall, the data points to strengthening financial performance coupled with improving market confidence in the company.
Price to Book Value (P/BV)
Steel Dynamics Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Steel Dynamics, Inc. equity (in thousands) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | ||||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Total Steel Dynamics, Inc. equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Steel Dynamics Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the observed periods. Initially, there was a moderate increase from approximately $35.68 to a peak near $47.51 by the end of 2017. Following this, a downward trend occurred through 2018 and 2019, hitting lows near $24.3 in early 2020. From mid-2020 onwards, a strong upward momentum took place, with the share price recovering dramatically to reach a peak above $98.04 by September 2022. This late-period surge indicates renewed investor confidence or improved market conditions.
- Book Value Per Share (BVPS) Movement
- BVPS displayed a consistent upward trajectory throughout the entire timeframe. Starting from $12.55 in early 2017, the figure rose steadily to reach $45.4 by the end of the period in 2022. This steady increase suggests continuous accumulation of equity or retained earnings, reflecting financial strengthening and enhanced net asset value on a per-share basis.
- Price-to-Book Value Ratio (P/BV) Dynamics
- The P/BV ratio showed considerable variation correlating with movements in share price and book value per share. It started at a relatively high level around 2.84, peaked at 3.35 at the end of 2017, and entered a declining phase during 2018 and 2019, bottoming near 1.24 in early 2020. Post-2020, the ratio rebounded, fluctuating between 1.67 and 2.48 through 2021, but displayed some volatility thereafter, ending around 2.16 in late 2022. The decline in P/BV during 2018-2020 suggests the market undervalued the stock relative to its book value, while the later recovery indicates restored or heightened investor valuation relative to net assets.
- Integrated Insights
- The data depict a recovery phase following a period of decreased share price and valuation multiples coinciding with the 2018-2020 timeframe. The steady increase in BVPS highlights ongoing asset growth, while the substantial share price appreciation post-2020 reflects increasing investor optimism and possibly improved operational performance. The oscillations in the P/BV ratio suggest changing market perceptions of the company's growth prospects and risk profile over time.