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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2010
- Return on Equity (ROE) since 2010
- Current Ratio since 2010
- Price to Operating Profit (P/OP) since 2010
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Generac Holdings Inc., historical price multiples (quarterly data)
Based on: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a general upward trend from early 2018 through the end of 2021. Starting at approximately 18 in March 2018, there is a gradual decline to around 13.55 by the end of 2018, followed by a steady increase, peaking significantly at 59.72 in September 2020. After this peak, the ratio fluctuates but remains elevated, staying mostly between 30 and 50 until mid-2021. Towards the first half of 2022, the P/E ratio declines notably to the high 20s range.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio reflects an increasing trend through the timeframe. It begins just above 11 in March 2018, drops slightly below 10 at the end of 2018, then rises sharply to reach a peak of 43.7 in September 2020. Post-peak, there is some fluctuation but the values remain relatively high through 2021. By mid-2022, the ratio decreases to just above 21, indicating a reduction in relative pricing compared to operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a consistent and pronounced increase over the period analyzed. From a low of around 1.6 in early 2018, it climbs steadily, reaching 8.42 in September 2020. After this peak, the ratio remains elevated near 7 to 8 through 2021 before declining to below 4 in the first half of 2022. This pattern suggests the market initially increased valuation relative to sales but then adjusted downward in recent quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 5.39 in March 2017 and remains relatively stable fluctuating between 4 and 6 until mid-2019. From mid-2019 onward, it rises sharply, peaking at 15.06 in December 2020. The ratio maintains elevated levels, oscillating around 13 to 16 through 2021. However, by early 2022, there is a marked decrease to approximately 6.3, indicating a significant reduction in market valuation relative to book value.
- Overall Observations
- Across all valuation metrics, a clear increase is observed from early 2018 through late 2020, reaching peak levels in mid to late 2020. This was followed by sustained high valuations throughout 2021. In the early part of 2022, a consistent decline across all ratios suggests a reversion or market correction from previous peaks. The patterns indicate that market pricing relative to earnings, operating profit, sales, and book value greatly appreciated during the 2018-2020 period but tempered in the subsequent year.
Price to Earnings (P/E)
Generac Holdings Inc., historical P/E calculation (quarterly data)
| 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 Generac Holdings Inc. (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2022 Calculation
EPS
= (Net income attributable to Generac Holdings Inc.Q2 2022
+ Net income attributable to Generac Holdings Inc.Q1 2022
+ Net income attributable to Generac Holdings Inc.Q4 2021
+ Net income attributable to Generac Holdings Inc.Q3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Generac Holdings Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods. The share price exhibited a generally upward trajectory from March 2017 through June 2021, reaching a peak of 452.03 US dollars in September 2021 before experiencing a marked decline in the subsequent quarters to 252.06 US dollars by June 2022. This increase over the years indicates a period of strong market confidence, followed by some volatility in the most recent periods.
Earnings per share (EPS), which begin reporting from March 2018, show a consistent upward trend over time. Starting at 2.56 US dollars, EPS steadily increased each quarter, reaching 8.53 US dollars by June 2022. This steady growth in profitability per share indicates strong operational performance and improving earnings capability during the period under review.
The price-to-earnings (P/E) ratio exhibited more variability. Initially, the ratio decreased from 18.07 in March 2018 to a low of 13.55 in December 2018, suggesting that share price growth slightly lagged earnings improvements during that time. Following this, the P/E ratio experienced a notable increase, peaking at 59.72 in September 2021. This substantial rise indicates that the market valued the company's future earnings expectations more highly during this period, potentially reflecting elevated investor optimism or speculative behavior. However, from the peak, the P/E ratio then decreased somewhat to 29.54 by June 2022, moving back closer to more moderate valuation levels as the share price declined.
In summary, the data indicates strong growth in earnings per share accompanied by significant increases in share price through mid-2021. However, the sharp rise and subsequent partial retreat in the P/E ratio imply changing market perceptions regarding the company's valuation. The decline in share price in the last reported quarters suggests increased market uncertainty or correction after a period of rapid appreciation.
- Share Price
- Steady increase from 36.08 US dollars in early 2017 to a peak of 452.03 US dollars in late 2021, followed by a decline to 252.06 US dollars by mid-2022.
- Earnings Per Share (EPS)
- Consistent growth from 2.56 US dollars in early 2018 to 8.53 US dollars by mid-2022, reflecting improving profitability.
- Price-to-Earnings (P/E) Ratio
- Fluctuated from 18.07 to a low of 13.55 in 2018, then rose sharply to 59.72 in late 2021 before moderating to about 29.54 by mid-2022.
Price to Operating Profit (P/OP)
Generac Holdings Inc., historical P/OP calculation (quarterly data)
| 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$) | |||||||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2022 Calculation
Operating profit per share
= (Income from operationsQ2 2022
+ Income from operationsQ1 2022
+ Income from operationsQ4 2021
+ Income from operationsQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Generac Holdings Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall upward trend from March 2017, rising from $36.08 to a peak of $452.03 in September 2021. However, after this peak, a decline is observed, with the price decreasing to $252.06 by June 2022. The initial years show moderate growth, followed by a significant acceleration in 2020 and 2021.
- Operating Profit Per Share (OPPS)
- Operating profit per share started to be reported from March 2018, showing a steady increase from $4.03 to a high of $11.36 in September 2021, before slightly declining to $11.29 by June 2022. This indicates a consistent improvement in profitability on a per-share basis across the periods analyzed.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio generally increased over time, indicating the market valuation rose faster than operating profit per share. Starting at 11.47 in March 2018, the ratio climbed sharply, peaking at 43.7 in March 2021. Following this peak, it decreased to approximately 22.33 by June 2022. This pattern suggests growing investor optimism until early 2021, after which valuation multiples contracted despite continued profitability.
- Overall Analysis
- The data reveal strong growth in both market valuation and operating profitability up to late 2021. However, while profitability stabilized at a high level, market prices corrected downward noticeably in the first half of 2022. The elevated P/OP ratios during 2020 and early 2021 indicate that investors priced in expectations of sustained growth, which were recalibrated as share prices declined. The fluctuations in share price relative to operating profitability warrant attention to potential external factors or changes in market sentiment impacting valuations beyond fundamental earnings.
Price to Sales (P/S)
Generac Holdings Inc., historical P/S calculation (quarterly data)
| Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2022 Calculation
Sales per share
= (Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021
+ Net salesQ3 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Generac Holdings Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The provided financial data reveals several key trends over the analyzed quarterly periods. Share price demonstrates a notable upward trajectory overall, with some periods of volatility. Starting from a value of 36.08 US$ towards early 2017, the share price steadily rises, experiencing significant growth between mid-2019 and the end of 2020, reaching a peak above 330 US$. This upward momentum continues into 2021, climbing as high as approximately 450 US$ before declining in the first half of 2022 to just above 220 US$.
Sales per share data indicate a consistent and steady increase throughout the periods reported. Beginning around 26.83 US$ in early 2018, sales per share rose progressively each quarter, reaching approximately 69.51 US$ by mid-2022. This steady growth suggests improving revenue generation capability on a per-share basis, reflecting positively on operational performance.
The Price to Sales (P/S) ratio, which measures the market value relative to sales, exhibits a more volatile pattern. Early values start near 1.72 and fluctuate moderately around this level until late 2019. From this point, the ratio increases substantially, peaking at 8.42 in late 2020, implying a sharp increase in market valuation relative to sales. This elevated valuation appears to moderate somewhat in 2021 but remains significantly higher than earlier years, settling between approximately 3.5 and 8.3 before decreasing to around 3.6 by mid-2022.
- Share Price
- Shows a clear upward trend from 2017 through 2021, with sharp increases particularly from 2019 onwards, followed by a decline in early 2022.
- Sales Per Share
- Demonstrates consistent and steady growth across every quarter from 2018 to 2022, reflecting enhanced sales efficiency on a per-share basis.
- Price to Sales Ratio
- Displays significant volatility; initial stability is replaced by a marked increase in valuation relative to sales from 2019 to 2020, followed by moderation though remaining elevated compared to earlier periods.
In summary, the data points to strong revenue growth and increased market confidence as evidenced by rising sales per share and share price respectively. However, the elevated and fluctuating P/S ratio in recent years suggests investor expectations and market valuation have outpaced the sales growth to some extent, which may warrant close monitoring for sustainability in the future.
Price to Book Value (P/BV)
Generac Holdings Inc., historical P/BV calculation (quarterly data)
| 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$) | |||||||||||||||||||||||||||||
| Stockholders’ equity attributable to Generac Holdings Inc. (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 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 Q2 2022 Calculation
BVPS = Stockholders’ equity attributable to Generac Holdings Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Generac Holdings Inc. Quarterly or Annual Report.
4 Q2 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced moderate growth from March 2017, starting at $36.08, and showed steady increases with occasional fluctuations until the end of 2019 when it reached $107.31. The price then surged dramatically during 2020, peaking at $333.04 by December 2020. Throughout 2021, the share price continued to climb, reaching a high of $452.03 in September before declining sharply in early 2022 to $252.06 by June 30, 2022. This pattern indicates a significant appreciation in market value over the analyzed period, with notable volatility during and after 2020.
- Book Value Per Share (BVPS) Trend
- The book value per share showed a consistent upward trajectory across the entire timeframe. Beginning at $6.69 in March 2017, it increased steadily quarter over quarter, reaching $16.5 by December 2019. This growth persisted into 2020 and beyond, with BVPS rising to $22.12 at year-end 2020 and continuing to grow, arriving at $37.9 by mid-2022. This steady increase suggests ongoing improvements in the company’s net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio showed variability alongside share price fluctuations. Initially, it hovered between 4.25 and 6.65 from 2017 through 2019. With the rapid increase in stock price during 2020, it jumped sharply, peaking at 15.06 by December 2020 and reaching a maximum of 16 in September 2021. This sharp rise indicates that the market price outpaced the growth in book value, reflecting heightened investor optimism or expectations. However, following the peak, the P/BV ratio declined significantly to 6.65 by June 2022, suggesting a partial correction in market valuation relative to book value.
- Overall Insights
- The data reveals a company experiencing substantial growth in intrinsic book value combined with high market valuation during certain periods, particularly from 2020 to 2021. The notable divergence between share price and book value at times resulted in elevated P/BV ratios, highlighting periods when investor sentiment or growth expectations may have driven the stock price beyond fundamental value. The subsequent decline in price and P/BV ratio in early 2022 suggests a market reassessment or normalization of valuation multiples. The steady increase in book value per share reflects ongoing asset accumulation or profitability improvements.