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).
Historical Valuation Ratios (Summary)
Halliburton Co., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
The financial ratios for the company over the period from March 2015 to December 2018 exhibit notable fluctuations and varying patterns across different valuation metrics.
- Price to earnings (P/E) ratio
- The P/E ratio shows significant volatility, with values rising sharply at times and dropping dramatically at others. Initially, it was at 18.34 in March 2015 and then increased to a peak of 130.06 in September 2015. Following a period with missing data, it surged again reaching an extremely high value of 375.3 in September 2018, before dropping to 183.24 and finally settling at 16.54 in December 2018. These large swings indicate periods of strong market optimism or pessimism about earnings performance, as well as possibly reflecting fluctuations in reported earnings or share price movements.
- Price to operating profit (P/OP) ratio
- The P/OP ratio similarly shows a pattern of increase followed by gradual decline. Early values were moderate between 11.45 and 13.51 in the first half of 2015, then spiked to 32.02 in September 2015. After several quarters of missing data, the ratio peaked again at 70.6 in March 2017 before progressively decreasing each quarter, reaching 11.11 by December 2018. This trend suggests initial periods of relatively high valuation relative to operating profits, later moderated as operating performance or share price stabilized.
- Price to sales (P/S) ratio
- The P/S ratio experienced an overall upward trend until late 2016, starting at around 1.14 to 1.26 in 2015 and rising steadily to a peak of 2.99 by December 2016. Following this peak, a declining trend is observed with the ratio decreasing consistently over the next two years down to 1.14 by December 2018. This reflects a market environment where sales valuation multiples increased significantly through 2016 but gradually normalized or contracted thereafter.
- Price to book value (P/BV) ratio
- The P/BV ratio also illustrates a rise and fall pattern. Starting at a moderately high 2.63 in March 2015, it dipped to 1.74 by December 2015, then surged to 5.06 by December 2016. The ratio remained relatively high in 2017 with some fluctuations but started to decline in 2018, ending at 2.88 by December 2018. This indicates fluctuations in market valuation in relation to the company’s net asset base, with valuation peaks around late 2016 and early 2017 followed by a reduction towards the end of the period.
Overall, the data portrays a company undergoing periods of sharp valuation changes particularly in earnings and operating profit multiples, with less volatility seen in sales and book value multiples when considered over the full timeframe. Peaks in valuation ratios around late 2016 and early 2017 suggest market expectations or reactions to operational developments during those periods, followed by a general trend towards more conservative valuation multiples by the end of 2018.
Price to Earnings (P/E)
Halliburton Co., historical P/E calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 872,542,842 | 876,046,271 | 879,895,611 | 875,976,391 | 874,909,834 | 872,540,903 | 871,595,410 | 867,868,425 | 866,933,212 | 864,452,215 | 861,102,509 | 859,265,009 | 858,342,017 | 855,813,348 | 854,749,132 | 850,874,461 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (loss) attributable to company (in millions) | 664) | 435) | 511) | 46) | (824) | 365) | 28) | (32) | (149) | 6) | (3,208) | (2,412) | (28) | (54) | 54) | (643) | |||||
| Earnings per share (EPS)2 | 1.90 | 0.19 | 0.11 | -0.44 | -0.53 | 0.24 | -0.17 | -3.90 | -6.65 | -6.53 | -6.62 | -2.84 | -0.78 | 0.30 | 1.77 | 2.63 | |||||
| Share price1, 3 | 31.40 | 35.14 | 41.80 | 52.83 | 46.70 | 42.43 | 42.93 | 45.88 | 54.88 | 46.58 | 42.28 | 39.44 | 31.35 | 39.21 | 41.72 | 48.17 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | 16.54 | 183.24 | 375.30 | — | — | 174.63 | — | — | — | — | — | — | — | 130.06 | 23.54 | 18.34 | |||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
EPS
= (Net income (loss) attributable to companyQ4 2018
+ Net income (loss) attributable to companyQ3 2018
+ Net income (loss) attributable to companyQ2 2018
+ Net income (loss) attributable to companyQ1 2018)
÷ No. shares of common stock outstanding
= (664,000,000 + 435,000,000 + 511,000,000 + 46,000,000)
÷ 872,542,842 = 1.90
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/E ratio = Share price ÷ EPS
= 31.40 ÷ 1.90 = 16.54
5 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends across the observed quarterly periods. The share price exhibits significant volatility, beginning at $48.17 and then declining sharply towards the end of 2015 to $31.35. Following this trough, there is a gradual recovery through 2016, peaking at $54.88 by the end of that year. However, from 2017 onward, the share price shows a downward trend again, ending at $31.40 in the last recorded quarter, indicating cyclical fluctuations influenced by varying market or operational factors.
Earnings per share (EPS) demonstrate a clear pattern of instability, with values starting at a relatively strong $2.63 in the first quarter of 2015, then declining sharply and turning negative from the end of 2015 through to late 2017. The lowest points occur in mid and late 2016, with EPS around -6.6, reflecting a period of significant losses. There is gradual improvement noted in 2017 and into 2018, with EPS shifting from negative to positive territory, reaching 1.9 by the last quarter, suggesting a recovery in profitability.
Price-to-earnings (P/E) ratios show extreme fluctuation and gaps in data, largely due to the occurrence of negative or near-zero earnings which make the ratio undefined or inappropriate. When EPS is positive, the P/E ratio varies considerably, reaching as high as 375.3 in late 2018, indicating elevated market valuation relative to earnings at certain points. Earlier in 2015, the P/E started at a modest 18.34 and increased substantially as EPS declined, reflecting market uncertainty and valuation challenges during profit volatility.
Overall, the data depict a company experiencing significant financial stress through 2015 and 2016, with a recovery trajectory beginning in 2017 and continuing into 2018. Share price movements align with profitability trends, albeit with some delays and volatility, while valuation metrics are highly sensitive to swings in earnings, reflecting investor uncertainty during periods of negative profitability.
Price to Operating Profit (P/OP)
Halliburton Co., historical P/OP calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 872,542,842 | 876,046,271 | 879,895,611 | 875,976,391 | 874,909,834 | 872,540,903 | 871,595,410 | 867,868,425 | 866,933,212 | 864,452,215 | 861,102,509 | 859,265,009 | 858,342,017 | 855,813,348 | 854,749,132 | 850,874,461 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in millions) | 608) | 716) | 789) | 354) | 379) | 634) | 146) | 203) | 53) | 128) | (3,880) | (3,079) | 86) | 43) | 254) | (548) | |||||
| Operating profit per share2 | 2.83 | 2.55 | 2.45 | 1.73 | 1.56 | 1.19 | 0.61 | -4.03 | -7.82 | -7.80 | -7.93 | -3.14 | -0.19 | 1.22 | 3.09 | 4.21 | |||||
| Share price1, 3 | 31.40 | 35.14 | 41.80 | 52.83 | 46.70 | 42.43 | 42.93 | 45.88 | 54.88 | 46.58 | 42.28 | 39.44 | 31.35 | 39.21 | 41.72 | 48.17 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | 11.11 | 13.76 | 17.06 | 30.59 | 30.00 | 35.74 | 70.60 | — | — | — | — | — | — | 32.02 | 13.51 | 11.45 | |||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
Operating profit per share
= (Operating income (loss)Q4 2018
+ Operating income (loss)Q3 2018
+ Operating income (loss)Q2 2018
+ Operating income (loss)Q1 2018)
÷ No. shares of common stock outstanding
= (608,000,000 + 716,000,000 + 789,000,000 + 354,000,000)
÷ 872,542,842 = 2.83
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 31.40 ÷ 2.83 = 11.11
5 Click competitor name to see calculations.
The share price of the company exhibited a generally volatile pattern over the analyzed quarters. Initially, a downward trend is evident from the first quarter of 2015 to the end of 2015, with the share price declining from $48.17 to $31.35. Thereafter, the price showed recovery and growth throughout 2016, reaching a peak of $54.88 by the last quarter. Subsequent quarters into 2017 and 2018 display fluctuations with a downward trajectory beginning mid-2018, culminating in a share price of $31.40 by the last quarter of 2018.
Operating profit per share experienced significant fluctuations and notable trends. In early 2015, it started at a high level of $4.21 but sharply decreased toward the year-end, culminating in a negative value of -$0.19. The downward trend intensified throughout 2016, with operating profit per share remaining substantially negative, hitting lows around -$7.93 to -$7.80. Recovery ensued starting in 2017, with values improving from negative territory to modest positive figures by the end of that year. This improving trend continued in 2018, with operating profit per share rising steadily from $1.73 to $2.83 by year-end.
The price-to-operating profit (P/OP) ratio highlights valuation dynamics relative to profitability. Early 2015 saw moderate P/OP ratios, generally ranging from approximately 11 to 32. Data gaps are present for several quarters in 2016, likely due to negative operating profits making ratio calculation infeasible. Upon resumption in 2017, the ratio peaked drastically at 70.6, reflecting the disparity between share price and modest operating profit at that time. Following this peak, a decline in the P/OP ratio through 2017 and 2018 indicates an improvement in operating profitability relative to share price, settling into lower ratios between 11 and 30 by the final quarter analyzed.
Overall, the data reveals a period of financial distress with diminished operating profitability and falling share prices through 2015 to 2016, followed by a recovery phase in operating profitability starting in 2017 which coincides with a partial rebound and stabilization in share prices. The volatility in the P/OP ratio further underscores the fluctuating investor perception concerning profitability and valuation throughout the period.
Price to Sales (P/S)
Halliburton Co., historical P/S calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 872,542,842 | 876,046,271 | 879,895,611 | 875,976,391 | 874,909,834 | 872,540,903 | 871,595,410 | 867,868,425 | 866,933,212 | 864,452,215 | 861,102,509 | 859,265,009 | 858,342,017 | 855,813,348 | 854,749,132 | 850,874,461 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Revenue (in millions) | 5,936) | 6,172) | 6,147) | 5,740) | 5,940) | 5,444) | 4,957) | 4,279) | 4,021) | 3,833) | 3,835) | 4,198) | 5,082) | 5,582) | 5,919) | 7,050) | |||||
| Sales per share2 | 27.50 | 27.39 | 26.45 | 25.21 | 23.57 | 21.43 | 19.61 | 18.40 | 18.33 | 19.61 | 21.71 | 24.18 | 27.53 | 31.92 | 35.61 | 38.28 | |||||
| Share price1, 3 | 31.40 | 35.14 | 41.80 | 52.83 | 46.70 | 42.43 | 42.93 | 45.88 | 54.88 | 46.58 | 42.28 | 39.44 | 31.35 | 39.21 | 41.72 | 48.17 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | 1.14 | 1.28 | 1.58 | 2.10 | 1.98 | 1.98 | 2.19 | 2.49 | 2.99 | 2.38 | 1.95 | 1.63 | 1.14 | 1.23 | 1.17 | 1.26 | |||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
Sales per share
= (RevenueQ4 2018
+ RevenueQ3 2018
+ RevenueQ2 2018
+ RevenueQ1 2018)
÷ No. shares of common stock outstanding
= (5,936,000,000 + 6,172,000,000 + 6,147,000,000 + 5,740,000,000)
÷ 872,542,842 = 27.50
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= 31.40 ÷ 27.50 = 1.14
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends concerning share price, sales per share, and the price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price exhibited a general downward trend from March 2015 through December 2015, declining from $48.17 to $31.35. However, starting in the first quarter of 2016, the share price showed a recovery phase, increasing steadily to peak at $54.88 by the final quarter of 2016. Subsequently, the price declined again, tapering off from $52.83 in March 2018 to $31.40 by December 2018. The fluctuation indicates periods of both market pessimism and optimism, with a pronounced peak at the end of 2016 followed by a sustained decrease thereafter.
- Sales Per Share
- Sales per share demonstrated a consistent decline from $38.28 in March 2015 to $18.33 by the end of 2016. Interestingly, from 2017 onwards, there was a gradual increase in sales per share, rising from $18.40 in the first quarter to $27.50 by the last quarter of 2018. This suggests an initial contraction in revenue-generating capability per share, followed by a period of recovery and growth commencing in 2017 and continuing through 2018.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated significantly over the analyzed period. It started at 1.26 in March 2015, declined slightly toward the end of 2015, and then increased markedly throughout 2016, reaching a high of 2.99 in December 2016. In 2017, the ratio decreased from 2.49 to 1.98, remaining relatively stable through the year. During 2018, the P/S ratio declined further, from 2.10 in March to 1.14 by December. The rising P/S ratio in 2016 indicates investors were willing to pay a higher price relative to sales, potentially reflecting market expectations of future growth or recovery. The subsequent decline in the ratio through 2017 and 2018 aligns with the decreasing share price pressure and improving sales per share, suggesting a normalization of valuation metrics relative to sales performance.
In summary, the data points to a period of volatility in market valuation and sales performance between 2015 and 2018. After an initial downturn, sales per share experienced recovery beginning in 2017, while the share price and P/S ratio peaked during late 2016 but subsequently decreased by the end of 2018. These patterns may reflect external market conditions impacting investor sentiment and underlying business growth dynamics during the period.
Price to Book Value (P/BV)
Halliburton Co., historical P/BV calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 872,542,842 | 876,046,271 | 879,895,611 | 875,976,391 | 874,909,834 | 872,540,903 | 871,595,410 | 867,868,425 | 866,933,212 | 864,452,215 | 861,102,509 | 859,265,009 | 858,342,017 | 855,813,348 | 854,749,132 | 850,874,461 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Company shareholders’ equity (in millions) | 9,522) | 8,998) | 8,823) | 8,365) | 8,322) | 9,217) | 8,917) | 8,951) | 9,409) | 9,682) | 9,734) | 13,015) | 15,462) | 15,448) | 15,685) | 15,591) | |||||
| Book value per share (BVPS)2 | 10.91 | 10.27 | 10.03 | 9.55 | 9.51 | 10.56 | 10.23 | 10.31 | 10.85 | 11.20 | 11.30 | 15.15 | 18.01 | 18.05 | 18.35 | 18.32 | |||||
| Share price1, 3 | 31.40 | 35.14 | 41.80 | 52.83 | 46.70 | 42.43 | 42.93 | 45.88 | 54.88 | 46.58 | 42.28 | 39.44 | 31.35 | 39.21 | 41.72 | 48.17 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | 2.88 | 3.42 | 4.17 | 5.53 | 4.91 | 4.02 | 4.20 | 4.45 | 5.06 | 4.16 | 3.74 | 2.60 | 1.74 | 2.17 | 2.27 | 2.63 | |||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| SLB N.V. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2018 Calculation
BVPS = Company shareholders’ equity ÷ No. shares of common stock outstanding
= 9,522,000,000 ÷ 872,542,842 = 10.91
3 Closing price as at the filing date of Halliburton Co. Quarterly or Annual Report.
4 Q4 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= 31.40 ÷ 10.91 = 2.88
5 Click competitor name to see calculations.
The analysis of financial ratios and market data over the specified quarterly periods reveals several notable trends.
- Share Price
- The share price exhibited a significant decline from early 2015 through the end of that year, falling from $48.17 to $31.35. However, it recovered steadily throughout 2016, peaking at $54.88 by the last quarter. Starting in 2017, the share price showed fluctuations with a general downward trend, decreasing to $31.40 by the final quarter of 2018. This pattern indicates notable volatility with a recovery peak in 2016 followed by a gradual decrease in value.
- Book Value per Share (BVPS)
- The book value per share decreased consistently from $18.32 in Q1 2015 to a low of approximately $9.51 in Q4 2017. Starting early 2018, BVPS began to show a modest upward trend, reaching $10.91 by Q4 2018. The sharp decline represents a considerable erosion of net asset value per share during the 2015–2017 period, with signs of stabilization and recovery thereafter.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio was highest at 2.63 in early 2015 but dropped to 1.74 by Q4 2015. It then surged sharply from 2016, reaching a peak of 5.53 in Q1 2018 before falling back to 2.88 by Q4 2018. This suggests that despite the decline in book value, the market price at times valued the shares at a higher premium relative to book value, especially noticeable during 2016 and early 2018. The decline in P/BV towards the end of 2018 indicates a market-adjusted reassessment of value relative to net assets.
Overall, the data reflect a period of financial stress and asset value deterioration through 2015–2017, accompanied by fluctuating market confidence as evidenced by share price and P/BV movements. The modest recovery in book value and adjustments in market valuation ratios towards the end of the period suggest initial signs of stabilization.