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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Net Profit Margin since 2015
- Price to Book Value (P/BV) since 2015
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Historical Valuation Ratios (Summary)
Hewlett Packard Enterprise Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31).
The financial ratios reveal several notable trends over the reviewed periods.
- Price to earnings (P/E) ratio
- The P/E ratio shows significant fluctuations. Initially unavailable, it becomes available from January 2019 onwards, with values ranging from a low of around 4.62 up to extremely high readings such as 12246.37 in July 2020, indicative of either anomalies or extraordinary items affecting earnings. Since then, the ratio stabilizes and trends downward from early 2021 through 2024, generally fluctuating between approximately 5 and 24, suggesting more normalized earnings expectations.
- Price to operating profit (P/OP) ratio
- This ratio demonstrates variability, starting from about 11 in early 2018, then climbing to a peak near 31.6 in early 2021. Following that, it decreases consistently into 2024 where it settles near values around 10 to 13. This trend suggests that the market's pricing relative to operating profit cycles through periods of optimism and correction but ultimately shows a tendency toward moderation in valuation multiples.
- Price to sales (P/S) ratio
- The P/S ratio maintains a relatively stable pattern, mostly ranging between 0.45 and 0.89. There is a modest upward trend visible from around 2020 into 2024, indicating a gradual increase in market valuation relative to sales, potentially reflecting improved investor sentiment or expectations of revenue growth.
- Price to book value (P/BV) ratio
- This ratio oscillates between approximately 0.76 and 1.25, with some periods dipping below 1.0, notably around 2020 and mid-2022, implying that the company's market valuation was occasionally below its book value. The ratio generally exhibits cyclical movement without a clear long-term trend but tends toward moderate valuation relative to net assets across the timeline.
Overall, the data suggests that the company experienced periods of significant valuation volatility, particularly in earnings-related multiples, with eventual stabilization and normalization. Market valuations relative to sales and book value remained more consistent with slight increasing trends for sales multiple and cyclical behavior for book value multiple. The extreme P/E value observed indicates a need to review specific events impacting earnings during that quarter.
Price to Earnings (P/E)
Hewlett Packard Enterprise Co., historical P/E calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net earnings (loss) attributable to HPE (in millions) | ||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
EPS
= (Net earnings (loss) attributable to HPEQ2 2024
+ Net earnings (loss) attributable to HPEQ1 2024
+ Net earnings (loss) attributable to HPEQ4 2023
+ Net earnings (loss) attributable to HPEQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the covered periods.
- Share Price
- The share price fluctuates significantly through the timeline. Initially, it declined from $19.16 in January 2018 to a low near $9.52 in July 2020, reflecting a downward trend. Subsequently, the price recovers steadily, reaching $19.48 by April 2024. This recovery phase shows a positive momentum indicating investor confidence or improved market conditions in the later periods.
- Earnings per Share (EPS)
- EPS data starts from January 2019, showing volatility in early periods with values fluctuating between positive and negative territory. Notably, there are negative EPS values around July and October 2019 and periods close to 2020, suggesting losses during that time. However, from early 2021 onward, EPS exhibits consistent positive growth, peaking at 2.90 in October 2022 before moderating slightly in early 2024. This trend implies an improvement in profitability over recent years after earlier instability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio follows a volatile pattern linked to EPS fluctuations. Initially high P/E values (e.g., 34.08 and 63.36 in 2018 and 2019) correspond with low or negative earnings. The data shows an anomalous extreme P/E value in July 2020, likely caused by nearly zero or negative EPS during that period. After 2020, P/E ratios stabilize and decline, ranging roughly between 4.62 and 32.04, reflecting improved earnings quality and market valuation balance. The recent P/E ratios around 10.97 to 14.01 indicate a market perception of comparatively steady earnings growth and moderate valuation multiples.
In summary, the data portrays a company experiencing financial challenges and earnings volatility in the earlier years, with improved profitability and share price performance starting from 2021. The price recovery aligns with increasing EPS and more stable valuation metrics, signaling a strengthening financial position and market outlook.
Price to Operating Profit (P/OP)
Hewlett Packard Enterprise Co., historical P/OP calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Earnings (loss) from operations (in millions) | ||||||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Operating profit per share
= (Earnings (loss) from operationsQ2 2024
+ Earnings (loss) from operationsQ1 2024
+ Earnings (loss) from operationsQ4 2023
+ Earnings (loss) from operationsQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations over the analyzed period. Initially, the price shows a downward trend from early 2018 through mid-2020, reaching a low near $9.52. From late 2020 onward, however, there is a visible recovery and upward momentum, culminating in a peak of $19.48 by April 2024. This suggests a period of market challenges followed by renewed investor confidence or improved financial performance.
The operating profit per share (OPPS) data, which begins reporting in early 2019, reflects some volatility. There is an increase from $1.33 to $1.56 within the first three quarters, followed by a decline to negative values around mid-2020, indicating operating losses in that period. From late 2020 onward, the OPPS recovers steadily, reaching a high of $1.61 in early 2024, implying operational improvements and consistent profitability gains in recent quarters.
The price to operating profit ratio (P/OP) shows substantial variation and appears inversely related to operating profit margins. This ratio starts near 11.02 in early 2019, rises to a peak above 16 in early 2020, and spikes significantly to above 31 in early 2021, likely reflecting diminished operating profits or market valuation adjustments during challenging operating conditions. Subsequently, the ratio declines steadily, reaching roughly 10.64 by early 2024, indicating that the market valuation has become more aligned with the improved operating profitability.
- Summary of Share Price Trends
- Declining trend from early 2018 to mid-2020, followed by recovery and growth through to 2024.
- Summary of Operating Profit Per Share
- Initial growth until early 2019, a dip into negative territory around mid-2020, and a subsequent steady increase through 2024.
- Summary of Price to Operating Profit Ratio
- Higher volatility with peaks during periods of low profitability, settling to lower values as operating profit strengthens.
- Overall Insights
- The financial indicators suggest a period of operational and market stress peaking around 2020, with gradual recovery and strengthening profitability contributing to improved share price performance and more favorable valuation metrics by 2024.
Price to Sales (P/S)
Hewlett Packard Enterprise Co., historical P/S calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net revenue (in millions) | ||||||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Sales per share
= (Net revenueQ2 2024
+ Net revenueQ1 2024
+ Net revenueQ4 2023
+ Net revenueQ3 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed significant volatility over the analyzed periods. Beginning at $19.16 in early 2018, it experienced a downward trend, reaching a low point near $9.52 in mid-2020. Following this trough, the share price demonstrated a recovery trajectory, rising steadily to around $19.48 by April 2024. This recovery phase indicates improved market sentiment or potential operational improvements post-2020.
- Sales Per Share Behavior
- Sales per share data from early 2019 to 2024 illustrates a gradual decline from approximately $22.06 to a low near $20.65 in late 2020. Subsequently, a slight upward trend is observable, stabilizing around the $21 to $23 range in the later years. While fluctuations are modest, overall sales per share remained relatively stable, suggesting consistent revenue generation capability despite market and economic challenges.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio exhibited considerable fluctuation. Starting at approximately 0.66 in early 2019, the ratio decreased to a low of about 0.45 during mid-2020, coinciding with the share price bottom. Post-2020, the P/S ratio increased again, climbing to 0.89 by April 2024. This upward trend following the low suggests that market valuation relative to sales improved, potentially reflecting increased investor confidence or favorable valuation adjustments.
- Integrated Observations
- The observed data indicate that the company faced challenges impacting its market valuation and share price significantly during the early stages of the COVID-19 pandemic in 2020. Despite relatively stable sales per share, the share price and P/S ratio dropped sharply, implying shifts in investor sentiment or external market pressures. Recovery in the share price and P/S ratio in subsequent periods points towards regained confidence and possible operational resilience. However, sales per share did not show a strong recovery, suggesting that the valuation improvements are more attributable to market factors than to a substantial increase in sales performance.
Price to Book Value (P/BV)
Hewlett Packard Enterprise Co., historical P/BV calculation (quarterly data)
| Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Total HPE stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
BVPS = Total HPE stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hewlett Packard Enterprise Co. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several noteworthy trends for the company over the examined periods.
- Share Price
- The share price exhibits considerable volatility throughout the periods. Initially, the share price experiences a decline from $19.16 as of January 31, 2018, to a low point around $9.52 in July 2020. This decline spans over multiple quarters, indicating a prolonged period of decreasing market valuation.
- Subsequently, there is a recovery phase beginning in the third quarter of 2020, with the share price generally increasing, reaching $19.48 by April 30, 2024. This upward trend over nearly four years suggests regained investor confidence or improved company performance.
- Book Value Per Share (BVPS)
- The BVPS shows a gradual downward trend from $15.42 in January 2018 to a lower range around $12.41–$12.68 during 2020 and early 2021, indicating a reduction in the net asset value per share during this interval.
- From late 2021 onward, BVPS undertakes a steady increase, moving from approximately $15.44 in October 2021 to $16.68 as of April 2024. This improvement suggests strengthening fundamentals and potential growth in retained earnings or asset base.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio experiences fluctuations aligned with the trends of share price and BVPS. Initially, the ratio stays near or above 1.0 in early 2018 but declines to below 0.8 during 2019 and 2020, reflecting that the market price was often trading below the company's book value.
- There is a recovery in the P/BV ratio after mid-2020, rising back above 1.0 in several quarters, reaching around 1.17 by April 2024. This pattern indicates the market price increasingly reflects or exceeds the company's book value, consistent with the share price recovery and improving balance sheet metrics.
In summary, the company experienced a period of declining market valuation and asset value per share lasting until approximately mid-2020. Following this period, both market capitalization and fundamental book value metrics improved steadily. The share price recovery outpaced the growth in BVPS at times, as demonstrated by the P/BV ratio surpassing unity. These trends suggest enhanced market sentiment and a strengthening financial position in the more recent years.