Common Stock Valuation Ratios (Price Multiples)
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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LyondellBasell Industries N.V. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2011
- Return on Assets (ROA) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Revenues
- Aggregate Accruals
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Current Valuation Ratios
LyondellBasell Industries N.V., current price multiples
| LyondellBasell Industries N.V. | Linde plc | Sherwin-Williams Co. | ||
|---|---|---|---|---|
| Selected Financial Data | ||||
| Current share price (P) | ||||
| No. shares of common stock outstanding | ||||
| Growth rate (g) | ||||
| Earnings per share (EPS) | ||||
| Next year expected EPS | ||||
| Operating profit per share | ||||
| Sales per share | ||||
| Book value per share (BVPS) | ||||
| Valuation Ratios (Price Multiples) | ||||
| Price to earnings (P/E) | ||||
| Price to next year expected earnings | ||||
| Price-earnings-growth (PEG) | ||||
| Price to operating profit (P/OP) | ||||
| Price to sales (P/S) | ||||
| Price to book value (P/BV) | ||||
Based on: 10-K (reporting date: 2018-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
LyondellBasell Industries N.V., historical price multiples
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Price to earnings (P/E) ratio
- The P/E ratio shows a fluctuating downward trend over the five-year period. Starting at 10.28 in 2014, it decreased significantly to 7.52 in 2015, rebounded to 9.75 in 2016, slightly declined to 8.96 in 2017, and reached the lowest value of 7.01 in 2018. This suggests a general decrease in market valuation relative to earnings, possibly reflecting market skepticism or changes in profitability expectations.
- Price to operating profit (P/OP) ratio
- This ratio exhibits some variability with an overall declining trend from 2014 through 2018. Initially, it was 7.48 in 2014, dropped to 5.5 in 2015, increased to a peak of 8.01 in 2017, and then declined again to 6.28 in 2018. The oscillations imply fluctuating perceptions of operating profit value against market price, with a net decrease indicating relatively lower price premiums on operating profit by the end of the period.
- Price to sales (P/S) ratio
- The P/S ratio shows an increasing trend until 2016, peaking at 1.28, followed by a slight stabilization in 2017 at 1.27, and then a notable decrease to 0.84 in 2018. This pattern reflects rising market valuation relative to sales initially, which then reversed sharply in the final year, possibly due to declining sales or adjustments in market sentiment regarding revenue quality.
- Price to book value (P/BV) ratio
- The P/BV ratio declines steadily from a high of 5.16 in 2014 to 3.2 in 2018, with minor fluctuation in the middle years. This consistent downward movement points to a reduction in the market's valuation relative to the company's book value, potentially indicating increased caution about asset quality or growth prospects over the years analyzed.
Price to Earnings (P/E)
LyondellBasell Industries N.V., historical P/E calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to the Company shareholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 2018 Calculation
EPS = Net income attributable to the Company shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
4 2018 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a fluctuating pattern over the five-year period. It declined from $89.94 at the end of 2014 to $77.93 in 2015, followed by a recovery and increase to $92.91 in 2016. A more pronounced rise occurred in 2017, reaching a peak value of $110.83 before declining again to $88.50 in 2018. This indicates volatility in market valuation with a notable peak in 2017.
- Earnings Per Share (EPS) Trend
- The EPS showed an overall upward trajectory. Starting at $8.75 in 2014, it increased to $10.36 in 2015. There was a slight decline to $9.53 in 2016 but it subsequently rose steadily to $12.37 in 2017 and slightly further to $12.63 in 2018. This upward trend suggests improving profitability per share over time despite a minor dip in 2016.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio demonstrated a decreasing trend, moving from 10.28 in 2014 to 7.01 in 2018. Though it varied somewhat, falling to 7.52 in 2015 and slightly increasing to 9.75 in 2016, the general pattern shows a decline. The low P/E ratio in 2018, compared to earlier years, hints at a potentially undervalued stock or improved earnings relative to share price.
- Summary of Relationships and Implications
- The increase in EPS alongside a generally decreasing P/E ratio suggests that earnings growth outpaced the stock price appreciation during the period. Despite the peak share price in 2017, the market valuation in terms of price relative to earnings has trended lower, possibly reflecting market adjustments or changes in investor expectations. The volatility in share price contrasts with the more consistent improvement in earnings, highlighting potential external factors influencing market performance.
Price to Operating Profit (P/OP)
LyondellBasell Industries N.V., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 2018 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
4 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a fluctuating trend over the analyzed period. It began at $89.94 at the end of 2014, declined to $77.93 in 2015, then increased to $92.91 in 2016. In 2017, the share price reached its highest point at $110.83 before falling again to $88.50 in 2018. Overall, the share price experienced volatility but ended close to its initial value from 2014.
- Operating Profit Per Share
- The operating profit per share showed a generally upward trend, starting at $12.02 in 2014. It increased to $14.16 in 2015, slightly declined to $12.57 in 2016, then rose again each subsequent year to $13.84 in 2017 and $14.09 in 2018. This indicates a relatively stable and gradually improving profitability at the per-share level.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflected noticeable variation. It decreased from 7.48 in 2014 to a low of 5.5 in 2015, suggesting the share price was relatively lower compared to operating profit per share at that time. The ratio then climbed to 7.39 in 2016, increased further to 8.01 in 2017, indicating higher market valuation relative to operating profit, before decreasing again to 6.28 in 2018. These fluctuations suggest changes in market sentiment and valuation multiples during the period.
Price to Sales (P/S)
LyondellBasell Industries N.V., historical P/S calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales and other operating revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 2018 Calculation
Sales per share = Sales and other operating revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
4 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited fluctuations over the five-year period. It started at $89.94 at the end of 2014, declined to $77.93 in 2015, then increased significantly to $92.91 in 2016 and further to $110.83 in 2017, before falling again to $88.50 in 2018. This indicates some volatility with a peak occurring in 2017.
- Sales per Share
- Sales per share showed a declining trend from 2014 to 2016, decreasing from $95.59 to $72.50. However, this was followed by a recovery in 2017 and 2018, reaching its highest value of $105.09 in 2018. This suggests an initial downturn in sales performance, followed by a strong rebound.
- Price-to-Sales Ratio (P/S)
- The P/S ratio moved inversely compared to sales per share and partially against the share price. Starting at 0.94 in 2014, it increased to a peak of 1.28 in 2016 and stayed relatively stable through 2017 with 1.27, then dropped sharply to 0.84 in 2018. The drop in 2018 reflects the increase in sales per share coupled with a decline in share price, indicating the stock became cheaper relative to its sales.
Price to Book Value (P/BV)
LyondellBasell Industries N.V., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Company share of stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Linde plc | ||||||
| Sherwin-Williams Co. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 2018 Calculation
BVPS = Total Company share of stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
4 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reveals several notable trends in share price, book value per share, and the price-to-book value ratio (P/BV).
- Share Price
- The share price displayed fluctuation throughout the period. Beginning at $89.94 at the end of 2014, it declined to $77.93 by the end of 2015. A recovery followed, with the share price reaching a peak of $110.83 in 2017, before declining again to $88.50 in 2018. Overall, the share price showed volatility but ended close to its initial level from 2014.
- Book Value per Share (BVPS)
- The book value per share, which represents the net asset value per share, exhibited a consistent upward trend over the five years. Starting at $17.42 in 2014, it decreased slightly in 2015 and 2016 to $15.16 and $15.02 respectively. However, it then increased significantly to $22.68 in 2017 and reached $27.64 in 2018, indicating growth in the company’s net asset value per share, particularly in the latter years.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio, calculated as share price divided by book value per share, showed a downward trend over the period. It was relatively high at 5.16 in 2014 and remained fairly steady in 2015 at 5.14. In 2016, it peaked at 6.18 despite the share price being lower than in 2017, reflecting the lower book value per share in that year. From 2017 onward, the ratio declined considerably to 4.89 and then to 3.20 in 2018, indicating that the market price per dollar of book value decreased over time. This could suggest a revaluation of the company’s shares relative to its underlying assets or a market correction.
In summary, while the share price experienced volatility, the book value per share showed consistent growth after 2016. The falling price-to-book ratio in recent years reflects a decrease in market valuation relative to net asset value, potentially signaling changing investor perceptions or market conditions affecting the company's stock price relative to its book value.