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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Monsanto Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio data begins from November 2012, showing a level around 23.19, with minor fluctuations through the next several quarters. Initially, it displays moderate volatility, oscillating between approximately 18 and 25 from late 2012 through 2015. Notably, in early 2016, a sharp increase occurs, peaking at 43.85 in February 2016. Following this peak, the P/E ratio trends downward gradually through 2017 and early 2018, settling near 20.91 by February 2018. This pattern indicates a period of heightened market valuation relative to earnings around early 2016, followed by normalization in the subsequent periods.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio also starts from November 2012 and shows values in the 14 to 16 range for several quarters. This ratio remains relatively stable with slight increases and decreases until early 2016, where a noticeable spike occurs, reaching a peak of 21.75 in February 2016. After this peak, the ratio declines and stabilizes around the 16 to 17 range through 2017 and early 2018. The trend mirrors that of the P/E ratio, suggesting a similar market valuation pattern relative to operating profit, with a significant rise in early 2016 followed by a return to moderate levels.
- Price to Sales (P/S) Ratio
- Beginning in November 2012, the Price to Sales ratio fluctuates between approximately 3.3 and 4.3 across the periods analyzed. The ratio exhibits moderate volatility, with a slight downward trend observed from late 2014 through mid-2016, reaching lows near 2.75. From late 2016 onward, the ratio recovers somewhat, stabilizing around the 3.5 to 3.7 range. This pattern reflects varying valuation levels relative to sales, including a dip in valuation between roughly 2014 and 2016, followed by a partial rebound.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows a gradual increasing trend from the start of the dataset in late 2011, beginning at 3.76 and rising to a peak of 11.58 in early 2016. This increase indicates growing market valuation relative to book value during this period. After reaching this peak, the ratio declines steadily through 2017 and into early 2018, falling to around 6.72 by February 2018. The sharp rise up to 2016 suggests a period of heightened investor optimism or book value compression, followed by a reversion to more moderate valuation levels.
Price to Earnings (P/E)
Monsanto Co., historical P/E calculation (quarterly data)
| Feb 28, 2018 | Nov 30, 2017 | Aug 31, 2017 | May 31, 2017 | Feb 28, 2017 | Nov 30, 2016 | Aug 31, 2016 | May 31, 2016 | Feb 29, 2016 | Nov 30, 2015 | Aug 31, 2015 | May 31, 2015 | Feb 28, 2015 | Nov 30, 2014 | Aug 31, 2014 | May 31, 2014 | Feb 28, 2014 | Nov 30, 2013 | Aug 31, 2013 | May 31, 2013 | Feb 28, 2013 | Nov 30, 2012 | Aug 31, 2012 | May 31, 2012 | Feb 29, 2012 | Nov 30, 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Monsanto Company (in millions) | ||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | ||||||||||||||||||||||||||||||||||
| Nike Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2018 Calculation
EPS
= (Net income (loss) attributable to Monsanto CompanyQ2 2018
+ Net income (loss) attributable to Monsanto CompanyQ1 2018
+ Net income (loss) attributable to Monsanto CompanyQ4 2017
+ Net income (loss) attributable to Monsanto CompanyQ3 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monsanto Co. Quarterly or Annual Report.
4 Q2 2018 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data indicates notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined periods.
- Share Price
- The share price exhibits a general upward trajectory from November 2011 through November 2014, rising from approximately $77.51 to a peak near $126.73. Subsequently, there is some volatility with declines around mid-2015, reaching lows near $93.58 in late 2015 and early 2016. Beginning mid-2016, the share price recovers steadily, climbing again to about $118.05 by early 2018.
- Earnings per Share (EPS)
- EPS values are available starting May 2012, where they begin at $3.83 and increase consistently to a high of approximately $5.66 by November 2014. After this peak, EPS fluctuates downward, reaching a low near $2.36 in August 2016. It then recovers gradually through 2017 and early 2018, returning to around $5.64 by February 2018, indicating a rebound in profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio remains relatively stable from May 2012 through November 2014, generally ranging between 19 and 25. This stability coincides with rising share prices and EPS. However, notable increases occur by mid-2016, with the P/E peaking sharply at 43.85 in August 2016 despite relatively low EPS, suggesting elevated market valuation relative to earnings. Afterward, the P/E ratio declines through early 2018, settling near 20.91, demonstrating a normalization in valuation as EPS recovers.
In summary, the share price and EPS follow a correlated pattern of growth until late 2014, a deterioration through 2015 and mid-2016, and subsequent recovery through early 2018. The P/E ratio reflects these earnings fluctuations, including a significant spike indicative of market overvaluation during periods of declining earnings. Overall, the financial indicators reveal a cycle of growth, contraction, and recovery within the examined timeframe.
Price to Operating Profit (P/OP)
Monsanto Co., historical P/OP calculation (quarterly data)
| Feb 28, 2018 | Nov 30, 2017 | Aug 31, 2017 | May 31, 2017 | Feb 28, 2017 | Nov 30, 2016 | Aug 31, 2016 | May 31, 2016 | Feb 29, 2016 | Nov 30, 2015 | Aug 31, 2015 | May 31, 2015 | Feb 28, 2015 | Nov 30, 2014 | Aug 31, 2014 | May 31, 2014 | Feb 28, 2014 | Nov 30, 2013 | Aug 31, 2013 | May 31, 2013 | Feb 28, 2013 | Nov 30, 2012 | Aug 31, 2012 | May 31, 2012 | Feb 29, 2012 | Nov 30, 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Income (loss) from operations (in millions) | ||||||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | ||||||||||||||||||||||||||||||||||
| Nike Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2018 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2018
+ Income (loss) from operationsQ1 2018
+ Income (loss) from operationsQ4 2017
+ Income (loss) from operationsQ3 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monsanto Co. Quarterly or Annual Report.
4 Q2 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates an overall upward trajectory with periodic fluctuations throughout the period analyzed. Starting at $77.51 in November 2011, the price rises steadily to a peak of $126.73 in May 2014. This peak is followed by some volatility, with the price declining to a low of approximately $86.10 by February 2016 before recovering again to around $118 by early 2018. The price exhibits a cyclical pattern of increases and corrections, indicative of underlying market or company-specific factors influencing investor sentiment over time.
Operating profit per share, reported from May 2012 onward, shows a generally positive trend. Initial values begin at $5.89 and experience growth with some variability, reaching highs near $8.42 in November 2014. Subsequent fluctuations occur, including a decline to $4.75 in August 2016, followed by a recovery phase that brings the profit per share back above $7 by early 2018. This pattern indicates periods of both strong operating performance and challenges impacting profitability within some quarters.
The price-to-operating profit ratio (P/OP) exhibits considerable variation over the periods, reflecting changes in market valuation relative to operating profit. Beginning around 15.06 in May 2012, the ratio generally hovers between 12 and 17 with exceptions such as a sharp increase to 21.75 in August 2016 coinciding with a dip in operating profit per share. This indicates that despite lower earnings in some quarters, the market maintained relatively high expectations or valuations. Toward early 2018, the ratio trends around 16, suggesting a normalization in valuation relative to operating earnings after the earlier volatility.
In summary, the financial indicators reveal a company experiencing steady growth in market valuation and operating performance with intermittent periods of profitability pressure, reflected in both per-share earnings and valuation multiples. The cyclical nature of the share price and P/OP ratio emphasizes sensitivity to quarterly earnings fluctuations and possible external market influences.
- Share Price Trend
- Steady overall increase with peaks (May 2014) and troughs (Feb 2016), ending near $118 in early 2018.
- Operating Profit Per Share Trend
- Growth from $5.89 to above $8, with declines around mid-2016 and recovery thereafter.
- Price-to-Operating Profit Ratio (P/OP)
- Mostly stable between 12 and 17, with a notable spike in mid-2016 indicating market valuation fluctuations despite earnings variability.
Price to Sales (P/S)
Monsanto Co., historical P/S calculation (quarterly data)
| Feb 28, 2018 | Nov 30, 2017 | Aug 31, 2017 | May 31, 2017 | Feb 28, 2017 | Nov 30, 2016 | Aug 31, 2016 | May 31, 2016 | Feb 29, 2016 | Nov 30, 2015 | Aug 31, 2015 | May 31, 2015 | Feb 28, 2015 | Nov 30, 2014 | Aug 31, 2014 | May 31, 2014 | Feb 28, 2014 | Nov 30, 2013 | Aug 31, 2013 | May 31, 2013 | Feb 28, 2013 | Nov 30, 2012 | Aug 31, 2012 | May 31, 2012 | Feb 29, 2012 | Nov 30, 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | ||||||||||||||||||||||||||||||||||
| Nike Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2018 Calculation
Sales per share
= (Net salesQ2 2018
+ Net salesQ1 2018
+ Net salesQ4 2017
+ Net salesQ3 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Monsanto Co. Quarterly or Annual Report.
4 Q2 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general upward trend from November 2011 through November 2014, increasing from $77.51 to a peak near $126.73. This period was characterized by steady growth, though some fluctuations were observed, particularly notable around mid-2013 when the price momentarily declined before resuming growth. Beginning in late 2014, the share price entered a declining phase, reaching a low point in mid-2015 near $93.58. Post this decline, the price showed signs of recovery, gradually increasing with some volatility to approximately $118 by early 2018.
Sales per share data is available starting from May 2012 and generally displayed a rising trajectory over the observed periods. Beginning at $25.26, sales per share increased with minor fluctuations, reaching a high near $34.11 in November 2014. After this peak, sales per share faced slight declines and variability but maintained a level above $30, ending near $33.07 in February 2018. This pattern suggests relatively stable revenue generation per share with periodic adjustments in response to market or operational factors.
The Price-to-Sales (P/S) ratio mirrored the trends observed in share price and sales per share but showed more pronounced fluctuations. Initially, P/S ratios increased, peaking around 4.31 in August 2014, indicating higher valuation relative to sales during that period. Following this peak, the ratio declined substantially, hitting a trough near 2.75 in early 2016, suggesting a decrease in market valuation relative to sales. Subsequently, the ratio recovered to levels near 3.57 by early 2018. These dynamics reflect changing market perceptions of the company's valuation relative to its sales performance.
Price to Book Value (P/BV)
Monsanto Co., historical P/BV calculation (quarterly data)
| Feb 28, 2018 | Nov 30, 2017 | Aug 31, 2017 | May 31, 2017 | Feb 28, 2017 | Nov 30, 2016 | Aug 31, 2016 | May 31, 2016 | Feb 29, 2016 | Nov 30, 2015 | Aug 31, 2015 | May 31, 2015 | Feb 28, 2015 | Nov 30, 2014 | Aug 31, 2014 | May 31, 2014 | Feb 28, 2014 | Nov 30, 2013 | Aug 31, 2013 | May 31, 2013 | Feb 28, 2013 | Nov 30, 2012 | Aug 31, 2012 | May 31, 2012 | Feb 29, 2012 | Nov 30, 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Total Monsanto Company shareowners’ equity (in millions) | ||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| lululemon athletica inc. | ||||||||||||||||||||||||||||||||||
| Nike Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-02-28), 10-Q (reporting date: 2017-11-30), 10-K (reporting date: 2017-08-31), 10-Q (reporting date: 2017-05-31), 10-Q (reporting date: 2017-02-28), 10-Q (reporting date: 2016-11-30), 10-K (reporting date: 2016-08-31), 10-Q (reporting date: 2016-05-31), 10-Q (reporting date: 2016-02-29), 10-Q (reporting date: 2015-11-30), 10-K (reporting date: 2015-08-31), 10-Q (reporting date: 2015-05-31), 10-Q (reporting date: 2015-02-28), 10-Q (reporting date: 2014-11-30), 10-K (reporting date: 2014-08-31), 10-Q (reporting date: 2014-05-31), 10-Q (reporting date: 2014-02-28), 10-Q (reporting date: 2013-11-30), 10-K (reporting date: 2013-08-31), 10-Q (reporting date: 2013-05-31), 10-Q (reporting date: 2013-02-28), 10-Q (reporting date: 2012-11-30), 10-K (reporting date: 2012-08-31), 10-Q (reporting date: 2012-05-31), 10-Q (reporting date: 2012-02-29), 10-Q (reporting date: 2011-11-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2018 Calculation
BVPS = Total Monsanto Company shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Monsanto Co. Quarterly or Annual Report.
4 Q2 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the analyzed periods.
- Share Price (US$)
- The share price generally exhibited an upward trend from November 2011 through November 2014, rising from $77.51 to a peak of $126.73. This gain was punctuated by fluctuations, such as a decline in August 2014 to $112.18 after the peak. Following this peak, the share price experienced a significant decline through August 2015, dropping to $93.73, before showing recovery and stabilization around $118 by late 2017 and early 2018. Overall, the share price demonstrated volatility but maintained growth over the longer term.
- Book Value Per Share (US$)
- The BVPS showed a fluctuating pattern with an increasing tendency during the initial periods, rising from $20.62 in November 2011 to approximately $27.95 in May 2014. However, a sharp decrease occurred immediately after, declining to $16.27 in the following August 2014. Subsequently, the BVPS fluctuated at lower levels, with a notable trough at $8.08 in November 2015. Thereafter, a gradual recovery was observed, culminating in an increase to $17.57 by February 2018. These fluctuations indicate significant variability in the company's net asset value per share over time.
- Price-to-Book Value Ratio (P/BV, ratio)
- The P/BV ratio trends mirror the inverse relationship between the share price and book value per share. The ratio increased from 3.76 in November 2011 to a high of 7.77 in November 2014, reflecting that the share price grew at a faster pace than BVPS during that period. Following the peak, the ratio spiked to an extreme of 11.58 in November 2015, coinciding with the lowest BVPS values and a still relatively high share price. After this exaggerated peak, the P/BV ratio gradually declined to 6.72 by February 2018, indicating a relative alignment between share price and book value in the later periods. The elevated P/BV ratios during the mid-periods suggest an investor premium pricing despite declining book values.
In summary, the company's share price generally increased but showed periods of volatility, especially around 2014-2015, coinciding with marked fluctuations in book value per share. The price-to-book value ratio effectively highlights the divergence between market valuation and accounting value, peaking when book value dipped significantly, possibly reflecting market expectations or other non-balance-sheet factors. The recovery in BVPS combined with the moderated P/BV ratio towards the end of the timeline suggests improved stability in the company's financial position and valuation metrics.