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 Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Time Warner Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
The analysis of the financial ratios over the presented periods reveals several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins in March 2014, showing an initial value of 15.65 which fluctuates modestly around the mid-teens for approximately two years. From March 2014 to December 2016, the P/E remains relatively stable, mostly staying between 13.74 and 15.98. Subsequently, from March 2017 to December 2017, there is a marked increase, peaking at around 19.14 in March 2017 and maintaining elevated levels close to 18.5 before dropping sharply to 14.03 and finally 13.41 by March 2018. This suggests an increased investor willingness to pay more for earnings in early 2017 followed by a reversion to lower valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- This ratio exhibits more variability and an overall rising trend. Starting in March 2014 at 8.74, it decreases slightly through mid-2014, followed by a notable spike up to 12.33 in June 2015. After this peak, the ratio declines to a low of 7.67 in March 2016, suggesting improving operating profit relative to price or a revaluation. Thereafter, it shows a general upward movement, reaching levels exceeding 10 from December 2016 through early 2018, peaking at 10.67 in September 2017 before modestly retreating. This pattern indicates fluctuating market perceptions of operating profitability relative to share price, with increased valuation during late periods.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a gradual and consistent upward trend. Beginning at 1.94 in March 2014, it advances steadily through the periods, peaking at 2.65 in September 2017. There is a slight decline afterward to 2.32 by March 2018. The overall trend indicates increasing valuation relative to sales over time, reflecting positive investor sentiment or sales growth supporting higher share prices.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data covers the entire span, starting at 1.85 in March 2013. It increases steadily and significantly through 2014 and 2015, rising from below 2 to nearly 3.0 by December 2016. The ratio peaks above 3.0 in December 2016 and remains elevated in early 2017, followed by a decline embarking from 3.02 in March 2017 to 2.46 by March 2018. This escalation and subsequent tapering suggest growing investor expectations of asset-based valuation until early 2017, after which valuations normalized to lower but still above historical lows levels.
In summary, the valuation multiples reflect an overall strengthening in market valuation of the company from 2013 through approximately 2017, with peaks often occurring in late 2016 and early 2017 across most ratios. Subsequently, there is a pattern of correction or normalization across all metrics by early 2018. This suggests a period of heightened investor optimism followed by a readjustment to more conservative valuations. The steady rise in price-to-sales and price-to-book ratios until late 2016 underlines growing confidence in the company’s sales and asset base, while the more volatile P/E and P/OP ratios indicate fluctuating perceptions of profitability.
Price to Earnings (P/E)
Time Warner Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to Time Warner Inc. shareholders (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2018 Calculation
EPS
= (Net income attributable to Time Warner Inc. shareholdersQ1 2018
+ Net income attributable to Time Warner Inc. shareholdersQ4 2017
+ Net income attributable to Time Warner Inc. shareholdersQ3 2017
+ Net income attributable to Time Warner Inc. shareholdersQ2 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Inc. Quarterly or Annual Report.
4 Q1 2018 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits an overall upward trend from March 2013 through March 2018, increasing from $59.48 to $93.67. Notable growth occurs between 2013 and late 2014, where the price rises steadily from $59.48 to $82.42. This is followed by some volatility between 2015 and 2016, with the price falling to as low as $66.66 in December 2015 before recovering and reaching a peak of $102.52 in June 2017. After mid-2017, the share price experiences a gradual decline, ending at $93.67 in March 2018.
Earnings per share (EPS) data is available beginning in March 2014, starting at $4.13. The EPS shows a generally positive trajectory, growing to $6.99 by March 2018. There are minor fluctuations, such as a slight dip from $5.82 in December 2016 to $5.07 in March 2017, but the overall pattern is upward, indicating improving profitability per share over the period.
The price-to-earnings (P/E) ratio presents variability throughout the period. Initially, in March 2014, the P/E ratio stands at 15.65 and fluctuates over subsequent quarters, reaching highs above 19 in the period around December 2016 to September 2017. The P/E ratio generally trends downward toward the end of the period, decreasing from 18.56 in December 2017 to 13.41 in March 2018. This suggests that despite rising earnings and relatively high share prices earlier, by early 2018, the stock may be valued more conservatively relative to earnings.
- Share Price
- Strong upward trend from 2013 to mid-2017 with some volatility in 2015-2016; peaked mid-2017 then moderate decline.
- Earnings per Share (EPS)
- Consistent growth since first recorded in early 2014, indicating improving underlying profitability over the analyzed time frame.
- Price-to-Earnings Ratio (P/E)
- Fluctuated with peaks near the end of 2016; shows a declining trend in early 2018, possibly reflecting a more conservative market valuation.
Price to Operating Profit (P/OP)
Time Warner Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2018 Calculation
Operating profit per share
= (Operating incomeQ1 2018
+ Operating incomeQ4 2017
+ Operating incomeQ3 2017
+ Operating incomeQ2 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Inc. Quarterly or Annual Report.
4 Q1 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend from March 2013 through March 2018, increasing from $59.48 to $93.67. During this period, notable periods of growth occurred notably between March 2014 and March 2015, where the share price rose from $66.46 to $85.45. However, some volatility is evident, particularly in the decline from $85.45 in March 2015 to $66.66 in December 2015, followed by recovery and new highs through 2016 and early 2017. The peak value was reached in December 2016 at $97.06, after which the price experienced minor declines and fluctuations through to March 2018.
Operating profit per share data was available from December 2013 onwards and showed a consistent upward trajectory from $7.4 at the end of 2013 to a peak of $10.16 in December 2017. This improvement indicates growing profitability on a per-share basis over the four-year span. There were slight decreases noted in the final quarter ending March 2018, where the operating profit per share declined to $9.79, signaling a possible easing in profitability gains.
The price-to-operating profit (P/OP) ratio also reflects certain valuation dynamics over time. Initially, from December 2013 to early 2015, the ratio fluctuated between approximately 7.67 and 12.33, with a peak around mid-2014. Following this, the ratio mostly remained within the 8 to 10 range, indicating a relative stabilization in how the market valued operating profits versus share price. Slight upward movements in the ratio occurred during late 2016 and early 2017, aligning with increases in share price outpacing operating profit per share growth. Toward the end of the period, the ratio declined from a high of 10.67 in September 2017 to 9.57 in March 2018, consistent with a modest downward correction in share price or an improvement in operating profits relative to valuation.
In summary, the company demonstrated increasing shareholder value through rising share prices and improving operating profits per share over the examined periods. The P/OP ratio's moderate fluctuations suggest the market maintained a relatively steady assessment of operating profit value in share prices, notwithstanding some transient valuation changes. The data highlights a general positive financial performance with some cyclical or market-driven variations toward the latter part of the period.
Price to Sales (P/S)
Time Warner Inc., historical P/S calculation (quarterly data)
| Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2018 Calculation
Sales per share
= (RevenuesQ1 2018
+ RevenuesQ4 2017
+ RevenuesQ3 2017
+ RevenuesQ2 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Time Warner Inc. Quarterly or Annual Report.
4 Q1 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends related to the share price, sales per share, and price-to-sales ratio over the observed periods.
- Share Price Trends
- The share price exhibited a general upward trajectory from March 2013 to March 2018, with fluctuations along the way. Initially, the price increased steadily from $59.48 to a peak near $85.45 in March 2015. After this peak, the price declined during 2015, reaching a low of approximately $66.66 by December 2015. Following this decline, the share price resumed its ascent, reaching a high point exceeding $102.52 by June 2017. Towards the end of the period, a slight downtrend was observed, with the price decreasing modestly to around $93.67 by March 2018.
- Sales Per Share Trends
- Sales per share data is available from March 2014 onward. The values indicate a gradual increase in sales per share over the period. Starting at $33.38 in March 2014, sales per share showed sequential growth through each quarter, reaching approximately $40.31 by March 2018. This steady upward movement suggests consistent sales revenue growth on a per-share basis, reflecting potentially improving operational performance or expanding business scale relative to the number of shares.
- Price-to-Sales (P/S) Ratio Trends
- The price-to-sales ratio experienced fluctuations that correspond partially with changes in share price alongside sales performance. Beginning at a P/S of 1.94 in March 2014, the ratio increased to a high of 2.5 by March 2015. Thereafter, it declined to a low of about 1.87 in December 2015, coinciding with the downturn in share price during that period. Subsequently, the P/S ratio rose again, peaking around 2.65 in September 2017 before decreasing to approximately 2.32 by March 2018. The movements in P/S ratio reflect both market valuation changes and incremental sales improvements, with temporary reductions indicating potential market correction or valuation adjustments.
Overall, the data suggest a period of growth in sales per share accompanied by volatility in share price and valuation multiples. The upward trend in sales per share is indicative of improving business fundamentals, while the fluctuations in share price and P/S ratio may reflect market sentiment, external economic factors, or company-specific events influencing investor perception and valuation over time.
Price to Book Value (P/BV)
Time Warner Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Time Warner Inc. shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2018 Calculation
BVPS = Total Time Warner Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Time Warner Inc. Quarterly or Annual Report.
4 Q1 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited an overall upward trend from March 2013 through March 2018. Starting at $59.48 in the first quarter of 2013, the price generally increased, peaking at $102.52 in June 2017. This represents a substantial appreciation over the five-year span. However, after the peak, the price slightly declined, ending at $93.67 in March 2018. Periodic fluctuations are observed, including some pullbacks notably in late 2015 and again toward early 2018, suggesting market volatility or reactions to specific events during those quarters.
- Book Value Per Share (BVPS)
- The book value per share displayed a mostly stable trend with a mild upward trajectory. It began at $32.17 in March 2013 and fluctuated slightly throughout the period. A noticeable dip occurred in mid-2014, where BVPS decreased to around $29.47-$30.09 before gradually recovering. Subsequently, BVPS rose steadily from 2015 onward, reaching $38.10 by March 2018. This increase indicates incremental growth in the company's net asset value on a per-share basis over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed considerable variation reflecting changes in both share price and book value. Initially, the ratio was around 1.85 in early 2013, rising to a peak of approximately 3.09 in December 2016. This indicates that the market valuation increasingly exceeded the book value during this period, illustrating heightened investor confidence or expectations of future growth. Following this peak, the ratio declined to 2.46 by March 2018, aligning with the observed share price decrease toward the end of the dataset. The fluctuations in P/BV suggest changes in market sentiment and valuation dynamics relative to the company's net assets.
In summary, the data indicates a general positive trend in market valuation and book value per share over the years, with some volatility in market pricing as evidenced by share price swings and P/BV variability. The sustained increase in BVPS combined with the higher share prices up to 2017 reflects underlying growth, while the subsequent moderation in price and valuation multiples points to a phase of consolidation or cautious investor outlook in early 2018.