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 Income Statement
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Biogen Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
The analysis of the financial ratios over the examined quarterly periods reveals notable fluctuations and trends in valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed significant volatility throughout the period. Starting at 18.66 in early 2018, it peaked at 25.36 in mid-2021 before declining towards the later quarters, ending around 13.75 by the end of the observed timeline. This trajectory suggests varying market expectations regarding the company's earnings potential, with heightened optimism mid-2021 followed by a moderation in valuation.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio generally followed a similar pattern to the P/E ratio, indicative of the relationship between the company's stock price and its operating profitability. It climbed from 9.45 in early 2018 to a high of approximately 21.96 in mid-2021. Subsequently, it decreased to a range near 10-12 in the most recent quarters. The substantial increase during 2021 may reflect market anticipation of improved operational performance that normalized later.
- Price to Sales (P/S) Ratio
- This ratio showed a less volatile but declining trend over the period. Initial values were near 4.39, reaching a peak close to 5.83 in mid-2018, followed by a gradual decrease to values between 2.78 and 3.80 in later quarters. The decline in P/S ratio suggests a relative decrease in valuation multiples based on sales, possibly due to changes in revenue growth expectations or sales performance.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated some cyclical variation, with an initial rise to over 6.13 in mid-2018 and a peak again around 4.52 in mid-2021 before settling at approximately 3.08 in recent periods. This pattern indicates fluctuations in how the market values the company's net assets, with periods of premium valuations that tapered down over time.
Overall, the valuation ratios suggest that market sentiment experienced peaks around mid-2021 across earnings, operating profit, and book value measures, followed by retrenchment. The company's valuation relative to sales encountered a gentler decline. These trends may reflect shifting investor perceptions, responsive to changes in financial performance, market conditions, or sector outlooks during the given timeframe.
Price to Earnings (P/E)
Biogen Inc., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to Biogen Inc. (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income attributable to Biogen Inc.Q3 2022
+ Net income attributable to Biogen Inc.Q2 2022
+ Net income attributable to Biogen Inc.Q1 2022
+ Net income attributable to Biogen Inc.Q4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited significant fluctuations throughout the timeframe. Initially, it increased markedly from $262.15 in March 2018 to a peak of $372.84 in June 2018. Subsequently, it experienced volatility with declines and recoveries, reaching highs again near the end of 2019 at $337.24. From early 2020 onward, the share price generally trended downwards, hitting lows around the first quarter of 2022 near $205.70. A notable recovery was observed in the third quarter of 2022, where the price rose to $273.56.
- Earnings Per Share (EPS)
- EPS demonstrated a strong upward trajectory from early 2018, increasing from $14.05 to a peak of $37.44 by the second quarter of 2020. This indicates improving profitability during this period. Thereafter, EPS declined steadily through the rest of 2020 and 2021, reaching a low of $10.52 in the third quarter of 2021. However, from late 2021 through 2022, EPS showed signs of recovery, rising again to $19.89 by the third quarter of 2022.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed a decreasing trend from early 2018 (18.66) to mid-2020 (around 7.5-8.1), reflecting a period where earnings growth outpaced share price appreciation, possibly indicating that the shares became more attractively valued relative to earnings. After mid-2020, the P/E ratio increased substantially, reaching above 25 by mid-2021, which suggests that share prices rose relative to earnings, or earnings contracted relative to the share price, signaling increased market valuation or volatility in earnings. The P/E ratio then decreased again to the range of approximately 13.75 by late 2022, aligning with the recent recovery in earnings and share price movements.
Overall, the data suggest a period of strong earnings growth through early 2020, followed by a correction phase marked by declining earnings and share price pressure, and a subsequent period of recovery in both EPS and share price towards late 2022. The P/E ratio movements reflect changing market sentiments and valuation perceptions over these periods, with increased valuation multiples during periods of share price strength despite declining earnings, and more conservative multiples when earnings growth was robust relative to price.
Price to Operating Profit (P/OP)
Biogen Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Income from operationsQ3 2022
+ Income from operationsQ2 2022
+ Income from operationsQ1 2022
+ Income from operationsQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the observed periods. It peaked near the middle of 2018 at approximately $373 and then declined toward the first quarter of 2019, falling to about $224. A recovery phase followed, with prices rising again to a high of around $337 by the end of 2019. However, throughout 2020 and early 2021, the share price showed a downward trend, dropping to near $259 by the first quarter of 2021. Mid-2021 saw a temporary increase close to $326, but a significant decline occurred through the end of 2021 and into early 2022, bottoming out at about $205. Toward the latest quarter observed, there was a noticeable recovery, with the share price rebounding to approximately $274.
- Operating Profit per Share
- The operating profit per share demonstrated an overall growth trajectory starting from about $28 in early 2018 and reaching a peak of approximately $46 in mid-2020. This peak was followed by a sharp decrease in the subsequent quarters, dropping to around $13 by the third quarter of 2021. After this decline, there was a gradual improvement, with operating profit per share increasing to roughly $23 by the latest quarter in the dataset.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed significant fluctuations over the period. Early 2018 values were moderate, ranging between 9.45 and 12.8, and declined steadily through 2019, reaching a low around 6.03 in mid-2020. This low ratio corresponded with the peak in operating profit per share, suggesting a period where the stock price was more closely aligned with operating profitability. However, from late 2020 onwards, the P/OP ratio increased substantially, reaching above 20 in mid-2021, indicating that the share price was relatively high compared to the operating profit per share. This elevated ratio declined toward the end of 2021 and early 2022 but remained above the levels seen in 2019 and early 2020.
- Overall Analysis
- The analysis reveals a cyclical pattern where increases in operating profit per share tend to precede decreases in the P/OP ratio, reflecting periods of improved profitability relative to share price valuation. Conversely, when operating profit per share fell sharply in late 2020 and early 2021, the P/OP ratio spiked, suggesting a valuation disconnect during that period. The share price movements correspond generally with these trends but with some lag and volatility influenced by other factors. The recent recovery in both share price and operating profit per share could indicate an improving financial outlook and market valuation alignment going forward.
Price to Sales (P/S)
Biogen Inc., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated considerable volatility over the observed periods. Initially, it rose significantly from 262.15 US$ at the end of Q1 2018 to a peak of 372.84 US$ in Q2 2018. Subsequently, fluctuations followed with a decline to 224.4 US$ by Q1 2019, then partial recovery reaching 337.24 US$ in Q4 2019. During 2020 and 2021, the share price exhibited a downward tendency, falling to a low of 220.17 US$ at the end of 2021. Early 2022 showed some recovery, with the price increasing to 273.56 US$ by Q3 2022.
- Sales per Share Trend
- Sales per share increased steadily in the early periods, from 59.69 US$ in Q1 2018 to a peak of 92.69 US$ in Q3 2020. However, after that peak, the sales per share gradually declined each quarter, reaching 71.97 US$ by Q3 2022. This downward trend following the 2020 peak suggests potential challenges in maintaining growth in sales revenue per share.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio followed a pattern generally mirroring the share price movements. Starting at 4.39 in Q1 2018, it rose sharply to 5.83 in Q2 2018, then declined to lows near 3.15–3.16 in the first half of 2019. There was partial recovery with a peak of 4.16 in Q2 2021, followed by a decline to 2.78 in Q1 2022. The ratio rebounded to 3.8 by Q3 2022, evidencing some market optimism relative to sales despite recent sales declines.
- Key Insights
- The data reveals that the share price is influenced not only by sales per share growth but also by market sentiment and other external factors, as indicated by fluctuations in the P/S ratio. The peak in sales per share in 2020 was not matched by share price increases, which instead moved downward overall after the peak, potentially indicating concerns about future performance or external market conditions. The recovery in the share price and P/S ratio in mid-2022 may reflect renewed investor confidence or improved market conditions despite declining sales per share.
Price to Book Value (P/BV)
Biogen Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Biogen Inc. shareholders’ equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Total Biogen Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Biogen Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, the price increased sharply from 262.15 USD at the end of March 2018 to a peak of 372.84 USD in June 2018, followed by some volatility with a decline and subsequent recovery reaching 337.24 USD by December 2019. Thereafter, the share price generally decreased, reaching a low of 205.7 USD in March 2022 before experiencing an upward correction to 273.56 USD by September 2022.
The book value per share (BVPS) showed a steady upward trend overall. Starting from 66.6 USD in March 2018, the BVPS increased gradually with minor fluctuations, rising to 88.72 USD by September 2022. This growth indicates ongoing accumulation of shareholder equity over the time horizon under review.
The price-to-book value (P/BV) ratio mirrored the volatility of the share price relative to the relatively stable growth in book value. The ratio reached a high of 6.13 in June 2018, reflecting possibly overvaluation or heightened market optimism. Following this peak, the P/BV ratio generally trended downward, with intermittent rises, and reached its nadir at 2.54 in June 2022. The ratio then increased slightly to 3.08 by the end of the series. This pattern suggests that while the book value grew steadily, the market valuation of the share price corrected downward relative to book value, indicating either market reassessment of growth expectations or broader market conditions impacting the stock.
In summary, the analysis reflects a dynamic share price with periods of significant volatility, contrasted with a steady increase in underlying book value per share. The price-to-book ratio’s movement suggests a transitioning market perception of the company’s valuation, initially elevated but subsequently tempered over time.