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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Based on: 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), 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).
The financial ratios indicate distinct trends over the analyzed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a general downward trend from the end of 2014 through the third quarter of 2019. Initially, the ratio fluctuated in the range of approximately 35 to 57, peaking in December 2014 at 57.19. From 2016 onward, the ratio declined steadily, reaching its lowest point at 12.45 in the third quarter of 2019. This downward trend suggests either an increase in earnings, a reduction in market price, or a combination of both, signaling potentially improved profitability or market reevaluation.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrors the P/E ratio's downward movement, starting from a peak of 44.94 at the end of 2014. Over subsequent periods, the ratio consistently declined to below 10 by the third quarter of 2019, hitting a low of 8.98. The progressive decrease indicates improving operating profit relative to the share price, possibly reflecting enhanced operational efficiency or earnings growth.
- Price to Sales (P/S) Ratio
- The P/S ratio decreases steadily across the timeline, starting near 13 in mid-2014 and falling to around 4 by late 2019. This reduction suggests that the market price is becoming more reasonable in relation to the company's sales revenue, indicating potentially improving sales performance, a decrease in valuation multiples, or a combination thereof.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays more volatility compared to other ratios, with values ranging from 6.36 to nearly 18. The early periods demonstrate moderate fluctuations with peaks around mid-2015 and late 2018, after which the ratio decreases sharply, reaching its lowest values in 2019. The sharp decline toward the end of the period suggests that the market valuation of the company's equity has become more conservative relative to its book value, possibly due to changes in asset valuations or market sentiments.
Overall, the data portray a consistent trend of decreasing market valuation multiples relative to earnings, operating profit, sales, and book value over the analyzed periods. This may reflect improvements in financial performance, changes in investor expectations, or broader market conditions affecting the valuation of the company.
Price to Earnings (P/E)
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | 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 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
Net income (loss) (in millions) | ||||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
EPS
= (Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019
+ Net income (loss)Q4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- Over the examined period, the share price displayed significant volatility. Starting at $73.35 in March 2014, it rose steadily to a peak exceeding $135 in mid-2015 and again soared near $134 by mid-2017. However, following this, the share price exhibited a downward trend, decreasing to below $87 by early 2018 and fluctuating around the $72 to $93 range through 2018 and 2019. The price rebounded to approximately $108 by late 2019, indicating partial recovery.
- Earnings Per Share (EPS) Development
- EPS data becomes available from March 2015 onwards, showing an initial value of 2.5 USD. The EPS peaked notably at 4.38 USD in December 2017, after which growth continued albeit at a more moderate pace. By the end of the observed period in September 2019, EPS reached 8.26 USD, reflecting a strong upward trend and suggesting improved profitability over time.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio started at a high level of approximately 49.41 in March 2015, indicating high market expectations relative to earnings. This ratio progressively declined through subsequent quarters, reaching around 12.45 in September 2019. The downward trend in P/E suggests that either the share price did not grow in proportion to earnings, or that earnings growth outpaced the share price increase, leading to more moderate valuations.
- Integrated Interpretation
- The data reflects a period of revenue and earnings growth, as illustrated by the EPS more than tripling over the analyzed timeframe. Although the share price exhibited notable fluctuations, its growth was not consistent or as pronounced as EPS growth, resulting in a steady decline in the P/E ratio. The reduction in P/E ratio signals growing investor confidence in the company’s underlying earnings strength, potentially viewing the stock as more reasonably valued over time. The recovery phase in share price towards the end indicates renewed market interest, potentially linked to strong earnings performance.
Price to Operating Profit (P/OP)
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | 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 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | ||||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Operating profit per share
= (Operating incomeQ3 2019
+ Operating incomeQ2 2019
+ Operating incomeQ1 2019
+ Operating incomeQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibits notable volatility over the analyzed periods, with an initial upward trend from $73.35 at the end of the first quarter of 2014 to a peak of $135.42 in the second quarter of 2015. Following this peak, the price declines and fluctuates within a range, experiencing a significant drop toward the end of 2017 and through 2018, reaching lows near the $70 range. However, in 2019, a recovery is observed with the share price climbing again to over $108 by the third quarter.
Operating profit per share data begins in the first quarter of 2015, showing a general increasing trend throughout the subsequent quarters. Starting at $3.15, it rises steadily with minor fluctuations, attaining a value of $11.09 by the third quarter of 2019. This growth indicates enhanced operational profitability over the observed timeframe.
The Price to Operating Profit (P/OP) ratio displays an inverse relationship relative to the operating profit per share. Initially, the ratio is relatively high, peaking at about 44.94 in the fourth quarter of 2015, suggesting that the share price was high relative to operating profits at that time. Thereafter, the P/OP ratio trends downward overall, reaching levels below 10 in mid to late 2019. This decrease implies that operating profits grew faster than the share price, indicating potentially improved valuation or more favorable earnings relative to price in the later periods.
- Share Price Dynamics
- Experienced substantial growth until mid-2015, followed by volatility and a decline in late 2017 and through 2018, with partial recovery in 2019.
- Operating Profit per Share
- Showed consistent growth from early 2015 to 2019, increasing more than threefold over the period.
- Price to Operating Profit Ratio
- Trend indicates an initially high valuation relative to operating profits, with a gradual alignment resulting in lower P/OP values by 2019, reflecting improved operational earnings relative to share price.
Price to Sales (P/S)
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
Net product sales (in millions) | ||||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Sales per share
= (Net product salesQ3 2019
+ Net product salesQ2 2019
+ Net product salesQ1 2019
+ Net product salesQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed a general upward trend from the first quarter of 2014 through mid-2017, starting at $73.35 and peaking around $134.15 in June 2017. Following this peak, the share price experienced a period of volatility and decline, dropping to approximately $86.89 by September 2018 before stabilizing around the $90-$110 range towards the end of 2019, with a final recorded price of $108.03 in September 2019.
- Sales Per Share Evolution
- Sales per share data began from the first quarter of 2015, showing steady growth over the observed periods. The figure increased consistently from $9.45 in March 2015 to $23.85 by September 2019. This upward trajectory indicates escalating revenue generation on a per-share basis without any significant interruptions, illustrating ongoing operational growth.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio presented a declining trend from 13.06 in the first reported quarter (March 2015) to around 4.53 by September 2019. The ratio fluctuated during this period but maintained an overall decrease, suggesting that while sales per share increased, the share price did not keep pace proportionately. This downward movement in P/S ratio can indicate improving value for investors, as the company’s sales base grows faster than its stock price.
- Interrelationship Between Metrics
- The increase in sales per share alongside the fluctuating share price and decreasing P/S ratio suggests expanding operational performance and potentially increasing market efficiency in pricing. The decline in P/S ratio may also signal a market reassessment of the company’s valuation or risk profile, despite robust sales growth. The stabilization of share price towards the later periods, coupled with continued sales growth, may indicate restored investor confidence or market equilibrium.
Price to Book Value (P/BV)
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable fluctuations over the observed period. Initial growth is evident from March 2014 to December 2014, with the price increasing from $73.35 to $123.43. This upward trend was followed by volatility, including declines and rebounds, reaching a peak of $134.15 in June 2017. Subsequently, there was a downward trend, with prices falling to as low as $72.72 by September 2018, before recovering somewhat towards the end of the period, finishing at $108.03 in September 2019. The pattern suggests periods of investor optimism punctuated by corrections.
- Book Value per Share (BVPS)
- The book value per share showed an overall increasing trend from $5.60 in March 2014 to $16.98 in September 2019. Growth was relatively steady, with minor fluctuations, and occasional dips such as in June 2018 when BVPS declined to $4.88 from previous quarters. Despite some volatility, the general trajectory indicates enhancement in the company's net asset value per share over the analyzed quarters.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio displayed considerable variability across the periods. It started at 13.1 in March 2014, rising consistently to peak around 17.61 in September 2015. Following this, there was a gradual decline amid fluctuating share prices and rising book value, reaching a low of approximately 6.36 by September 2019. The decrease in P/BV in the latter period reflects either a correction in market valuation relative to the company’s book value or growth in book value outpacing share price increases.
- Summary of Trends
- Overall, the share price and P/BV ratio exhibited more pronounced volatility compared to the steady increase in book value per share. After strong appreciation in the early years, the share price underwent corrections and periods of stagnation, whereas BVPS demonstrated sustained growth, implying strengthening fundamentals. The declining P/BV ratio in recent quarters indicates a market reassessment of the company's valuation in relation to its net assets.