Price to Book Value (P/BV)
since 2005
Calculation
CoStar Group Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2023 | 4.27 | = | 72.13 | ÷ | 16.89 | 16.89 | = | 6,870,121 | ÷ | 406,772,431 | |
| Feb 23, 2022 | 3.70 | = | 53.50 | ÷ | 14.46 | 14.46 | = | 5,711,672 | ÷ | 394,987,704 | |
| Feb 24, 2021 | 6.13 | = | 83.62 | ÷ | 13.64 | 13.64 | = | 5,375,359 | ÷ | 394,104,410 | |
| Feb 26, 2020 | 7.34 | = | 68.23 | ÷ | 9.29 | 9.29 | = | 3,405,593 | ÷ | 366,447,340 | |
| Feb 28, 2019 | 5.52 | = | 45.75 | ÷ | 8.29 | 8.29 | = | 3,021,942 | ÷ | 364,518,290 | |
| Feb 23, 2018 | 4.83 | = | 35.49 | ÷ | 7.35 | 7.35 | = | 2,651,250 | ÷ | 360,947,010 | |
| Feb 24, 2017 | 3.97 | = | 20.13 | ÷ | 5.07 | 5.07 | = | 1,654,213 | ÷ | 325,996,960 | |
| Feb 26, 2016 | 3.77 | = | 17.92 | ÷ | 4.75 | 4.75 | = | 1,543,780 | ÷ | 325,135,360 | |
| Feb 26, 2015 | 4.18 | = | 19.59 | ÷ | 4.68 | 4.68 | = | 1,513,546 | ÷ | 323,118,660 | |
| Feb 20, 2014 | 5.69 | = | 18.30 | ÷ | 3.22 | 3.22 | = | 927,862 | ÷ | 288,535,590 | |
| Mar 1, 2013 | 3.55 | = | 10.34 | ÷ | 2.92 | 2.92 | = | 826,343 | ÷ | 283,390,280 | |
| Feb 23, 2012 | 2.33 | = | 6.04 | ÷ | 2.59 | 2.59 | = | 659,177 | ÷ | 254,458,640 | |
| Feb 25, 2011 | 3.11 | = | 5.72 | ÷ | 1.84 | 1.84 | = | 381,502 | ÷ | 207,617,990 | |
| Feb 26, 2010 | 2.26 | = | 3.94 | ÷ | 1.74 | 1.74 | = | 359,006 | ÷ | 205,814,620 | |
| Feb 24, 2009 | 1.72 | = | 2.64 | ÷ | 1.54 | 1.54 | = | 303,421 | ÷ | 197,294,190 | |
| Feb 29, 2008 | 2.87 | = | 4.15 | ÷ | 1.45 | 1.45 | = | 281,805 | ÷ | 194,642,680 | |
| Feb 28, 2007 | 3.59 | = | 4.69 | ÷ | 1.31 | 1.31 | = | 250,110 | ÷ | 191,385,880 | |
| Mar 7, 2006 | 4.27 | = | 5.14 | ÷ | 1.20 | 1.20 | = | 224,796 | ÷ | 186,768,140 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of CoStar Group Inc. Annual Report.
- Share Price Trends
- The share price demonstrated an initial decline from $5.14 in 2006 to a low of $2.64 in 2009, reflecting downward pressure during this period. Subsequently, from 2010 onward, the share price exhibited significant growth, rising consistently and reaching a peak of $83.62 in 2021. Notable fluctuations occurred thereafter, with a decrease to $53.50 in 2022, followed by a recovery to $72.13 in 2023.
- Book Value Per Share (BVPS) Trends
- Book value per share showed steady growth throughout the entire period. Starting at $1.20 in 2006, BVPS increased incrementally each year, reaching $16.89 by 2023. This indicates sustained improvements in the company’s net asset value on a per-share basis.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio decreased sharply from 4.27 in 2006 to 1.72 in 2009, reflecting a period where the market price fell relative to the book value. Post-2009, the ratio increased again, fluctuating between approximately 2.26 and 7.34, with peaks in 2020. The ratio declined in 2022 to 3.70, suggesting a partial correction, before rising again to 4.27 in 2023. This volatility indicates varying market sentiment regarding the company's valuation relative to its book value.
- Overall Insights
- The data illustrates a period of initial market valuation contraction up to 2009, followed by sustained growth in both share price and intrinsic value. The consistent increase in book value per share signals strong underlying asset growth. The fluctuations in the P/BV ratio suggest changing investor perceptions, with valuation multiples expanding during periods of increased optimism and contracting amid market corrections. The mismatch between the rapid share price appreciation and steadier book value growth in recent years points to market expectations of future performance or other intangible factors influencing investor sentiment.
Comparison to Industry (Industrials)
CoStar Group Inc., P/BV, long-term trends, comparison to industry (industrials)
| CoStar Group Inc. | Industrials | |
|---|---|---|
| Feb 22, 2023 | 4.27 | 5.50 |
| Feb 23, 2022 | 3.70 | 5.44 |
| Feb 24, 2021 | 6.13 | 5.89 |
| Feb 26, 2020 | 7.34 | 6.28 |
| Feb 28, 2019 | 5.52 | 5.96 |
| Feb 23, 2018 | 4.83 | 5.37 |
| Feb 24, 2017 | 3.97 | 4.89 |
| Feb 26, 2016 | 3.77 | 3.68 |
| Feb 26, 2015 | 4.18 | 3.70 |
| Feb 20, 2014 | 5.69 | 3.14 |
| Mar 1, 2013 | 3.55 | 3.06 |
| Feb 23, 2012 | 2.33 | 3.09 |
| Feb 25, 2011 | 3.11 | 3.05 |
| Feb 26, 2010 | 2.26 | 2.43 |
| Feb 24, 2009 | 1.72 | 2.01 |
| Feb 29, 2008 | 2.87 | 3.45 |
| Feb 28, 2007 | 3.59 | 3.75 |
| Mar 7, 2006 | 4.27 | 3.95 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).