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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- Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2015
- Total Asset Turnover since 2015
- Price to Operating Profit (P/OP) since 2015
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Historical Valuation Ratios (Summary)
Kraft Heinz Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
- Price to Earnings (P/E) Ratio Trends
- The Price to Earnings ratio exhibits significant fluctuations over the reviewed periods. Initially absent for the early dates, values start from a notably high 188.93 in April 2016, followed by a steep decline to 65.6 and 36.63 in the succeeding quarters. The ratio continues on a downward trajectory, reaching as low as 5.96 by December 2017, indicating a potential substantial increase in earnings relative to price during this interval. Subsequently, there is some volatility with the ratio rising again to levels above 16 in early 2020, suggesting variability in market valuation relative to earnings.
- Price to Operating Profit (P/OP) Ratio Trends
- The Price to Operating Profit ratio displays a consistent downward movement from April 2016 through to mid-2019, beginning at 35.63 and declining to a low of 9.97 by June 2018. This decreasing trend implies improving operating profits relative to stock price or a more favorable valuation by the market over time. However, intermittent rises are observed, notably an increase to 12.77 in September 2018 and further fluctuations towards the end of the period, peaking again at 34.88 in June 2020, indicating periods of less favorable operating profit valuation or market repricing.
- Price to Sales (P/S) Ratio Trends
- The Price to Sales ratio shows a general decreasing trend over the periods examined. Starting at 5.13 in April 2016, it steadily declines to around 3 by late 2018, further falling sharply to approximately 1.31 to 1.65 in 2020. This pattern indicates that the stock price relative to sales has decreased, which may reflect either growing sales volumes, declining market prices, or a combination of both, resulting in an improved valuation relative to revenue.
- Price to Book Value (P/BV) Ratio Trends
- The Price to Book Value ratio begins at high values above 12 in early 2015, followed by a sharp drop to under 2 by late 2015. From there, the ratio trends downward gradually, falling below 1 by early 2017 and reaching lows near 0.61 to 0.7 in mid-2019 to mid-2020. This decline below parity suggests that the market valuation of the company’s equity has decreased relative to its book value, potentially reflecting market skepticism about the asset base or earnings prospects.
- Summary Insights
- Across the examined financial ratios, a prominent pattern is a general decline in valuation multiples over the multi-year span, indicating a transition to more conservative market pricing relative to earnings, operating profits, sales, and book value. The initial periods reflect very high valuation ratios, which have moderated substantially in later years. The volatility observed in the P/E and P/OP ratios, especially near the end of the dataset, suggests market reactions to specific events or shifts in financial performance. Overall, the data points to a market reassessment of the company’s financial prospects, with valuations becoming more aligned with underlying financial metrics over time.
Price to Earnings (P/E)
Kraft Heinz Co., historical P/E calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
EPS
= (Net income (loss) attributable to common shareholdersQ2 2020
+ Net income (loss) attributable to common shareholdersQ1 2020
+ Net income (loss) attributable to common shareholdersQ4 2019
+ Net income (loss) attributable to common shareholdersQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable fluctuations throughout the observed periods. From March 2015 to December 2016, a general upward trend was observed, with the price increasing from 71 US$ to a peak of 92.94 US$. Subsequently, a decline became apparent from early 2017 through to the end of 2018, where the share price fell sharply from approximately 89.7 US$ to 28.74 US$. The price then remained low, fluctuating modestly between approximately 25.96 US$ and 34.38 US$ into mid-2020, indicating a period of sustained price weakness.
- Earnings per Share (EPS) Pattern
- EPS data was incomplete for several early periods, but available figures show an initial negative EPS in December 2015 at -0.22 US$. Following this, there was a significant improvement, with EPS increasing steadily to a high of 9.11 US$ by mid-2017. This positive trend reversed sharply starting in early 2019, with EPS turning negative again, reaching lows around -9.09 US$ in late 2019. Slight recovery attempts were recorded by mid-2020, with EPS approaching near zero but remaining slightly negative at -0.16 US$.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio values were mostly missing in early periods. Where available, the ratio showed a steep decline from an extremely high level of approximately 189 in April 2016, down to values in the twenties approaching late 2017. This decline in P/E reflects the steady increase in EPS during this timeframe. By the end of 2018, the P/E had further decreased to low single-digit figures around 6. The data is sparse for 2019, but the ratio slightly increased again to values around 17 to 19 by mid-2020, possibly influenced by lower or negative earnings alongside share price fluctuations.
- Overall Financial Dynamics
- The data indicates a period of initial growth in both share price and earnings from early 2015 through 2017, suggesting strengthening financial performance. However, the subsequent rapid decline in share price and return to negative earnings from 2018 onwards highlights significant challenges faced during that period. The P/E ratio movements corroborate these earnings changes, reflecting shifts in market valuation relative to profitability. The partial recovery in EPS and share price observed by mid-2020 could suggest early signs of stabilization or turnaround attempts.
Price to Operating Profit (P/OP)
Kraft Heinz Co., historical P/OP calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Operating profit per share
= (Operating income (loss)Q2 2020
+ Operating income (loss)Q1 2020
+ Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall downward trend over the observed period. From March 2015 to December 2016, the price generally increased, reaching a peak of approximately $92.94 at the end of 2016. However, starting in 2017, the share price consistently decreased, with notable declines during 2018 and early 2019. The lowest observed price was around $25.96 in the first half of 2019. A limited recovery occurred in 2020, with the share price rising to approximately $34.38 by June 2020.
- Operating Profit per Share
- Operating profit per share data began to be available from the first quarter of 2016. It showed a steady increase from $2.17 to a peak of $5.56 by the first quarter of 2018, reflecting improving profitability. Subsequently, a sharp decline ensued with values turning negative from the first quarter of 2019 through the last quarter of 2019, reaching lows near -$9.66. In 2020, profitability showed signs of recovery, with operating profit per share returning to positive figures, but at much lower levels compared to peak values.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio data, starting from early 2016, underscores market valuation changes relative to profitability. Initially, the ratio decreased from above 35 to around 10 by early 2018, suggesting improved valuation in line with increasing operating profit per share. The middle period from 2018 to 2019 lacks consistent data, but available figures indicate relative stability before a marked increase to approximately 35 in mid-2020, coinciding with the low operating profits and a partial recovery in share price.
- Overall Insights
- The data suggest a period of growth in profitability and share price through late 2016 and early 2018, followed by significant operational and market challenges reflected in declining profitability and share price from 2018 onwards. The negative operating profits during 2019 highlight a period of substantial financial stress, while the partial resurgence in operating profit and share price in 2020 may indicate the beginning of a recovery phase. The sharp movements in the P/OP ratio emphasize volatility in market expectations and company performance during this period.
Price to Sales (P/S)
Kraft Heinz Co., historical P/S calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Sales per share
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data reveals significant trends in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods. The data spans from early 2015 through mid-2020, providing insight into the company's market performance and valuation metrics over multiple quarters.
- Share Price
- The share price exhibited notable fluctuations, beginning at $71 in March 2015 and reaching a peak near $92.94 in December 2016. Following this period of relative strength, the share price generally declined, dropping substantially to a low of $25.96 by March and June of 2019. After this trough, the price demonstrated some recovery, climbing modestly to $34.38 by June 2020. This movement indicates a period of market volatility and diminished investor confidence starting in late 2017, with partial recuperation observed in early 2020.
- Sales per Share
- Data for sales per share begins in April 2016, revealing a stable trend across the subsequent periods. Values remained close to $21.50 per share for much of the analyzed intervals, with minor declines observed starting in 2018. By mid-2020, the sales per share decreased slightly to approximately $20.79, suggesting relatively consistent sales performance with marginal contraction over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio decreased markedly during the period under review. After starting at 5.13 in April 2016, the ratio steadily declined, with periodic minor rebounds, reaching as low as 1.22 in June 2019. Despite a slight increase towards 1.65 by mid-2020, the overall trend indicates substantial compression in market valuation relative to sales. This decline aligns with the reduction seen in share price while sales per share remained comparatively stable, implying that the market assigned a lower valuation multiple to the company's revenues over time.
In summary, the data reflects a phase of deteriorating market perception and valuation despite relatively steady sales per share. The sharp drop in share price together with the contracting P/S ratio suggests that external factors or company-specific challenges led to reduced investor confidence and a reassessment of the company's growth prospects or risk profile during the period from late 2017 to mid-2019, followed by a mild recovery in 2020.
Price to Book Value (P/BV)
Kraft Heinz Co., historical P/BV calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | Dec 31, 2015 | Sep 27, 2015 | Jun 28, 2015 | Mar 29, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Coca-Cola Co. | |||||||||||||||||||||||||||||
| Mondelēz International Inc. | |||||||||||||||||||||||||||||
| PepsiCo Inc. | |||||||||||||||||||||||||||||
| Philip Morris International Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the analyzed periods. Initially, from March 2015 to December 2016, the share price generally increased, rising from $71 to a peak of $92.94. Subsequently, a downward trend is observed starting from early 2017, with the price decreasing sharply, reaching a low of $25.96 by March 2019. Post this low, the share price showed some fluctuation but remained at relatively lower levels compared to the earlier peak, fluctuating between roughly $25 and $34 through mid-2020. This pattern indicates an overall decline in market valuation after the high in 2016, followed by stabilization at a lower price range.
- Book Value per Share (BVPS) Trend
- The book value per share demonstrated a distinct pattern, with a sudden large increase observed between June and September 2015, jumping from approximately $5.56 to $48.47. Following this spike, BVPS remained relatively stable, fluctuating mildly around the mid to high 40s through to late 2018. However, a noticeable decline begins starting in December 2018, with BVPS decreasing steadily to approximately $40 by June 2020. The initial spike suggests a structural change or accounting adjustment during 2015, while the later decline points to possible deterioration in net asset value or increased share count.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio was initially very high in the first two quarters of 2015, with values above 12 and 14 respectively, which may reflect the very low book value before the spike mentioned previously. Post the book value adjustment, the P/BV ratio normalized to a range between about 1.3 to 1.97 through December 2016. From 2017 onwards, the ratio exhibited a clear downward trend, reaching a minimum of 0.61 in March and June 2019, indicating the market valued the company's shares significantly below its book value. After this trough, the P/BV ratio increased somewhat to 0.86 by June 2020, signaling a modest recovery in market sentiment relative to book value.
- Overall Insights
- The data reflects a pivotal event in mid-2015 that substantially increased the book value per share, which had a major effect on valuation metrics. The share price declined considerably after reaching a peak in late 2016, with the market price dropping well below the book value after 2017. The persistent P/BV ratio below 1.0 for an extended period suggests market skepticism about the underlying asset quality or future earnings potential. The slight recovery in price and P/BV towards mid-2020 may indicate improving market confidence or operational conditions. Continued monitoring of these metrics is advisable to gauge ongoing valuation and performance trends.