Price to Book Value (P/BV)
since 2019
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Shockwave Medical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2019
- Return on Assets (ROA) since 2019
- Price to Earnings (P/E) since 2019
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Calculation
Shockwave Medical 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 26, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2021 | = | ÷ | = | ÷ | |||||||
| Mar 12, 2020 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Shockwave Medical Inc. Annual Report.
- Share Price Trend
- The share price exhibited substantial growth over the analyzed period, starting from a low of $29 in March 2020 and increasing sharply to $116.76 in February 2021. This upward trajectory continued, reaching $175.59 by February 2022. Moderate growth was observed thereafter, with the price rising to $189.52 in February 2023 and peaking at $259.89 by February 2024. This indicates a significant appreciation in market valuation of the company’s shares.
- Book Value Per Share (BVPS) Trend
- Book value per share showed a steady increase throughout the reviewed years, beginning at $6.06 in March 2020 and climbing incrementally to $6.48 in February 2021 and $6.78 in February 2022. Thereafter, a notable acceleration occurred, with BVPS more than doubling to $14.01 in February 2023 and further rising to $17.88 by February 2024. This improvement suggests an enhancement in the company’s net asset value on a per share basis.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio revealed considerable fluctuations over the period. Initially, the ratio was relatively modest at 4.78 in March 2020, rising sharply to 18.03 in February 2021 and peaking at 25.89 in February 2022. This peak suggests a period during which the share price significantly outpaced the growth in book value per share, possibly reflecting heightened market optimism or expectations. Following this peak, the P/BV ratio declined markedly to 13.53 by February 2023 and then slightly increased to 14.53 in February 2024. Despite this decline from the peak, the ratio remained well above the early period levels, indicating that the market continued to value the shares at a substantial premium to book value.
- Overall Insights
- The financial data indicate strong investor confidence as evidenced by the rising share price and elevated P/BV ratios, especially notable in the early part of the period. The steady and accelerating growth in book value per share signals improving underlying financial strength. The initial sharp increases in P/BV ratio followed by a correction suggest that market valuations may have been somewhat exuberant around 2021-2022 before settling at a still elevated level. This pattern may reflect changing market perceptions about future growth prospects or adjustments to valuation following reassessments of the company’s fundamentals.
Comparison to Competitors
Shockwave Medical Inc., P/BV, long-term trends, comparison to competitors
| Shockwave Medical Inc. | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|---|
| Feb 26, 2024 | |||||||
| Feb 27, 2023 | |||||||
| Feb 25, 2022 | |||||||
| Feb 26, 2021 | |||||||
| Mar 12, 2020 |
Based on: 10-K (reporting date: 2023-12-31), 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).
Comparison to Sector (Health Care Equipment & Services)
Shockwave Medical Inc., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Shockwave Medical Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 26, 2024 | ||
| Feb 27, 2023 | ||
| Feb 25, 2022 | ||
| Feb 26, 2021 | ||
| Mar 12, 2020 |
Based on: 10-K (reporting date: 2023-12-31), 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).
Comparison to Industry (Health Care)
Shockwave Medical Inc., P/BV, long-term trends, comparison to industry (health care)
| Shockwave Medical Inc. | Health Care | |
|---|---|---|
| Feb 26, 2024 | ||
| Feb 27, 2023 | ||
| Feb 25, 2022 | ||
| Feb 26, 2021 | ||
| Mar 12, 2020 |
Based on: 10-K (reporting date: 2023-12-31), 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).