Price to Book Value (P/BV)
since 2005
Calculation
Walgreens Boots Alliance Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Walgreens Boots Alliance, Inc. shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oct 28, 2019 | 2.12 | = | 55.80 | ÷ | 26.34 | 26.34 | = | 23,512 | ÷ | 892,541,146 | |
| Oct 11, 2018 | 2.59 | = | 70.90 | ÷ | 27.40 | 27.40 | = | 26,007 | ÷ | 949,164,514 | |
| Oct 25, 2017 | 2.55 | = | 69.36 | ÷ | 27.21 | 27.21 | = | 27,466 | ÷ | 1,009,549,218 | |
| Oct 20, 2016 | 2.94 | = | 81.02 | ÷ | 27.58 | 27.58 | = | 29,880 | ÷ | 1,083,282,661 | |
| Oct 28, 2015 | 3.00 | = | 84.95 | ÷ | 28.34 | 28.34 | = | 30,861 | ÷ | 1,088,793,571 | |
| Oct 20, 2014 | 2.80 | = | 60.20 | ÷ | 21.52 | 21.52 | = | 20,457 | ÷ | 950,386,889 | |
| Oct 21, 2013 | 2.84 | = | 58.38 | ÷ | 20.55 | 20.55 | = | 19,454 | ÷ | 946,595,578 | |
| Oct 19, 2012 | 1.85 | = | 35.79 | ÷ | 19.32 | 19.32 | = | 18,236 | ÷ | 944,055,334 | |
| Oct 25, 2011 | 2.03 | = | 33.82 | ÷ | 16.70 | 16.70 | = | 14,847 | ÷ | 889,294,130 | |
| Oct 26, 2010 | 2.20 | = | 34.14 | ÷ | 15.49 | 15.49 | = | 14,400 | ÷ | 929,744,049 | |
| Oct 26, 2009 | 2.68 | = | 38.90 | ÷ | 14.54 | 14.54 | = | 14,376 | ÷ | 988,826,319 | |
| Oct 30, 2008 | 1.94 | = | 25.20 | ÷ | 13.01 | 13.01 | = | 12,869 | ÷ | 989,364,303 | |
| Oct 26, 2007 | 3.59 | = | 40.18 | ÷ | 11.20 | 11.20 | = | 11,104 | ÷ | 991,615,851 | |
| Nov 7, 2006 | 4.33 | = | 43.61 | ÷ | 10.08 | 10.08 | = | 10,116 | ÷ | 1,003,442,336 | |
| Nov 4, 2005 | 5.25 | = | 46.09 | ÷ | 8.78 | 8.78 | = | 8,890 | ÷ | 1,012,080,363 |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Walgreens Boots Alliance Inc. Annual Report.
The financial data reveals several noteworthy trends regarding the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the examined period.
- Share Price
- The share price experienced significant fluctuations over the years. It began at $46.09 in late 2005, followed by a gradual decline to its lowest point of $25.20 in late 2008, likely reflecting external economic challenges during that period. Subsequently, there was a strong recovery reaching a peak of $84.95 in late 2015. After this peak, the share price saw a general downward trend with some volatility, ending at $55.80 in late 2019.
- Book Value per Share (BVPS)
- BVPS demonstrated a consistent upward trajectory throughout the period. Starting from $8.78 in 2005, it increased steadily year over year, reaching $28.34 by late 2015. Thereafter, this growth trend plateaued slightly, with values stabilizing around $27 to $28, finishing at $26.34 in 2019. This indicates ongoing accumulation of shareholders' equity and suggests strengthening of the company's fundamental net asset position despite fluctuations in the share price.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed distinct shifts aligned with the share price movements. It started relatively high at 5.25 in 2005, then declined sharply to a low of 1.94 in 2008, reflecting the drop in share price relative to book value. Following the financial crisis, the ratio rose moderately, peaking near 3.00 in 2015, correlating with the share price peak. Thereafter, the ratio gradually declined, ending at 2.12 in 2019, indicating the market valued the shares at approximately twice their book value, a lower premium compared to the early years.
In summary, the company's book value per share showed consistent growth throughout the observed period, suggesting stable fundamentals. The share price exhibited greater volatility with a pronounced dip during the 2008 financial crisis and recovery followed by a decline after 2015. The P/BV ratio's fluctuations correspond closely to these share price movements, reflecting changing market sentiment and valuation multiples over time.
Comparison to Competitors
Walgreens Boots Alliance Inc., P/BV, long-term trends, comparison to competitors
| Walgreens Boots Alliance Inc. | Costco Wholesale Corp. | Target Corp. | Walmart Inc. | |
|---|---|---|---|---|
| Oct 28, 2019 | 2.12 | 8.58 | 3.52 | 3.85 |
| Oct 11, 2018 | 2.59 | 7.47 | 3.25 | 3.37 |
| Oct 25, 2017 | 2.55 | 6.39 | 2.78 | 2.81 |
| Oct 20, 2016 | 2.94 | 5.44 | 3.79 | 2.69 |
| Oct 28, 2015 | 3.00 | 6.17 | 3.63 | 3.20 |
| Oct 20, 2014 | 2.80 | 4.42 | 2.32 | 3.22 |
| Oct 21, 2013 | 2.84 | 4.73 | 2.65 | 3.22 |
| Oct 19, 2012 | 1.85 | 3.32 | 2.48 | 2.92 |
| Oct 25, 2011 | 2.03 | 2.95 | 2.31 | 2.67 |
| Oct 26, 2010 | 2.20 | 2.52 | 2.56 | 2.97 |
| Oct 26, 2009 | 2.68 | 2.54 | 1.65 | 3.17 |
| Oct 30, 2008 | 1.94 | 2.71 | 2.69 | 3.22 |
| Oct 26, 2007 | 3.59 | 3.26 | 3.27 | 3.18 |
| Nov 7, 2006 | 4.33 | 2.68 | 3.17 | 3.77 |
| Nov 4, 2005 | 5.25 | 2.66 | 3.38 | 4.29 |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
Comparison to Sector (Consumer Staples Distribution & Retail)
Walgreens Boots Alliance Inc., P/BV, long-term trends, comparison to sector (consumer staples distribution & retail)
| Walgreens Boots Alliance Inc. | Consumer Staples Distribution & Retail | |
|---|---|---|
| Oct 28, 2019 | 2.12 | 4.54 |
| Oct 11, 2018 | 2.59 | 3.87 |
| Oct 25, 2017 | 2.55 | 3.19 |
| Oct 20, 2016 | 2.94 | 3.14 |
| Oct 28, 2015 | 3.00 | 3.55 |
| Oct 20, 2014 | 2.80 | 3.22 |
| Oct 21, 2013 | 2.84 | 3.29 |
| Oct 19, 2012 | 1.85 | 2.90 |
| Oct 25, 2011 | 2.03 | 2.64 |
| Oct 26, 2010 | 2.20 | 2.86 |
| Oct 26, 2009 | 2.68 | 2.86 |
| Oct 30, 2008 | 1.94 | 3.08 |
| Oct 26, 2007 | 3.59 | 3.21 |
| Nov 7, 2006 | 4.33 | 3.52 |
| Nov 4, 2005 | 5.25 | 3.92 |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).
Comparison to Industry (Consumer Staples)
Walgreens Boots Alliance Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| Walgreens Boots Alliance Inc. | Consumer Staples | |
|---|---|---|
| Oct 28, 2019 | 2.12 | 7.21 |
| Oct 11, 2018 | 2.59 | 5.76 |
| Oct 25, 2017 | 2.55 | 5.70 |
| Oct 20, 2016 | 2.94 | 5.35 |
| Oct 28, 2015 | 3.00 | 5.06 |
| Oct 20, 2014 | 2.80 | 4.55 |
| Oct 21, 2013 | 2.84 | 4.08 |
| Oct 19, 2012 | 1.85 | 3.89 |
| Oct 25, 2011 | 2.03 | 3.50 |
| Oct 26, 2010 | 2.20 | 3.45 |
| Oct 26, 2009 | 2.68 | 3.38 |
| Oct 30, 2008 | 1.94 | 3.48 |
| Oct 26, 2007 | 3.59 | 3.56 |
| Nov 7, 2006 | 4.33 | 3.66 |
| Nov 4, 2005 | 5.25 | 4.47 |
Based on: 10-K (reporting date: 2019-08-31), 10-K (reporting date: 2018-08-31), 10-K (reporting date: 2017-08-31), 10-K (reporting date: 2016-08-31), 10-K (reporting date: 2015-08-31), 10-K (reporting date: 2014-08-31), 10-K (reporting date: 2013-08-31), 10-K (reporting date: 2012-08-31), 10-K (reporting date: 2011-08-31), 10-K (reporting date: 2010-08-31), 10-K (reporting date: 2009-08-31), 10-K (reporting date: 2008-08-31), 10-K (reporting date: 2007-08-31), 10-K (reporting date: 2006-08-31), 10-K (reporting date: 2005-08-31).