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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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
eBay Inc., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits significant volatility throughout the observed periods. Starting with missing data, a notable spike occurs at the end of 2014 with an exceptionally high value of 1433.64, which likely reflects either an anomaly or an extraordinary event impacting earnings. Following this peak, the ratio stabilizes to a range between approximately 14 and 18 from mid-2015 through the end of 2016. A marked decline is then visible during 2017, reaching a low around 4.5 to 5.3, suggesting improved earnings relative to price or market adjustments. The data for 2018 is missing, but in 2019, the ratio rises back to a range near 12 to 14, indicating a moderate increase in valuation compared to earnings over this period.
- Price to Operating Profit (P/OP) Ratio
- This ratio shows a fluctuating but overall moderate downward trend from 2014 to 2019. The initial value in early 2015 is 18.77, followed by an increase to over 22.6, but then it declines steadily through 2016 and 2017, stabilizing between 14 and 18. In 2018, the ratio decreases further, reaching as low as approximately 12.7 by the end of the year, suggesting operating profits have relatively improved compared to company price. The year 2019 reflects slight variability between 12 and 15, indicating some regained valuation pressure but remaining below earlier peaks.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibits fluctuations with a gradual downward trend over the examined timeframe. Values start near 3.68 in early 2015, increase to above 4.5 mid-year, but then begin to decline from late 2015 onwards. Throughout 2016 and 2017, the ratio mostly oscillates between 3.3 and 4.5, indicating a relatively stable valuation against sales. In 2018, this ratio decreases more noticeably, reaching near 2.67 by year-end, which could reflect increased sales or a relative decrease in market valuation. The trend continues in 2019 with values around 2.67 to 3.11, demonstrating a lowered price relative to sales compared to prior years.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio demonstrates considerable variability and a generally upward trend from 2014 through 2019. Initial values range near 3 consistently in early periods but demonstrate spikes to over 5 during late 2015 and 2016. During 2017, the ratio stabilizes around 3 to 5, but a distinct uptrend begins in 2018, with P/BV ratios climbing from approximately 4 to over 8 by the end of 2019. This rise indicates that the market valuation relative to book value has increased significantly, suggesting growing investor confidence or asset revaluation impacts.
- General Observations
- Overall, the data reveals volatility in valuation metrics across all ratios, with a pronounced high P/E ratio early in the timeframe followed by stabilization and moderate recovery. Price to operating profit and sales ratios generally trend downward, reflecting potential operational improvements or shifts in market pricing. Meanwhile, price to book value rises over the long term, signaling increased market valuation relative to company net assets. The patterns suggest periods of uncertainty alongside phases of regained investor confidence and fundamental strength.
Price to Earnings (P/E)
eBay Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. 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 eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed significant fluctuations over the analyzed quarters. Initially, from March 2014 to December 2014, the share price remained relatively stable around the low to mid-50s range, peaking at 54.5 USD in December 2014. However, a marked decline was observed in 2015, with prices falling sharply to a low of 23.94 USD by December 2015. Starting in 2016, there was a gradual recovery, reaching a high of 42.37 USD in December 2017. Subsequently, from early 2018 to late 2019, the share price experienced moderate volatility, with values generally ranging from the high 20s to high 30s USD, peaking again at 39.77 USD in June 2019 before dipping to 35.62 USD by September 2019.
- Earnings Per Share (EPS) Patterns
- EPS data was incomplete for the initial periods through June 2014. Starting in September 2014, the EPS showed positive values, notably peaking at 7.22 USD in June 2017. Between late 2017 and early 2018, a pronounced downturn occurred, with EPS turning negative—reaching as low as -1.65 USD in June 2018. This negative phase was temporary; by March 2019, EPS returned to positive territory and remained continued positive through September 2019, albeit at lower levels than the 2017 peak, indicating some recovery in profitability.
- Price-to-Earnings (P/E) Ratio Observations
- The P/E ratio varied widely, with an exceptionally high reading of 1,433.64 in September 2014, likely attributable to a minimal EPS value causing a distorted ratio. From late 2014 through 2017, the P/E ratio stabilized within a moderate range, generally declining from around 23.86 to values near 4.5–5.3, correlating with increased EPS during that timeframe. The period of negative EPS values in 2018 corresponds to absent P/E data, reflecting the inability to compute meaningful ratios during losses. In 2019, the P/E ratio resumed positive values, increasing moderately and reaching around 14.56 by September 2019, which aligns with the resurgence of earnings and a relatively stable share price.
- Overall Financial Insights
- Throughout the period, the company experienced significant volatility in market valuation and earnings performance. The sharp drop in share price and EPS in 2015 suggests operational challenges or market pressures during that time. The recovery phase observed in 2016 and 2017 indicated improving financial health, with high EPS and comparatively low P/E ratios, implying increased market confidence. However, the negative EPS and lack of P/E ratios in 2018 denote a temporary setback impacting profitability. The return to positive earnings and normalized P/E ratios in 2019 indicate a stabilization phase. The data suggests the company underwent a cyclical pattern of decline, recovery, setback, and stabilization within the observed periods.
Price to Operating Profit (P/OP)
eBay Inc., historical P/OP calculation (quarterly data)
| 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$) | ||||||||||||||||||||||||||||||
| Income from operations (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. 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
= (Income from operationsQ3 2019
+ Income from operationsQ2 2019
+ Income from operationsQ1 2019
+ Income from operationsQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility over the analyzed period, initially around the mid-50s US dollars in early 2014 and then experiencing a sharp decline to the low 20s US dollars in late 2015. From 2016 onward, the share price generally recovered, peaking at 42.37 US dollars in late 2017 before fluctuating downward again toward the end of 2019, settling near the mid-30s US dollars. Despite short-term fluctuations, the share price maintained a relatively lower level compared to the initial 2014 value during the latter years.
- Operating Profit per Share Development
- The operating profit per share displayed a consistent upward trend starting from March 2015, where values began at 2.9 US dollars and progressively increased to 2.93 US dollars by the end of the third quarter of 2019. This growth reflects steady operational profitability improvements over the period, with minor fluctuations that generally stayed within a narrow band around 2.1 to 2.9 US dollars.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio showed significant fluctuations, beginning at 18.77 in early 2015, sharply increasing to a peak of 22.6 in the second quarter of 2015 and then decreasing substantially to around 12-14 in the following years. Despite several oscillations, the ratio maintained a general downward trend from mid-2015 through 2019, indicating that the market valuation relative to operating profit per share became more moderate over time. The ratio hovered mostly between 12 and 18, suggesting a stabilization in market expectations of operating profit.
- Summary of Financial Performance
- Overall, operating profitability on a per-share basis improved steadily, while the share price and market valuation metrics reflected greater volatility and eventual stabilization at lower levels compared to the initial period. The declining P/OP ratio suggests an adjustment in investor valuation relative to earnings, possibly indicating increased market confidence in the company's earnings or changing market conditions affecting valuation multiples. The share price recovery post-2015 downturn implies a restoration of investor confidence, albeit not reaching early period highs by 2019.
Price to Sales (P/S)
eBay Inc., historical P/S calculation (quarterly data)
| 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 revenues (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. 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 revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of eBay Inc. 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 exhibited notable volatility throughout the periods. Starting at $51.69 in March 2014, the price experienced a decline towards the end of 2015, reaching a low around $23.94 in December 2015. Subsequently, a gradual recovery was observed, with the share price rising to approximately $42.37 by December 2017. Following this peak, values fluctuated downward again, dropping to $29.03 in September 2018 before a mild rebound in early 2019, ending near $35.62 in September 2019. The overall trend showcases cycles of decline and recovery, with a general weakening from initial highs in 2014 to moderate stability by late 2019.
- Sales per Share Dynamics
- Sales per share data, available from March 2015 onwards, display a consistent upward trajectory across the periods. Beginning at $7.29 in March 2015, sales per share steadily increased each quarter, reaching $13.34 by September 2019. This represents near doubling over roughly four and a half years. The consistent growth in sales per share reflects an improving revenue base or effective profit generation relative to the number of shares outstanding during this timeframe.
- Price-to-Sales (P/S) Ratio Patterns
- The price-to-sales ratio fluctuated in a wide range during the observed periods. From a value of 3.28 in March 2015, the ratio dipped to a low of 2.59 in September 2015, before climbing to peaks around 4.28 in December 2017. After reaching this high, the P/S ratio followed a downward trend, falling to 2.67 by September 2019. These movements suggest that market valuations of the company were periodically sensitive relative to the revenue per share, with periods where investors valued the sales more highly and others when valuations were more conservative.
- Interrelation Insights
- The divergence between steadily increasing sales per share and volatility in the share price and P/S ratio indicates that factors beyond revenue growth influenced market valuation. The decline in share price after early 2018, despite rising sales per share, implies market concerns possibly related to profitability, competitive pressures, or macroeconomic conditions. The decreasing P/S ratio during this period supports the idea of reduced investor confidence or adjustments in market expectations relative to sales performance.
- Summary
- In summary, the financial data reveal steady improvement in sales per share alongside fluctuating share prices and P/S ratios. This pattern reflects revenue growth not consistently matched by share price appreciation, resulting in variable valuation multiples. The observed trends highlight the importance of analyzing both operational performance and market sentiment to assess company valuation comprehensively.
Price to Book Value (P/BV)
eBay Inc., historical P/BV calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. 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 eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals distinct fluctuations in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio of the company over the observed periods.
- Share Price
- The share price initially rose from 51.69 US$ at the start of the period to a peak of 58.89 US$ by March 31, 2015, followed by a significant decline reaching a low of 23.94 US$ in December 31, 2015. From this trough, the price generally recovered, fluctuating between 25.27 US$ and 42.37 US$ through late 2017. Another declining trend was observed starting from 38.68 US$ in March 31, 2018, reaching down to about 29.03 US$ by September 30, 2018, with a recovery to 39.77 US$ by June 30, 2019 before a slight decrease to 35.62 US$ in September 2019.
- Book Value Per Share (BVPS)
- The BVPS showed a relatively stable trend between approximately 15 US$ and 16.45 US$ until June 30, 2015, after which it abruptly dropped to below 6 US$ for several quarters, indicating a potential restructuring or accounting adjustment that sharply affected book value. A notable rise occurred in late 2016 reaching 10.8 US$ by December 2017, followed by a consistent decline to 4.02 US$ by the end of the data in September 2019. This trend suggests deterioration in the company's fundamental net asset value per share over the later periods.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibited considerable volatility throughout the period, starting around 3.3 and decreasing to a low of 1.76 at mid-2015, coinciding with the plunge in share price and book value. Subsequently, it sharply surged to values exceeding 5 and even reaching nearly 9 by mid-2019. This rising P/BV ratio despite declining book values reflects increasing market valuation of the company's shares relative to its book value, potentially indicating market optimism, growth expectations, or overvaluation risks during the latter periods.
Overall, the data indicates significant instability in fundamental valuation metrics within the observed timeframe, marked by sharp declines in book value per share contrasted with fluctuating and at times recovering share prices. The elevated and increasing P/BV ratios towards the end of the period characterize a market valuation diverging notably from the company's book value, highlighting a potential disconnect between market perceptions and underlying net asset valuations.