Price to Book Value (P/BV)
since 2005
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Calculation
Allergan PLC, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 10, 2006 | = | ÷ | = | ÷ |
Based on: 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 Allergan PLC Annual Report.
- Share Price Trend
- The share price demonstrated moderate fluctuations from 2006 through 2009, rising from $29.55 to $29.10. From 2010 onward, there was a significant upward trend, peaking markedly at $298.07 in 2016. Following the peak, the share price experienced a sharp decline until 2018, falling to $164.04, with slight fluctuations thereafter and an increase to $198 in 2020.
- Book Value per Share (BVPS) Trend
- The book value per share steadily increased over the entire period, rising from $18.95 in 2006 to a peak of $227.29 in 2017. Subsequent to this peak, a gradual decline is observed, ending at $176.82 in 2020. Despite the decline after 2017, the BVPS value in 2020 remains significantly higher compared to the earlier years, indicating consistent growth in net asset value per share over the long term.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio remained relatively stable and moderate, around 1.5 to 2.1, from 2006 through 2011. From 2012, the ratio surged significantly reaching its highest point of 4.11 in 2014. Following this peak, the ratio experienced a marked decrease, falling below 1.0 in both 2018 and 2019, suggesting undervaluation relative to book value during these years. In 2020, the ratio rose again to 1.12 but remained lower compared to the early 2010s.
- Insight on Valuation and Market Perception
- The share price's strong increase until 2016, aligned with rising BVPS, suggests robust growth and positive market sentiment leading up to that year. However, the subsequent decline in both share price and the P/BV ratio indicates a reassessment of value by the market, possibly reflecting concerns about future profitability or other external factors. Notably, the drop of P/BV below 1.0 in the late 2010s represents a period when the market valued the company below its book value, highlighting a potential period of undervaluation.
- Overall Financial Position
- Despite volatility in market valuation multiples, the continuous increase in book value per share over the majority of the period indicates strengthening asset base and accumulated earnings. The decoupling between share price and book value post-2016 suggests increased market volatility or changes in investor expectations during that time.
Comparison to Competitors
Allergan PLC, P/BV, long-term trends, comparison to competitors
| Allergan PLC | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2020 | |||||||||||||
| Feb 15, 2019 | |||||||||||||
| Feb 16, 2018 | |||||||||||||
| Feb 24, 2017 | |||||||||||||
| Feb 26, 2016 | |||||||||||||
| Feb 18, 2015 | |||||||||||||
| Feb 25, 2014 | |||||||||||||
| Feb 28, 2013 | |||||||||||||
| Feb 16, 2012 | |||||||||||||
| Feb 22, 2011 | |||||||||||||
| Mar 1, 2010 | |||||||||||||
| Feb 23, 2009 | |||||||||||||
| Feb 25, 2008 | |||||||||||||
| Mar 1, 2007 | |||||||||||||
| Mar 10, 2006 |
Based on: 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).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Allergan PLC, P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Allergan PLC | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 18, 2020 | ||
| Feb 15, 2019 | ||
| Feb 16, 2018 | ||
| Feb 24, 2017 | ||
| Feb 26, 2016 | ||
| Feb 18, 2015 | ||
| Feb 25, 2014 | ||
| Feb 28, 2013 | ||
| Feb 16, 2012 | ||
| Feb 22, 2011 | ||
| Mar 1, 2010 | ||
| Feb 23, 2009 | ||
| Feb 25, 2008 | ||
| Mar 1, 2007 | ||
| Mar 10, 2006 |
Based on: 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).
Comparison to Industry (Health Care)
Allergan PLC, P/BV, long-term trends, comparison to industry (health care)
| Allergan PLC | Health Care | |
|---|---|---|
| Feb 18, 2020 | ||
| Feb 15, 2019 | ||
| Feb 16, 2018 | ||
| Feb 24, 2017 | ||
| Feb 26, 2016 | ||
| Feb 18, 2015 | ||
| Feb 25, 2014 | ||
| Feb 28, 2013 | ||
| Feb 16, 2012 | ||
| Feb 22, 2011 | ||
| Mar 1, 2010 | ||
| Feb 23, 2009 | ||
| Feb 25, 2008 | ||
| Mar 1, 2007 | ||
| Mar 10, 2006 |
Based on: 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).