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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Historical Valuation Ratios (Summary)
Builders FirstSource Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited considerable fluctuations over the observed periods. It initially increased progressively from 8.92 at the end of Q1 2019 to a peak of 28.49 by Q4 2020. Following this peak, there was a marked decline over the next year, reaching as low as 3.19 in Q3 2022. Subsequently, the ratio showed a recovery trend, rising again to 9.99 by Q2 2023 before a slight decrease to 9.2 at the end of Q3 2023. This pattern suggests periods of heightened market optimism followed by correction phases and renewed investor confidence.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio generally mirrored the pattern observed in the P/E ratio, with a steady increase from 4.99 in Q1 2019 to a peak of 16.42 in Q4 2020. After this peak, the ratio declined to a trough of 2.32 in Q3 2022, indicating improved operating profit relative to share price during this period. A subsequent rebound is noted with the ratio climbing back to 7.19 by Q2 2023, before a moderate decline to 6.55 in Q3 2023. The trends indicate similar investor sentiment and valuation adjustments as reflected in earnings multiples.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio showed a less volatile but still notable upward trend until late 2020. It rose from 0.25 in Q1 2019 to a substantial 1.04 by Q4 2020, more than quadrupling from its initial level. Afterward, it experienced a decline to 0.39 by Q3 2022, reflecting a period of increased sales relative to share price or market repricing. The ratio then recovered slightly, reaching 1.00 by Q2 2023 before easing to 0.84 by Q3 2023. This suggests that the market’s valuation relative to sales had an overall growth phase followed by correction and some stabilization.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio presented a more complex pattern. Starting around 3.07 in Q1 2019, it increased steadily to 7.75 by Q4 2020, indicating elevated market valuation compared to book value at that point. Subsequent periods saw a sharp decline to 1.72 in Q3 2022, the lowest value in the data set. Following this low, the ratio rebounded to 4.28 by Q2 2023 and slightly decreased to 3.16 in Q3 2023. This trend points to significant variations in market perception of the underlying net asset value, with phases of premium valuation and more conservative pricing around book value.
- Overall Insights
- Across all valuation metrics, a common pattern emerges of a steady increase leading up to late 2020, reaching peaks that reflect heightened market optimism or strong performance expectations. This is followed by a broad correction phase extending through 2021 into mid-2022, characterized by declines in all ratios to their lowest levels during this period. The subsequent recovery in valuation multiples through 2023 indicates a renewed investor confidence or improvement in financial performance fundamentals. The fluctuations suggest sensitivity to both company-specific factors and broader market conditions influencing investor valuation perspectives over time.
Price to Earnings (P/E)
Builders FirstSource Inc., historical P/E calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net incomeQ3 2023
+ Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Builders FirstSource Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed quarterly periods. The share price shows a general upward trajectory from early 2019 through the third quarter of 2023, despite some volatility. Starting at $16.79 in the first quarter of 2019, the share price climbed steadily with periods of accelerated growth, notably reaching peaks above $100 in early to mid-2023 before a moderate decline in the third quarter of 2023. This pattern suggests increasing market confidence and possibly favorable underlying company performance, tempered by fluctuations typical to equity markets.
Earnings per share (EPS) exhibit a consistent upward trend over the same timeframe, starting at $1.88 and rising to a peak of $19.92 by the end of 2022. This substantial increase in EPS indicates significant improvement in profitability. The EPS growth appears steady through 2019 and 2020, followed by sharp increases in 2021 and 2022. In 2023, EPS shows a decline from the peak reached in late 2022 but remains considerably higher than in earlier years. This suggests that while the company experienced strong profit growth, recent quarters show some reduction in earnings momentum.
The price-to-earnings (P/E) ratio reflects a complex interplay between share price and earnings performance. Initially, the P/E ratio fluctuated modestly between approximately 8.9 and 14 through early 2020. From late 2020 into 2021, the ratio declined significantly, reaching a low around 3.19 at the end of 2022, indicating that share price growth outpaced earnings increases or that earnings growth was particularly robust relative to price. The increase in P/E observed in 2023, rising back toward values near 9–10, aligns with the recent decrease in EPS alongside still relatively high share prices. This implies a market reassessment of valuation, possibly reflecting changing investor expectations or market conditions.
- Share Price
- Exhibited a strong uptrend from $16.79 in early 2019 to above $100 in the first half of 2023 with some volatility and a decline to $117.47 by Q3 2023.
- Earnings per Share (EPS)
- Steadily increased from $1.88 in Q1 2019 to nearly $20 by Q4 2022, indicating enhanced profitability. The EPS then decreased moderately through mid-2023.
- Price-to-Earnings (P/E) Ratio
- Varied from approximately 9 in early 2019 to a low near 3 in late 2022, followed by an increase in 2023 back to near 9. This reflects changes in market valuation relative to earnings growth and recent earnings softening.
In summary, the data portrays a company with impressive earnings growth resulting in significant share price appreciation over this period. The fluctuations in the P/E ratio towards the end of the timeframe suggest a potential moderation in market optimism or increased volatility in earnings expectations. The recent EPS decline alongside a relatively high share price may warrant attention to underlying factors affecting profitability and investor sentiment.
Price to Operating Profit (P/OP)
Builders FirstSource Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023
+ Income from operationsQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Builders FirstSource Inc. Quarterly or Annual Report.
4 Q3 2023 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 upward trajectory from March 31, 2019, to September 30, 2023. Initially, the price increased gradually from $16.79 to $26.69 by the end of 2019, followed by some fluctuations in 2020. A notable surge occurred between March 31, 2021, and December 31, 2021, reaching a peak of $73.05. After some volatility in 2022, including a dip to $60.91 by September, the price climbed strongly again in early 2023, reaching its highest value of $148.64 in June 2023 before declining to $117.47 by September 2023.
- Operating Profit per Share Trend
- Operating profit per share showed gradual improvement from $3.36 in March 2019 to a more substantial increase starting in late 2020. From March 2021 onwards, there was significant growth, peaking at $27.32 in December 2022. Despite some moderation, the operating profit per share remained relatively high through 2023, with figures of $26.32 in March and tapering to $17.93 by September 2023. This pattern reflects improved profitability and operational efficiency over the examined period.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio demonstrated considerable variability over the analyzed quarters. During 2019 and early 2020, the ratio fluctuated moderately, generally between 5 and 9, but with a notable increase to 16.42 in December 2020, indicating a higher share price relative to operating profit at that time. Subsequently, the ratio declined sharply, reaching a low of 2.32 in September 2022, suggesting that the stock price was relatively undervalued compared to operating profits around that period. In 2023, the ratio increased again, reaching values above 6 by mid-year, indicating a revaluation or increased market expectations relative to the operating profit.
- Overall Insights
- The data reflects a company experiencing substantial growth in operating profitability over the observed quarters, with a corresponding, though more volatile, increase in share price. Periods of share price outperformance relative to operating profit, as indicated by spikes in the P/OP ratio, suggest episodes of market optimism or speculation. Conversely, lower P/OP ratios correspond with periods where profits improved faster than the share price, indicating potential undervaluation. The recent reduction in both operating profit per share and share price ratio in late 2023 may warrant attention to underlying factors affecting profitability or market sentiment.
Price to Sales (P/S)
Builders FirstSource Inc., historical P/S calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Builders FirstSource Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed an overall upward trajectory from early 2019 through 2023, with some volatility. Starting at $16.79 in March 2019, it experienced gradual increases reaching a notable peak of $73.05 by December 2021. After a brief decline in early 2022, the price recovered and surged significantly to its highest point of $148.64 in June 2023 before declining again to $117.47 by September 2023. This pattern suggests strong growth in market valuation accompanied by periods of profit-taking or market adjustments.
- Sales Per Share Movement
- Sales per share exhibited a more consistent upward trend over the period analyzed. Initial figures hovered around the mid-60s US$ in early 2019 but dipped sharply in December 2020 to $41.46, likely reflecting an anomalous or external impact. Thereafter, sales per share increased steadily, reaching a peak of $164.67 by December 2022. A slight decline occurred in the first three quarters of 2023, ending at $140.29. Overall, the upward movement indicates improving operational performance and revenue generation on a per-share basis despite late-period moderation.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated significantly during the timeframe. Initially low, the ratio increased and peaked at 1.04 in December 2020, corresponding with the share price rise and dip in sales per share at that time, indicating a relatively high market valuation relative to sales. Following this peak, the ratio generally declined through 2021 and 2022, falling to 0.39 by September 2022, reflecting improving sales relative to price or a market correction. In 2023, the ratio rose again sharply to 1.00 by June, suggesting renewed market optimism or elevated valuation, before a modest decrease to 0.84 by September 2023. These fluctuations imply varying investor sentiment and valuation adjustments over time.
- Summary of Financial Patterns
- The data reveals that despite market volatility and some cyclical fluctuations, both share price and sales per share demonstrated strong growth trends. The share price's volatility appears linked to market perception and external factors, while sales per share sustained a more stable upward climb, underpinning the company's improving revenue performance. The P/S ratio oscillations highlight changing investor valuations, occasionally reflecting overvaluation relative to sales, at other times undervaluation, signifying dynamic market responses to company performance and broader economic conditions.
Price to Book Value (P/BV)
Builders FirstSource Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Builders FirstSource Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated significant volatility over the observed periods. It increased steadily from $16.79 in March 2019 to a peak of $73.05 by December 2021. After a brief decline, the price resumed an upward trajectory, reaching the highest recorded value of $148.64 in June 2023, before moderating to $117.47 in September 2023. This pattern indicates pronounced growth with intermittent corrections, reflecting dynamic market sentiment and valuation adjustments over time.
- Book Value Per Share (BVPS) Trend
- BVPS showed a generally consistent upward trend throughout the periods. Starting at $5.47 in March 2019, it increased steadily to reach $35.5 by September 2022. From that point, BVPS stabilized with minor fluctuations, registering $37.14 in September 2023. This increase suggests ongoing growth in the company's net asset base on a per-share basis, signaling potential improvements in equity value.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited notable fluctuations over the analyzed timeframe. Initially, the ratio ranged around 3:1 to nearly 4:1 until the end of 2019. It then fell to a low around 1.72 in September 2022, coinciding with the period of BVPS expansion and some share price moderation. Subsequent periods showed spikes in the P/BV ratio, particularly reaching 7.75 in December 2020 and 4.28 in June 2023, suggesting periods of market valuation expansion relative to book value. These variations imply changing investor perceptions regarding growth prospects and market optimism.
- Overall Insight
- The data reflects a solid increase in intrinsic company value as measured by BVPS, aligned with a generally rising share price over the medium term despite short-term volatility. The fluctuations in the P/BV ratio highlight the balance between market price movements and growing book value, suggesting phases of both conservative and optimistic investor expectations. The share price growth outpacing BVPS in certain intervals may indicate heightened market confidence or speculative influences during those periods.