Price to Book Value (P/BV)
since 2005
Calculation
Constellation Brands Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total CBI stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2022 | 4.08 | = | 254.21 | ÷ | 62.33 | 62.33 | = | 11,731,900 | ÷ | 188,217,466 | |
| Apr 20, 2021 | 3.40 | = | 238.31 | ÷ | 70.09 | 70.09 | = | 13,598,900 | ÷ | 194,027,715 | |
| Apr 21, 2020 | 2.43 | = | 153.02 | ÷ | 62.91 | 62.91 | = | 12,131,800 | ÷ | 192,840,856 | |
| Apr 23, 2019 | 3.16 | = | 207.48 | ÷ | 65.59 | 65.59 | = | 12,551,000 | ÷ | 191,349,811 | |
| Apr 23, 2018 | 5.43 | = | 228.26 | ÷ | 42.04 | 42.04 | = | 8,046,100 | ÷ | 191,391,478 | |
| Apr 27, 2017 | 4.84 | = | 171.06 | ÷ | 35.38 | 35.38 | = | 6,891,200 | ÷ | 194,800,645 | |
| Apr 25, 2016 | 4.78 | = | 156.84 | ÷ | 32.84 | 32.84 | = | 6,559,600 | ÷ | 199,768,177 | |
| Apr 28, 2015 | 3.95 | = | 117.12 | ÷ | 29.63 | 29.63 | = | 5,770,700 | ÷ | 194,743,958 | |
| Apr 29, 2014 | 3.07 | = | 79.75 | ÷ | 25.97 | 25.97 | = | 4,981,300 | ÷ | 191,793,326 | |
| Apr 29, 2013 | 3.10 | = | 47.75 | ÷ | 15.41 | 15.41 | = | 2,860,300 | ÷ | 185,672,486 | |
| Apr 30, 2012 | 1.52 | = | 21.60 | ÷ | 14.17 | 14.17 | = | 2,676,000 | ÷ | 188,878,055 | |
| Apr 29, 2011 | 1.87 | = | 22.39 | ÷ | 11.98 | 11.98 | = | 2,551,900 | ÷ | 213,022,885 | |
| Apr 29, 2010 | 1.53 | = | 18.55 | ÷ | 12.09 | 12.09 | = | 2,576,300 | ÷ | 213,118,311 | |
| Apr 29, 2009 | 1.30 | = | 11.23 | ÷ | 8.63 | 8.63 | = | 1,908,300 | ÷ | 220,996,724 | |
| Apr 29, 2008 | 1.47 | = | 18.73 | ÷ | 12.74 | 12.74 | = | 2,765,900 | ÷ | 217,099,937 | |
| Apr 30, 2007 | 1.54 | = | 22.41 | ÷ | 14.54 | 14.54 | = | 3,417,500 | ÷ | 235,056,959 | |
| May 2, 2006 | 1.88 | = | 24.99 | ÷ | 13.31 | 13.31 | = | 2,975,171 | ÷ | 223,472,234 | |
| May 16, 2005 | 2.13 | = | 26.90 | ÷ | 12.64 | 12.64 | = | 2,779,913 | ÷ | 219,867,600 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Constellation Brands Inc. Annual Report.
- Share Price Trends
- The share price experienced an initial decline from $26.9 in May 2005 to a low of $11.23 in April 2009, indicating a significant downtrend over these four years. This was followed by a steady recovery and strong growth phase, with the share price rising continuously to a peak of $228.26 in April 2018. After reaching this peak, the price showed some volatility, declining to $153.02 in April 2020, likely affected by external factors, before rebounding to $254.21 by April 2022. Overall, the share price demonstrated strong growth after 2009 with notable fluctuations around external market conditions.
- Book Value per Share (BVPS) Trends
- The BVPS showed a relatively stable trajectory initially, with minor fluctuations from $12.64 in May 2005 to a dip of $8.63 in April 2009. Following this, there was a clear upward trend in BVPS, rising steadily to $65.59 in April 2019. This significant increase indicates an improvement in the company's net asset value over the period. Post-2019, BVPS showed mild volatility, decreasing slightly to $62.33 by April 2022 but remaining substantially higher than early period values.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio declined from 2.13 in May 2005 to a low of 1.3 in April 2009, paralleling the declines in share price and BVPS during that period. From 2009 onwards, the ratio increased markedly, peaking at 5.43 in April 2018, coinciding with the peak in share price, indicating the market was valuing the company at a premium relative to its book value at this time. Post-peak, the P/BV ratio exhibited some fluctuations, falling to 2.43 in April 2020 before increasing again to 4.08 in April 2022, suggesting periods of changing market sentiment and valuation multiples over the years.
- Overall Insights
- The data reflects a company that underwent significant valuation challenges between 2005 and 2009, followed by a phase of considerable growth and increased market valuation. The rising BVPS supports improved underlying financial strength, while the P/BV ratio’s fluctuations reflect changing market perceptions and confidence. The notable premium paid by the market over book values in the later years suggests optimism about future growth prospects or strong intangible assets not captured on the balance sheet. The volatility in recent years indicates sensitivity to broader market conditions or internal company factors.
Comparison to Competitors
Constellation Brands Inc., P/BV, long-term trends, comparison to competitors
| Constellation Brands Inc. | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Apr 21, 2022 | 4.08 | 10.73 | 3.34 | 13.88 | — |
| Apr 20, 2021 | 3.40 | 11.74 | 3.29 | 14.52 | — |
| Apr 21, 2020 | 2.43 | 11.20 | 2.88 | 13.84 | — |
| Apr 23, 2019 | 3.16 | 13.26 | 3.08 | 13.76 | — |
| Apr 23, 2018 | 5.43 | 11.55 | 2.64 | 11.21 | — |
| Apr 27, 2017 | 4.84 | 11.00 | 2.40 | 14.62 | — |
| Apr 25, 2016 | 4.78 | 7.78 | 2.75 | 13.73 | — |
| Apr 28, 2015 | 3.95 | 7.48 | 2.23 | 11.75 | — |
| Apr 29, 2014 | 3.07 | 6.06 | 2.20 | 8.52 | — |
| Apr 29, 2013 | 3.10 | 5.06 | 1.78 | 4.90 | — |
| Apr 30, 2012 | 1.52 | 5.23 | 1.46 | 5.22 | — |
| Apr 29, 2011 | 1.87 | 4.95 | 1.90 | 4.83 | 624.24 |
| Apr 29, 2010 | 1.53 | 4.73 | 1.55 | 4.75 | 31.91 |
| Apr 29, 2009 | 1.30 | 4.90 | 1.65 | 5.83 | 16.12 |
| Apr 29, 2008 | 1.47 | 4.64 | 1.51 | 6.71 | 9.14 |
| Apr 30, 2007 | 1.54 | 6.36 | 1.77 | 6.67 | — |
| May 2, 2006 | 1.88 | 6.51 | 1.86 | 6.89 | — |
| May 16, 2005 | 2.13 | 6.08 | 1.72 | 6.92 | — |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
Comparison to Sector (Food, Beverage & Tobacco)
Constellation Brands Inc., P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Constellation Brands Inc. | Food, Beverage & Tobacco | |
|---|---|---|
| Apr 21, 2022 | 4.08 | 12.59 |
| Apr 20, 2021 | 3.40 | 13.34 |
| Apr 21, 2020 | 2.43 | 12.88 |
| Apr 23, 2019 | 3.16 | 13.65 |
| Apr 23, 2018 | 5.43 | 12.22 |
| Apr 27, 2017 | 4.84 | 13.57 |
| Apr 25, 2016 | 4.78 | 12.01 |
| Apr 28, 2015 | 3.95 | 10.24 |
| Apr 29, 2014 | 3.07 | 8.30 |
| Apr 29, 2013 | 3.10 | 5.72 |
| Apr 30, 2012 | 1.52 | 5.83 |
| Apr 29, 2011 | 1.87 | 5.32 |
| Apr 29, 2010 | 1.53 | 4.53 |
| Apr 29, 2009 | 1.30 | 4.84 |
| Apr 29, 2008 | 1.47 | 4.47 |
| Apr 30, 2007 | 1.54 | 4.55 |
| May 2, 2006 | 1.88 | 4.42 |
| May 16, 2005 | 2.13 | 4.14 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).
Comparison to Industry (Consumer Staples)
Constellation Brands Inc., P/BV, long-term trends, comparison to industry (consumer staples)
| Constellation Brands Inc. | Consumer Staples | |
|---|---|---|
| Apr 21, 2022 | 4.08 | 8.11 |
| Apr 20, 2021 | 3.40 | 8.15 |
| Apr 21, 2020 | 2.43 | 7.44 |
| Apr 23, 2019 | 3.16 | 7.21 |
| Apr 23, 2018 | 5.43 | 5.76 |
| Apr 27, 2017 | 4.84 | 5.70 |
| Apr 25, 2016 | 4.78 | 5.35 |
| Apr 28, 2015 | 3.95 | 5.06 |
| Apr 29, 2014 | 3.07 | 4.55 |
| Apr 29, 2013 | 3.10 | 4.08 |
| Apr 30, 2012 | 1.52 | 3.89 |
| Apr 29, 2011 | 1.87 | 3.50 |
| Apr 29, 2010 | 1.53 | 3.45 |
| Apr 29, 2009 | 1.30 | 3.38 |
| Apr 29, 2008 | 1.47 | 3.48 |
| Apr 30, 2007 | 1.54 | 3.56 |
| May 2, 2006 | 1.88 | 3.66 |
| May 16, 2005 | 2.13 | 4.47 |
Based on: 10-K (reporting date: 2022-02-28), 10-K (reporting date: 2021-02-28), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-02-28), 10-K (reporting date: 2018-02-28), 10-K (reporting date: 2017-02-28), 10-K (reporting date: 2016-02-29), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-02-28), 10-K (reporting date: 2013-02-28), 10-K (reporting date: 2012-02-29), 10-K (reporting date: 2011-02-28), 10-K (reporting date: 2010-02-28), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-02-29), 10-K (reporting date: 2007-02-28), 10-K (reporting date: 2006-02-28), 10-K (reporting date: 2005-02-28).