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.
The analysis of the price-to-book value (P/BV) ratio from 2005 to 2022 reveals a significant evolution in market valuation relative to equity. The trajectory is characterized by an initial period of contraction, followed by a prolonged phase of valuation expansion, and concluding with a period of volatility and recovery.
- Initial Valuation Compression (2005–2009)
- A consistent downward trend in the P/BV ratio is observed during this period, declining from 2.13 in 2005 to a minimum of 1.30 in 2009. This compression was primarily driven by a substantial decrease in the share price, which fell from $26.90 to $11.23, exceeding the rate of change in the book value per share.
- Accelerated Valuation Expansion (2010–2018)
- Following a period of relative stability between 2010 and 2012, a sharp increase in the P/BV ratio began in 2013, rising to 3.10. This upward momentum continued through 2018, when the ratio reached a peak of 5.43. This expansion reflects a strong market re-rating; while the book value per share grew steadily from $15.41 in 2013 to $42.04 in 2018, the share price experienced an aggressive increase from $47.75 to $228.26, driving the multiple higher.
- Correction and Recent Stabilization (2019–2022)
- A notable correction occurred between 2019 and 2020, with the P/BV ratio dropping to 3.16 and then to 2.43. This decline was attributed to a combination of falling share prices and a significant increase in the book value per share, which jumped to $65.59 in 2019. A recovery phase followed in 2021 and 2022, with the P/BV ratio climbing back to 4.08 as the share price reached $254.21.
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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).