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).
Historical Valuation Ratios (Summary)
DuPont de Nemours Inc., historical price multiples (quarterly data)
Based on: 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), 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).
The analysis of the company's quarterly valuation ratios over the examined periods reveals several notable trends and fluctuations in market perception and underlying financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant volatility and an overall upward trajectory. Initially, from early 2016 to the end of 2016, the ratio rose moderately from approximately 3.22 to 6.13, indicating increasing investor confidence or possibly improving earnings stability. During 2017, the ratio surged sharply, reaching as high as 38.21 by the end of the year, which may reflect market anticipation of future growth or temporarily depressed earnings. In 2018, the ratio gradually declined to around 10.17, suggesting a normalization or correction in market expectations. However, in 2019, the ratio increased dramatically again, peaking at 78.84 by the last quarter, pointing to heightened market expectations or a reduction in earnings denominator, possibly signaling increased perceived risk or optimism about growth prospects.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrors the P/E ratio's volatility but with even more extreme spikes. The ratio was relatively stable in 2016, fluctuating roughly between 3.59 and 6.92, but escalated sharply in late 2017 to an extraordinary value of over 100. This spike suggests a period of substantially reduced operating profit relative to price or market overvaluation. The ratio subsequently dropped significantly in 2018, falling back close to single digits near the end of the year, indicating a recovery in operating performance or valuation adjustment. In 2019, the ratio again increased but did not reach previous peak levels before the data ended, implying persistent volatility in operating profit multiples.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a more moderate yet perceptible upward trend. From early 2016 through 2017, the ratio increased from about 0.42 to nearly 1.0, highlighting either rising sales valuations or improved revenue generating ability relative to price. Although there was a small decline in mid-2018, the ratio again approached high levels in late 2019, reaching approximately 1.83, indicating increased investor willingness to pay for sales or revenue growth prospects over the period analyzed.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays fluctuating tendencies with no consistent direction. The ratio remained below 1.0 for most of the period until mid-2019, ranging mostly between 0.28 and 0.95, which suggests the market generally valued the company's equity below its book value until that point. From mid-2019, the ratio briefly rose above 1.0, reaching around 1.22, potentially reflecting an improved outlook on the company's asset utilization or expectations of future value creation. Toward the end of 2019, it decreased slightly to just below 1.0, indicating moderate correction or stabilization in valuation relative to book value.
Overall, the valuation multiples suggest a pattern of significant market expectations volatility, particularly in earnings and operating profit metrics, with periods of substantial optimism followed by adjustments. Price to sales trends indicate a gradual improvement or higher valuation pockets for revenue, while price to book value ratios reflect cautious investor sentiment with intermittent periods of positive reassessment of underlying asset value.
Price to Earnings (P/E)
DuPont de Nemours Inc., historical P/E calculation (quarterly data)
| Dec 31, 2019 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,388,462 | 740,806,717 | 745,482,399 | 748,795,953 | 751,587,353 | 764,747,939 | 769,125,625 | 773,595,562 | 776,341,159 | 779,996,754 | 407,814,977 | 407,234,246 | 404,437,193 | 373,793,610 | 375,610,102 | 374,275,974 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net income (loss) available for DuPont common stockholders (in millions) | 177) | 372) | (571) | 520) | 475) | 497) | 1,768) | 1,104) | (1,263) | 514) | 1,321) | 888) | (33) | 719) | 3,123) | 169) | |||||
| Earnings per share (EPS)2 | 0.67 | 1.07 | 1.24 | 4.35 | 5.11 | 2.75 | 2.76 | 2.17 | 1.88 | 3.45 | 7.10 | 11.53 | 9.84 | 20.17 | 21.59 | 16.35 | |||||
| Share price1, 3 | 53.10 | 65.91 | 68.53 | 34.89 | 52.00 | 57.73 | 66.82 | 64.47 | 71.85 | 70.24 | 66.10 | 63.19 | 60.26 | 54.56 | 53.67 | 52.61 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/E ratio4 | 78.84 | 61.34 | 55.47 | 8.01 | 10.17 | 20.96 | 24.21 | 29.76 | 38.21 | 20.37 | 9.31 | 5.48 | 6.13 | 2.71 | 2.49 | 3.22 | |||||
| Benchmarks | |||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||
| Linde plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Sherwin-Williams Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
EPS
= (Net income (loss) available for DuPont common stockholdersQ4 2019
+ Net income (loss) available for DuPont common stockholdersQ3 2019
+ Net income (loss) available for DuPont common stockholdersQ2 2019
+ Net income (loss) available for DuPont common stockholdersQ1 2019)
÷ No. shares of common stock outstanding
= (177,000,000 + 372,000,000 + -571,000,000 + 520,000,000)
÷ 739,388,462 = 0.67
3 Closing price as at the filing date of DuPont de Nemours Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/E ratio = Share price ÷ EPS
= 53.10 ÷ 0.67 = 78.84
5 Click competitor name to see calculations.
Over the analyzed quarterly periods, the share price exhibited notable fluctuations. Initially, it showed an upward trend from approximately $52.61 to a peak around $71.85 towards the end of 2017, indicating a period of positive market sentiment or improved company performance. However, following this peak, the share price experienced a decline, reaching lower levels near $52 by the end of 2018 and further dropping to about $34.89 in the first quarter of 2019. A recovery phase appears thereafter, with the share price rising again to the upper 60s before settling around $53 by the end of 2019.
The earnings per share (EPS) data reveals significant volatility. EPS was relatively high in early 2016, with values exceeding 16 US dollars, and reached a peak near 21.59 in the second quarter of 2016. However, a downward trend ensued, with EPS declining substantially in late 2016 and remaining low through 2017 and most of 2018, indicating either shrinking profitability or other financial challenges. There was a slight improvement in late 2018 with EPS rising above 5 US dollars but subsequently returned to values below 2 US dollars in 2019, depicting inconsistent earnings performance.
The price-to-earnings (P/E) ratio correspondingly showed wide variation reflecting the interplay between share price and earnings changes. The ratio started quite low, around 3.22 to 6.13 in 2016, implying potentially undervalued shares or strong earnings relative to price. During 2017 and early 2018, the P/E ratio increased sharply, reaching over 38, indicative of diminished earnings in relation to share price, or possibly elevated market expectations. The ratio then moderated to about 10 by the end of 2018 but surged dramatically throughout 2019, reaching levels close to 79, a sign of declining earnings or heightened stock price volatility, leading to highly speculative valuation metrics.
Overall, the financial indicators suggest that the company experienced a period of strong market valuation and relatively high earnings in early years, followed by increased volatility in earnings and market price leading to fluctuating valuation multiples. The elevated P/E ratios in 2019, coupled with depressed EPS, highlight market uncertainties or operational challenges during that period.
Price to Operating Profit (P/OP)
DuPont de Nemours Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2019 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,388,462 | 740,806,717 | 745,482,399 | 748,795,953 | 751,587,353 | 764,747,939 | 769,125,625 | 773,595,562 | 776,341,159 | 779,996,754 | 407,814,977 | 407,234,246 | 404,437,193 | 373,793,610 | 375,610,102 | 374,275,974 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in millions) | (695) | 505) | (813) | 960) | 592) | 992) | 2,300) | 1,520) | (3,609) | 895) | 1,664) | 1,595) | (160) | 1,217) | 915) | 1,548) | |||||
| Operating profit per share2 | -0.06 | 1.68 | 2.32 | 6.47 | 7.19 | 1.57 | 1.44 | 0.61 | 0.70 | 5.12 | 10.58 | 8.76 | 8.70 | 13.46 | 14.18 | 14.67 | |||||
| Share price1, 3 | 53.10 | 65.91 | 68.53 | 34.89 | 52.00 | 57.73 | 66.82 | 64.47 | 71.85 | 70.24 | 66.10 | 63.19 | 60.26 | 54.56 | 53.67 | 52.61 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/OP ratio4 | — | 39.25 | 29.51 | 5.39 | 7.23 | 36.70 | 46.47 | 106.11 | 102.35 | 13.72 | 6.25 | 7.21 | 6.92 | 4.05 | 3.79 | 3.59 | |||||
| Benchmarks | |||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||
| Linde plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Sherwin-Williams Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Operating profit per share
= (Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019
+ Operating income (loss)Q1 2019)
÷ No. shares of common stock outstanding
= (-695,000,000 + 505,000,000 + -813,000,000 + 960,000,000)
÷ 739,388,462 = -0.06
3 Closing price as at the filing date of DuPont de Nemours Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 53.10 ÷ -0.06 = —
5 Click competitor name to see calculations.
The data reveals notable fluctuations in the company's share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the examined periods.
- Share Price
- The share price demonstrated a general upward trend from the first quarter of 2016 through the end of 2017, increasing from $52.61 to a peak near $71.85. However, this was followed by a period of volatility and decline, dropping to $52.00 by the end of 2018. Notably, in the first quarter of 2019, the price sharply decreased to $34.89 before recovering again to around the mid-$60 range by mid-2019, and then declining towards $53.10 at the end of 2019.
- Operating Profit per Share
- The operating profit per share experienced a downward trajectory overall. Starting from $14.67 in the beginning of 2016, it steadily decreased, with a marked decline starting in late 2016, dropping to a low of $0.61 in early 2018. There was some recovery observed throughout 2018, peaking at $7.19 by the end of that year. In 2019, this metric deteriorated again, dipping to slightly below zero (-$0.06) by the final quarter, indicating operational challenges.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited considerable volatility correlated with changes in operating profit per share. The ratio increased significantly from around 3.59 in early 2016 to over 100 in late 2017 and early 2018, reflecting very low operating profits during this time despite relatively stable share prices. By the end of 2018, the ratio decreased substantially to approximately 7.23, coinciding with some recovery in operating profits. In 2019, the P/OP ratio again rose substantially, reaching values above 29 and 39, consistent with declining profitability.
In summary, the share price showed initial growth followed by volatility, whereas operating profit per share declined notably with intermittent partial recoveries. The P/OP ratio amplified these trends, reflecting heightened market valuations relative to diminishing operating profits, particularly during periods of weak profitability. These dynamics suggest operational pressures influencing investor valuation patterns throughout the reported intervals.
Price to Sales (P/S)
DuPont de Nemours Inc., historical P/S calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,388,462 | 740,806,717 | 745,482,399 | 748,795,953 | 751,587,353 | 764,747,939 | 769,125,625 | 773,595,562 | 776,341,159 | 779,996,754 | 407,814,977 | 407,234,246 | 404,437,193 | 373,793,610 | 375,610,102 | 374,275,974 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net sales (in millions) | (9,031) | 5,426) | 5,468) | 19,649) | 20,099) | 20,123) | 24,245) | 21,510) | 20,066) | 15,354) | 13,834) | 13,230) | 13,020) | 12,483) | 11,952) | 10,703) | |||||
| Sales per share2 | 29.09 | 68.36 | 87.65 | 112.34 | 114.39 | 112.38 | 105.54 | 91.47 | 80.49 | 71.07 | 128.90 | 124.46 | 119.07 | 124.67 | 122.87 | 125.87 | |||||
| Share price1, 3 | 53.10 | 65.91 | 68.53 | 34.89 | 52.00 | 57.73 | 66.82 | 64.47 | 71.85 | 70.24 | 66.10 | 63.19 | 60.26 | 54.56 | 53.67 | 52.61 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/S ratio4 | 1.83 | 0.96 | 0.78 | 0.31 | 0.45 | 0.51 | 0.63 | 0.70 | 0.89 | 0.99 | 0.51 | 0.51 | 0.51 | 0.44 | 0.44 | 0.42 | |||||
| Benchmarks | |||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||
| Linde plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Sherwin-Williams Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
Sales per share
= (Net salesQ4 2019
+ Net salesQ3 2019
+ Net salesQ2 2019
+ Net salesQ1 2019)
÷ No. shares of common stock outstanding
= (-9,031,000,000 + 5,426,000,000 + 5,468,000,000 + 19,649,000,000)
÷ 739,388,462 = 29.09
3 Closing price as at the filing date of DuPont de Nemours Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 53.10 ÷ 29.09 = 1.83
5 Click competitor name to see calculations.
The share price exhibited an overall increasing trend from early 2016 through late 2017, rising from $52.61 at the end of March 2016 to a peak of $71.85 in December 2017. Subsequently, the share price experienced a decline, falling to $52 by December 2018. In 2019, the share price showed volatility, with a noticeable dip to $34.89 in March 2019, a sharp recovery up to $68.53 in June 2019, followed by a decline to $53.10 by December 2019.
Sales per share displayed a declining pattern over the period. Initially, sales per share fluctuated modestly around the $120 range through 2016 and the first half of 2017. However, there was a significant drop starting in the third quarter of 2017, falling sharply from $128.90 in June 2017 to $71.07 in September 2017, and further declining to $29.09 by December 2019. The latter part of the period was characterized by decreasing sales per share, indicating a contraction in revenue generation per share.
The price-to-sales (P/S) ratio presented notable variability across the periods. Between 2016 and mid-2017, the P/S ratio remained stable around 0.42 to 0.51. From the third quarter of 2017, the ratio increased sharply to 0.99, peaking at 0.96 in September 2019 and reaching an all-time high of 1.83 in December 2019. Despite the declining sales per share, the rising P/S ratio in later periods suggests that the share price did not fall proportionally with sales, indicating either market expectations of future growth or other factors supporting share valuation.
In summary, while share price growth was strong until late 2017, it became more volatile thereafter, ending lower than its peak. Sales per share decreased significantly, especially after mid-2017, implying pressure on revenue performance. The rising P/S ratio in the later periods reflects a divergence between sales decline and stock valuation, which may imply increased investor optimism or a reevaluation of the company's future prospects despite current sales trends.
Price to Book Value (P/BV)
DuPont de Nemours Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 739,388,462 | 740,806,717 | 745,482,399 | 748,795,953 | 751,587,353 | 764,747,939 | 769,125,625 | 773,595,562 | 776,341,159 | 779,996,754 | 407,814,977 | 407,234,246 | 404,437,193 | 373,793,610 | 375,610,102 | 374,275,974 | |||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Total DuPont’s stockholders’ equity (in millions) | 40,987) | 41,344) | 42,006) | 92,444) | 94,571) | 98,090) | 98,262) | 101,260) | 100,330) | 102,946) | 28,421) | 27,060) | 25,987) | 29,035) | 28,936) | 25,599) | |||||
| Book value per share (BVPS)2 | 55.43 | 55.81 | 56.35 | 123.46 | 125.83 | 128.26 | 127.76 | 130.90 | 129.23 | 131.98 | 69.69 | 66.45 | 64.25 | 77.68 | 77.04 | 68.40 | |||||
| Share price1, 3 | 53.10 | 65.91 | 68.53 | 34.89 | 52.00 | 57.73 | 66.82 | 64.47 | 71.85 | 70.24 | 66.10 | 63.19 | 60.26 | 54.56 | 53.67 | 52.61 | |||||
| Valuation Ratio | |||||||||||||||||||||
| P/BV ratio4 | 0.96 | 1.18 | 1.22 | 0.28 | 0.41 | 0.45 | 0.52 | 0.49 | 0.56 | 0.53 | 0.95 | 0.95 | 0.94 | 0.70 | 0.70 | 0.77 | |||||
| Benchmarks | |||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||
| Linde plc | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Sherwin-Williams Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q4 2019 Calculation
BVPS = Total DuPont’s stockholders’ equity ÷ No. shares of common stock outstanding
= 40,987,000,000 ÷ 739,388,462 = 55.43
3 Closing price as at the filing date of DuPont de Nemours Inc. Quarterly or Annual Report.
4 Q4 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 53.10 ÷ 55.43 = 0.96
5 Click competitor name to see calculations.
The analysis of the financial ratios and values over the observed periods reveals several notable trends and fluctuations.
- Share Price
- The share price experienced a general upward trend from Q1 2016 through Q4 2017, rising from $52.61 to a peak of $71.85. This was followed by a decline in 2018, reaching $52 by the end of the year. In 2019, the share price demonstrated increased volatility, starting low at $34.89 in Q1, then sharply increasing to $68.53 in Q2, before gradually falling to $53.10 by Q4.
- Book Value per Share (BVPS)
- BVPS showed variability, with an increase from $68.40 in Q1 2016 to a significant peak at $131.98 in Q3 2017. Subsequently, it remained relatively stable around the 125-130 range through the end of 2018. However, in 2019, BVPS markedly declined, dropping to $55.43 by Q4, indicating a substantial reduction in the company's book value per share over the course of that year.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio started below 1.0 in early 2016, indicating the share price was less than the book value per share. It approached parity around 0.95 during mid-2016 to mid-2017 but then sharply declined to a low of 0.28 in Q1 2019. This was followed by a swift rebound to above 1.0 in Q2 and Q3 2019, before decreasing again to 0.96 at year-end. These fluctuations suggest significant market revaluations relative to the company's book value during 2019.
Overall, the data indicate a period of growth in share price and book value up to late 2017, followed by a phase of decline and high volatility in both market valuation and accounting book value in 2018 and particularly throughout 2019. The substantial drop in BVPS in 2019 likely influenced the marked swings in the P/BV ratio, reflecting changing investor perceptions and underlying financial strength during that period.