General Mills Inc. (NYSE:GIS)

The share price of the company showed an overall upward trend from 2005 to 2019 with some volatility. Starting at $23.77 in mid-2005, the price increased steadily to reach a peak of $71.32 by mid-2016. Following this peak, the price experienced a decline, falling to $44.26 by mid-2018 before partially recovering to $52.52 by mid-2019. This pattern indicates periods of strong market confidence interrupted by notable corrections.

Book value per share (BVPS) exhibited mild fluctuations over the same period. Beginning at $7.75 in 2005, it rose gradually to around $10.4 by mid-2013 before dipping to approximately $7.5 in mid-2017. Subsequently, the BVPS increased again, reaching $11.72 by mid-2019. This indicates relatively stable growth in the underlying net asset value per share, with occasional declines suggesting intermittent pressures on the company's equity base.

The Price-to-Book Value (P/BV) ratio showed significant variation, reflecting changes in market valuation relative to net assets. From a ratio of around 3 in 2005, it increased generally over the years, reaching a high of 8.64 in mid-2016. Following this peak, the P/BV declined sharply, falling to 4.28 by mid-2018 before a slight rise to 4.48 in mid-2019. These movements indicate that the market price of the stock increasingly diverged from the company's book value up to 2016, implying heightened investor optimism or expectations of growth, followed by a reversion towards more moderate valuation metrics.

In summary, the company experienced growth in share price and book value per share over the analyzed period, with the market valuation reaching a considerable premium to book value around 2016. Post-2016, the data shows a correction phase with reductions in both share price and relative valuation multiples, while the book value per share demonstrated resilience and continued growth towards 2019.

Share price

Upward trend from $23.77 (2005) to $71.32 (2016), then a decline and partial recovery to $52.52 (2019).

Book value per share

Stable growth overall with fluctuations; from $7.75 (2005) to $11.72 (2019), with dips around 2017.

Price-to-Book Value ratio

Increased from 3.07 (2005) to a peak of 8.64 (2016), followed by a sharp decrease to around 4.28 (2018) and slight recovery to 4.48 (2019).