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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Historical Valuation Ratios (Summary)
HP Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31).
- Price to earnings (P/E) ratio
- The Price to Earnings ratio displays a fluctuating trend over the examined periods. Initially, it showed an upward movement from 10.68 to a peak of 14.57 by October 2014, indicating increasing market expectations relative to earnings. Subsequently, there was a notable decline to 4.82 in October 2015, suggesting a significant decrease in market valuation relative to earnings or an increase in earnings. Following this low, the ratio gradually increased again, reaching values around 13.52 in late 2017, indicating renewed optimism from the market. In the most recent periods, the ratio trends downward once more, stabilizing around values between 6.36 and 7.36, reflecting moderate market valuation in relation to earnings.
- Price to operating profit (P/OP) ratio
- The Price to Operating Profit ratio follows a pattern similar to the P/E ratio. It rose steadily from 7.68 in early 2014 to a peak near 10.16 by October 2014, reflecting increasing valuation multiples relative to operating profit. The ratio then dropped sharply to approximately 4.02 by October 2015, indicating either improved operating profits or decreased market valuation. After this trough, it ascended progressively, reaching around 9.7 by late 2017. The subsequent trend shows a slight decrease, with recent values around 6.74, pointing to moderately lower valuations relative to operating profit in the latest reported quarters.
- Price to sales (P/S) ratio
- The Price to Sales ratio exhibits a less volatile but generally upward trend from 0.51 in early 2014 to 0.66 in late 2014. It experienced a sharp decline to 0.21 by October 2015, similar to other valuation multiples, indicating a significant revaluation or change in sales performance. Thereafter, it steadily increased, peaking at 0.71 in early 2018, before settling around 0.46 to 0.59 in the most recent periods. This suggests some recovery in market valuation relative to sales but at a level lower than prior peaks.
- Price to book value (P/BV) ratio
- The Price to Book Value ratio data is limited beyond October 2015. Up to that point, it shows an increase from 2.04 in early 2014 to a peak of 2.73 in October 2014, followed by a marked drop to 0.79 in October 2015. This sharp decline indicates a significant reduction in market valuation relative to book value over this timeframe. No further data is available to assess whether this trend continued or reversed subsequently.
- Overall insights
- Across the various valuation multiples, a consistent pattern emerges: an initial period of rising valuation ratios through 2014, followed by a significant contraction around late 2015, after which valuation multiples gradually recovered but tended to stabilize below their earlier peaks. This pattern suggests an event or market condition in late 2015 that led to a repricing of the company’s assets and earnings metrics. Recovery in valuation multiples was steady but did not fully restore the high valuations observed in 2014. The data imply cautious investor sentiment with moderate valuation relative to earnings, operating profit, and sales in more recent periods.
Price to Earnings (P/E)
HP Inc., historical P/E calculation (quarterly data)
| Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | Oct 31, 2017 | Jul 31, 2017 | Apr 30, 2017 | Jan 31, 2017 | Oct 31, 2016 | Jul 31, 2016 | Apr 30, 2016 | Jan 31, 2016 | Oct 31, 2015 | Jul 31, 2015 | Apr 30, 2015 | Jan 31, 2015 | Oct 31, 2014 | Jul 31, 2014 | Apr 30, 2014 | Jan 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net earnings (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
EPS
= (Net earningsQ3 2019
+ Net earningsQ2 2019
+ Net earningsQ1 2019
+ Net earningsQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of HP Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined periods.
- Share Price
- The share price experienced an overall decline from early 2014 to early 2016. Initially, the price increased moderately, reaching a peak near $39.82 in October 2014, followed by a significant decrease to approximately $11.11 in January 2016. After this trough, the share price showed a steady recovery trend through 2016 and 2017, advancing gradually from around $13.44 to $20.74 by the fourth quarter of 2017. From early 2018 to mid-2018, the share price continued to increase, peaking at about $24.49 in July 2018. However, in the subsequent quarters through mid-2019, the share price declined modestly, ending near $18.09 in July 2019.
- Earnings Per Share (EPS)
- The EPS exhibited a declining trend from early 2014 through late 2016, falling from $2.80 to a low of approximately $1.46 by the fourth quarter of 2016. Starting in early 2017, EPS demonstrated a gradual recovery with minor fluctuations, increasing consistently to reach $3.43 by the first quarter of 2018. Following this peak, EPS showed some volatility but generally maintained higher levels compared to the earlier part of the period, settling around $2.84 by mid-2019.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio displayed notable variability as it was influenced by both share price and EPS dynamics. Initially, it rose steadily in 2014, peaking at approximately 14.57 in the fourth quarter of 2014. Subsequently, the ratio declined sharply to a low near 4.82 in the fourth quarter of 2015 during the share price slump. It then increased again through 2016 and 2017, reaching around 13.52 in the third quarter of 2017. During 2018, the P/E ratio decreased consistently, falling from approximately 9.95 in the first quarter to near 6.5 in the fourth quarter, before showing a slight increase to around 7.36 by mid-2019.
In summary, the company underwent a period of financial stress marked by declining share prices and earnings through early 2016, followed by recovery phases with improving EPS and share values. The P/E ratio mirrored these cycles, reflecting market valuation adjustments relative to earnings. Recent quarters indicate stabilization, albeit with moderate price corrections and earnings fluctuations.
Price to Operating Profit (P/OP)
HP Inc., historical P/OP calculation (quarterly data)
| Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | Oct 31, 2017 | Jul 31, 2017 | Apr 30, 2017 | Jan 31, 2017 | Oct 31, 2016 | Jul 31, 2016 | Apr 30, 2016 | Jan 31, 2016 | Oct 31, 2015 | Jul 31, 2015 | Apr 30, 2015 | Jan 31, 2015 | Oct 31, 2014 | Jul 31, 2014 | Apr 30, 2014 | Jan 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Earnings from operations (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Operating profit per share
= (Earnings from operationsQ3 2019
+ Earnings from operationsQ2 2019
+ Earnings from operationsQ1 2019
+ Earnings from operationsQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of HP Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several key trends over the observed periods. The share price experienced significant fluctuations. Initially, there was a steady increase from approximately $29.91 to nearly $39.82 within the first four quarters, followed by a sharp decline to a low near $11.11 by early 2016. Subsequently, the share price gradually recovered, reaching a peak around $24.49 by mid-2018 before experiencing a slight downward adjustment toward the end of the timeline, settling close to $18.09 by mid-2019.
Operating profit per share showed a contrasting pattern. It began at a high point near $3.89 and generally declined throughout 2014 and 2015, bottoming out approximately at $2.08 in late 2016. From that point, a gradual recovery trend was evident, with operating profit per share steadily increasing to around $2.69 by mid-2019. This upward trajectory suggests operational improvements and enhancement in profitability per share after the mid-2016 trough.
The price-to-operating-profit (P/OP) ratio provides insight into market valuation relative to earnings. Initially, this ratio increased from 7.68 to a peak exceeding 10.16 in late 2014, signaling that share prices were growing faster than operating profits. A notable anomaly occurred in late 2015 when the P/OP ratio dropped sharply to around 4.02, driven mainly by the substantial drop in share price while operating profit per share declined more moderately. Following this, the ratio steadily climbed again, approaching values above 10.5 during early 2018, reflecting a phase where market valuations again outpaced operating profit growth. Towards the end of the period, the ratio decreased moderately to around 6.74, indicating a rebalancing between share price and operating profit per share.
Overall, the data outlines a period marked by initial growth, a pronounced correction, and a subsequent recovery phase. The discrepancy between share price and operating profit per share movements during the correction period suggests significant market volatility and adjustments in investor sentiment. The recovering operating profit per share and the stabilization of valuation multiples in recent quarters point toward improving operational performance alongside more balanced market expectations.
Price to Sales (P/S)
HP Inc., historical P/S calculation (quarterly data)
| Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | Oct 31, 2017 | Jul 31, 2017 | Apr 30, 2017 | Jan 31, 2017 | Oct 31, 2016 | Jul 31, 2016 | Apr 30, 2016 | Jan 31, 2016 | Oct 31, 2015 | Jul 31, 2015 | Apr 30, 2015 | Jan 31, 2015 | Oct 31, 2014 | Jul 31, 2014 | Apr 30, 2014 | Jan 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net revenue (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Sales per share
= (Net revenueQ3 2019
+ Net revenueQ2 2019
+ Net revenueQ1 2019
+ Net revenueQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of HP Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited considerable fluctuations over the observed periods. Initially, there was a rising trend from early 2014 through the latter part of 2014, reaching a peak around October 2014. This was followed by a steep decline in late 2014 and early 2015, hitting a low in October 2015. Subsequently, the share price experienced a gradual recovery and increased steadily through 2016 and 2017, peaking again in early 2018. However, a moderate decline ensued in 2019, with the share price decreasing steadily towards the last recorded period.
Sales per share demonstrated a contrasting pattern compared to the share price. Starting from a higher base in early 2014, the metric declined continuously and significantly until late 2016. From early 2017 onward, sales per share reversed this trend, displaying consistent growth over the subsequent periods and reaching levels close to those seen near the beginning of the dataset by mid-2019.
The price-to-sales (P/S) ratio mirrored a mixed trend reflective of movements in both the share price and sales per share. The ratio increased gradually throughout 2014, reflecting a rising share price alongside relatively stable sales. It then declined sharply in late 2014 and 2015, driven by the marked drop in share price. From late 2015 into 2016 and 2017, the P/S ratio steadily increased, indicating an improving valuation relative to sales. However, in 2018 and into 2019, the P/S ratio exhibited a downward trend, reflecting the combination of a weakening share price and strengthening sales per share.
Overall, the data disclose a period of volatility in market valuation and business performance. The initial decline in market value alongside stable sales suggested market concerns, potentially due to external factors or internal challenges. The later recovery in both sales per share and share price indicates operational improvement and regained investor confidence. The declining P/S ratio in the final periods signals a cautious market sentiment despite improving sales metrics.
Price to Book Value (P/BV)
HP Inc., historical P/BV calculation (quarterly data)
| Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | Oct 31, 2018 | Jul 31, 2018 | Apr 30, 2018 | Jan 31, 2018 | Oct 31, 2017 | Jul 31, 2017 | Apr 30, 2017 | Jan 31, 2017 | Oct 31, 2016 | Jul 31, 2016 | Apr 30, 2016 | Jan 31, 2016 | Oct 31, 2015 | Jul 31, 2015 | Apr 30, 2015 | Jan 31, 2015 | Oct 31, 2014 | Jul 31, 2014 | Apr 30, 2014 | Jan 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total HP stockholders’ equity (deficit) (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Apple Inc. | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | ||||||||||||||||||||||||||||||
| Cisco Systems Inc. | ||||||||||||||||||||||||||||||
| Dell Technologies Inc. | ||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
BVPS = Total HP stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of HP Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an initial upward trend from January 2014 through October 2014, increasing from $29.91 to a peak of $39.82. Following this peak, there was a significant decline through October 2015, reaching a low of $12.26. From this low point, the share price experienced a gradual recovery and growth, climbing steadily until January 2018 with a high of $23.35. However, from that point onwards, the price saw a modest downward trend, ultimately declining to $18.09 by July 2019.
- Book Value Per Share (BVPS)
- Initially, BVPS remained relatively stable and positive, hovering around $14.5 to $15.5 through October 2015. Starting from the January 2016 period, BVPS turned negative and continued this trend throughout the remaining periods, indicating a deterioration in the company's net asset position per share. The negative BVPS showed some fluctuations but trended towards less negative values over time, improving from approximately -$2.83 in early 2016 to around -$0.76 by July 2019.
- Price-to-Book Ratio (P/BV)
- The P/BV ratio followed the trajectory of both share price and book value per share, beginning above 2.0 in early 2014 and reaching a peak of 2.73 by October 2014. Subsequently, it sharply declined to below 1.0 by October 2015. Beyond this point, P/BV data is absent due to negative book values, which complicates its interpretation. The initial decline reflects the sharp drop in share price combined with stable book value, while the disappearance of ratio data aligns with the onset of negative book values.
- Overall Trends and Insights
- The data reflects a period of volatility and financial challenge. The drastic fall in share price between late 2014 and late 2015 represents a significant loss of market value, partially mirrored by the reversal in book value per share from positive to negative territory starting in early 2016. The negative book value per share signals potential issues with asset valuation, liabilities, or accumulated losses. Despite this, the share price partially recovered between late 2015 and early 2018, suggesting some market confidence or operational improvements. However, the subsequent decline in share price up to mid-2019 indicates continued market concerns. The absence of P/BV ratios after 2015 limits further valuation insights, but the improving trend in BVPS from deeper negative values towards zero might indicate gradual financial stabilization.