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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- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Hubbell Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 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).
- Price to earnings (P/E) ratio
- The P/E ratio data begins from March 31, 2019, showing an initial value of 17.98. It increased steadily through 2019, reaching a peak of 20.18 by December 31, 2019. This was followed by a decline in early 2020, dropping to 16.39 in June 2020. Subsequently, the ratio rose significantly throughout 2020 and 2021, peaking at 29.47 in September 2021. From this apex, a gradual decline is observed during 2022 and early 2023, with values stabilizing in the low to mid-20s, ending at 21.58 by September 30, 2023. Overall, the P/E ratio exhibits volatility with a general upward trend until late 2021, followed by a moderating phase.
- Price to operating profit (P/OP) ratio
- The P/OP ratio starts at 11.63 in March 2019 and shows a consistent upward trend throughout 2019, reaching 13.46 by December. In the first half of 2020, it dips to 11.13 in June, corresponding with the broader market trend during that period. Following this, the ratio climbs sharply, peaking at around 20.04 in December 2021. Similar to the P/E ratio, there is some decrease observed thereafter, with the ratio lowering to 15.2 by September 2023. Notably, P/OP shows less volatility compared to P/E but follows a similar pattern of growth followed by moderation.
- Price to sales (P/S) ratio
- The P/S ratio demonstrates a steady increase across the entire period from March 2019 to September 2023. Starting at 1.45 in early 2019, it climbs consistently each quarter, reaching 2.65 by December 2022. The ratio slightly fluctuates but remains elevated through 2023, peaking at 3.21 in June before settling at 2.85 in September. This trend implies a growing valuation of sales, reflecting increased market confidence or improved sales performance over the periods.
- Price to book value (P/BV) ratio
- The P/BV ratio data is available from March 31, 2018, beginning at 3.56. It experiences fluctuations during 2018, dipping to 3.17 in September before rebounding to 3.64 in December. Through 2019, the ratio increases steadily, reaching 4.12 by the end of the year. The upward trend continues, with a significant rise noted through 2020 and 2021, peaking at 6.34 in June 2023. However, by September 2023, the ratio decreases to 5.46. This indicates a general strengthening in book value relative to price over the years, albeit with recent signs of valuation adjustment downward.
Price to Earnings (P/E)
Hubbell Inc., historical P/E calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to Hubbell Incorporated (in thousands) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
EPS
= (Net income attributable to Hubbell IncorporatedQ3 2023
+ Net income attributable to Hubbell IncorporatedQ2 2023
+ Net income attributable to Hubbell IncorporatedQ1 2023
+ Net income attributable to Hubbell IncorporatedQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hubbell Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits a general upward trend over the analyzed periods, with some fluctuations. Starting at $107.91 in March 2018, the price increased notably, peaking at $147.54 by December 2019. Despite a dip during the early stages of 2020, corresponding likely to market-wide disruptions, the price recovered steadily thereafter. By December 2021, the share price reached $183.31 and continued its ascension, achieving a high of $310 in June 2023 before slightly falling to $279.10 in September 2023.
- Earnings per Share (EPS)
- EPS data begins from March 2019. It shows a relatively stable to growing pattern, starting at $6.60 and increasing moderately to $7.36 by March 2020. There is some volatility with minor declines around late 2020 and early 2021; however, from mid-2021 onwards, EPS shows a significant upward trajectory, rising from $7.34 in March 2022 to $12.93 by September 2023. This indicates improving profitability per share over time.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio fluctuates significantly across the reported quarters. It started at 17.98 in March 2019, rose to a peak of 29.47 around June 2021, reflecting increased market valuation relative to earnings during that period. Subsequent quarters show a declining trend to around 20.99 in March 2022, with modest increases and decreases thereafter, ultimately standing at 21.58 in September 2023. The P/E variations suggest changing investor sentiment and market expectations relative to earnings growth.
- Overall Analysis
- The financial indicators collectively illustrate a company experiencing growth in market valuation and earnings per share, especially notable in post-pandemic periods. The share price growth is accompanied by an increasing EPS trend, supporting the valuation increases. The P/E ratio's fluctuations imply varying market perceptions of growth potential and risk over time. The peak in P/E in mid-2021 may reflect particularly optimistic investor expectations, which later normalized to more moderate levels despite continued EPS growth.
Price to Operating Profit (P/OP)
Hubbell Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in thousands) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Operating profit per share
= (Operating incomeQ3 2023
+ Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hubbell Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations over the observed period, starting at $107.91 in March 2018 and generally moving upward with some volatility. There was a notable increase from $122.08 in March 2020 to $164.36 by December 2020, followed by a more pronounced rise peaking at $310.00 in June 2023. After this peak, a slight decline to $279.10 in September 2023 was observed. Overall, the trend indicates growth in market valuation with intermittent correction phases.
- Operating Profit per Share (OPPS) Trend
- Operating profit per share data became available from March 2019, showing a steady increase from $10.20 to $18.37 by September 2023. There was a gradual rise with minor fluctuations; specifically, a dip occurred during 2020 with OPPS dropping to around $9.52 in December 2020. Following this, the measure demonstrated consistent growth, indicating improving operational profitability per share over time.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio illustrates the valuation of the share price relative to operating profit per share. Initially recorded at 11.63 in March 2019, the ratio experienced an increasing trend, reaching nearly 20 by late 2021, suggesting elevated valuation multiples during that period. Subsequently, the ratio slightly decreased but remained in a high range between 15.2 and 19.0 through 2022 and 2023. This indicates a maintained premium valuation despite increasing operating profits, possibly reflecting market expectations of sustained growth or strong fundamentals.
- Relationship Between Metrics
- The simultaneous increase in share price and operating profit per share suggests that rising profitability supported valuation gains. However, the elevated and somewhat fluctuating P/OP ratio indicates that market pricing has at times outpaced operational earnings growth, reflecting varying investor sentiment or external factors influencing valuation multiples.
Price to Sales (P/S)
Hubbell Inc., historical P/S calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
Sales per share
= (Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Hubbell Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the observed periods.
- Share Price
- The share price exhibits a general upward trend from March 2018 through June 2023, with notable fluctuations. Starting at $107.91 in March 2018, the price increased steadily, experiencing some volatility around 2020, with a dip to $122.08 in March 2020 amid global economic uncertainties. Subsequently, it recovered and climbed sharply to a peak of $310 in June 2023 before a slight decline to $279.1 in September 2023. This overall appreciation indicates increasing market confidence and perceived value of the company over the medium to long term.
- Sales per Share
- Sales per share data is available starting March 2019. Initially recorded at $82.08, sales per share demonstrated a slight downward trajectory through 2020, touching a low of $74.60 in the first quarter of 2021. From that point onward, sales per share gradually increased, reaching $97.85 in September 2023. This gradual recovery and growth suggest improved operational performance and revenue generation capacity per share after a period of decline, possibly related to external economic factors impacting sales during 2020 and early 2021.
- Price-to-Sales Ratio (P/S)
- The P/S ratio, representing the market valuation relative to sales, shows a rising trend across the periods analyzed. Early values around 1.45 to 1.75 in 2019 suggest moderate valuation levels. However, from 2020 onwards, the P/S ratio consistently increases, reaching as high as 3.21 in March 2023 before moderating slightly to 2.85 in September 2023. This trend indicates the market's increasing willingness to pay a premium over sales, possibly due to expectations of future growth, improved profitability, or strategic positioning of the company. The increase in P/S despite the earlier dip in sales per share further supports heightened investor confidence.
In summary, the company experienced a strong positive trend in share price and valuation multiples over the observed periods, alongside a moderate recovery and growth in sales per share following a temporary decline. The financial data points to strengthened market perceptions and improved operational results over time, despite some short-term challenges likely related to macroeconomic factors around 2020.
Price to Book Value (P/BV)
Hubbell Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total Hubbell Incorporated shareholders’ equity (in thousands) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2023 Calculation
BVPS = Total Hubbell Incorporated shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Hubbell Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data reflects the financial market performance of Hubbell Inc. over a period spanning from the first quarter of 2018 to the third quarter of 2023. Key metrics analyzed include the share price, book value per share (BVPS), and the price-to-book value ratio (P/BV), providing insights into valuation trends and shareholder equity growth.
- Share Price
- The share price exhibits a generally upward trajectory over the observed period, increasing from $107.91 in March 2018 to $279.10 by September 2023. Notable fluctuations are seen, with declines occurring around the first quarter of 2020 (likely reflective of broader market impacts), followed by a strong recovery and significant appreciation into 2021 and beyond. The highest recorded price within the dataset is $310.00 in June 2023. The steady upward momentum in recent quarters suggests growing investor confidence and possibly improving company fundamentals or market conditions.
- Book Value Per Share (BVPS)
- BVPS has shown consistent growth from $30.29 in March 2018 to $51.08 in September 2023, indicating strengthening shareholder equity and successful accumulation of assets or retained earnings. The growth is steady without major volatility, reflecting sound financial management and organic growth in book value. Such a trend supports the fundamental value underpinning the stock price increases.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuates between 3.17 and 6.34 throughout the period, with periods of both contraction and expansion. Early in the period, the ratio remains mostly between 3.5 and 4.1, suggesting moderate market valuation relative to book value. It rises significantly starting in 2020, peaking at 6.34 in the first half of 2023, indicating that share prices have increased at a faster rate than book value, possibly reflecting heightened investor expectations for future earnings growth. A notable dip occurs in March 2020, coinciding with the global market downturn, followed by a sharp increase.
Overall, the company demonstrates robust growth in both market valuation and book value, with increasing investor confidence as reflected in the rising share prices and P/BV multiples. The steady increase in book value per share supports the sustainability of price appreciation, although elevated P/BV ratios suggest market valuations may be pricing in strong future performance or growth potential. This pattern points to a positive outlook but also indicates the importance of monitoring market sentiment and underlying fundamentals to assess potential valuation risks.