Price to Book Value (P/BV)
since 2005
Calculation
Kellanova, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Kellanova equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 20, 2024 | 6.02 | = | 56.13 | ÷ | 9.32 | 9.32 | = | 3,175 | ÷ | 340,678,265 | |
| Feb 21, 2023 | 5.98 | = | 68.91 | ÷ | 11.53 | 11.53 | = | 3,941 | ÷ | 341,830,292 | |
| Feb 22, 2022 | 6.07 | = | 66.12 | ÷ | 10.89 | 10.89 | = | 3,720 | ÷ | 341,674,873 | |
| Feb 22, 2021 | 6.55 | = | 59.26 | ÷ | 9.05 | 9.05 | = | 3,112 | ÷ | 343,950,311 | |
| Feb 24, 2020 | 8.03 | = | 64.50 | ÷ | 8.03 | 8.03 | = | 2,747 | ÷ | 342,054,365 | |
| Feb 25, 2019 | 7.36 | = | 55.66 | ÷ | 7.56 | 7.56 | = | 2,601 | ÷ | 343,894,654 | |
| Feb 20, 2018 | 10.89 | = | 69.68 | ÷ | 6.40 | 6.40 | = | 2,212 | ÷ | 345,748,749 | |
| Feb 21, 2017 | 13.74 | = | 74.74 | ÷ | 5.44 | 5.44 | = | 1,910 | ÷ | 351,139,083 | |
| Feb 24, 2016 | 12.17 | = | 73.91 | ÷ | 6.08 | 6.08 | = | 2,128 | ÷ | 350,257,015 | |
| Feb 25, 2015 | 8.28 | = | 64.78 | ÷ | 7.82 | 7.82 | = | 2,789 | ÷ | 356,571,864 | |
| Feb 24, 2014 | 6.19 | = | 60.71 | ÷ | 9.80 | 9.80 | = | 3,545 | ÷ | 361,686,112 | |
| Feb 26, 2013 | 8.97 | = | 59.95 | ÷ | 6.68 | 6.68 | = | 2,419 | ÷ | 361,890,602 | |
| Feb 29, 2012 | 10.62 | = | 52.35 | ÷ | 4.93 | 4.93 | = | 1,760 | ÷ | 357,161,392 | |
| Feb 25, 2011 | 8.99 | = | 53.15 | ÷ | 5.91 | 5.91 | = | 2,158 | ÷ | 365,098,153 | |
| Feb 26, 2010 | 8.74 | = | 52.15 | ÷ | 5.97 | 5.97 | = | 2,272 | ÷ | 380,565,213 | |
| Feb 24, 2009 | 10.46 | = | 39.67 | ÷ | 3.79 | 3.79 | = | 1,448 | ÷ | 381,939,149 | |
| Feb 25, 2008 | 7.89 | = | 51.24 | ÷ | 6.49 | 6.49 | = | 2,526 | ÷ | 388,954,500 | |
| Feb 23, 2007 | 9.59 | = | 49.84 | ÷ | 5.20 | 5.20 | = | 2,069 | ÷ | 397,969,170 | |
| Feb 28, 2006 | 7.87 | = | 44.31 | ÷ | 5.63 | 5.63 | = | 2,284 | ÷ | 405,472,156 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Kellanova Annual Report.
The Price to Book Value (P/BV) ratio for the period between 2006 and 2024 exhibits significant volatility, characterized by alternating phases of valuation expansion and contraction. The ratio reflects a market valuation that consistently maintains a substantial premium over the accounting book value, though the magnitude of this premium has shifted considerably over the two-decade span.
- Valuation Peaks and Volatility
- The P/BV ratio experienced a period of elevated valuation between 2006 and 2017, with several peaks exceeding 10.0. The highest valuation was reached in February 2017, where the ratio peaked at 13.74. This period indicates a strong market confidence or a high premium attributed to intangible assets and future earnings potential relative to the tangible book value.
- Book Value per Share (BVPS) Fluctuations
- Significant fluctuations in the book value per share have directly influenced the P/BV ratio. A notable contraction in BVPS occurred in February 2009, dropping to 3.79, which contributed to a spike in the P/BV ratio to 10.46 despite a simultaneous decline in the share price. Conversely, a steady increase in BVPS from 2019 to 2023, peaking at 11.53, served as a primary driver for the compression of the P/BV ratio during the latter part of the analyzed period.
- Recent Valuation Compression and Stabilization
- A clear downward trend in the P/BV ratio is observable starting from 2018. The ratio declined from 10.89 in February 2018 to a range between 5.98 and 6.55 from 2020 through 2024. This compression suggests a shift toward a more conservative market valuation or an alignment of the share price with the growing underlying book value of the company.
- Correlation Between Share Price and Ratio
- The relationship between the share price and the P/BV ratio has been non-linear. While the share price reached its highest levels between 2015 and 2018, the P/BV ratio responded variably based on the concurrent movement of the BVPS. In the final five years of the data, the share price remained relatively stable between 55.66 and 68.91, while the ratio stabilized around 6.0, indicating a period of relative valuation equilibrium.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Comparison to Competitors
Kellanova, P/BV, long-term trends, comparison to competitors
| Kellanova | Coca-Cola Co. | Mondelēz International Inc. | PepsiCo Inc. | Philip Morris International Inc. | |
|---|---|---|---|---|---|
| Feb 20, 2024 | 6.02 | 10.09 | 3.65 | 12.45 | — |
| Feb 21, 2023 | 5.98 | 10.73 | 3.34 | 13.88 | — |
| Feb 22, 2022 | 6.07 | 11.74 | 3.29 | 14.52 | — |
| Feb 22, 2021 | 6.55 | 11.20 | 2.88 | 13.84 | — |
| Feb 24, 2020 | 8.03 | 13.26 | 3.08 | 13.76 | — |
| Feb 25, 2019 | 7.36 | 11.55 | 2.64 | 11.21 | — |
| Feb 20, 2018 | 10.89 | 11.00 | 2.40 | 14.62 | — |
| Feb 21, 2017 | 13.74 | 7.78 | 2.75 | 13.73 | — |
| Feb 24, 2016 | 12.17 | 7.48 | 2.23 | 11.75 | — |
| Feb 25, 2015 | 8.28 | 6.06 | 2.20 | 8.52 | — |
| Feb 24, 2014 | 6.19 | 5.06 | 1.78 | 4.90 | — |
| Feb 26, 2013 | 8.97 | 5.23 | 1.46 | 5.22 | — |
| Feb 29, 2012 | 10.62 | 4.95 | 1.90 | 4.83 | 624.24 |
| Feb 25, 2011 | 8.99 | 4.73 | 1.55 | 4.75 | 31.91 |
| Feb 26, 2010 | 8.74 | 4.90 | 1.65 | 5.83 | 16.12 |
| Feb 24, 2009 | 10.46 | 4.64 | 1.51 | 6.71 | 9.14 |
| Feb 25, 2008 | 7.89 | 6.36 | 1.77 | 6.67 | — |
| Feb 23, 2007 | 9.59 | 6.51 | 1.86 | 6.89 | — |
| Feb 28, 2006 | 7.87 | 6.08 | 1.72 | 6.92 | — |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Food, Beverage & Tobacco)
Kellanova, P/BV, long-term trends, comparison to sector (food, beverage & tobacco)
| Kellanova | Food, Beverage & Tobacco | |
|---|---|---|
| Feb 20, 2024 | 6.02 | 11.92 |
| Feb 21, 2023 | 5.98 | 12.59 |
| Feb 22, 2022 | 6.07 | 13.34 |
| Feb 22, 2021 | 6.55 | 12.88 |
| Feb 24, 2020 | 8.03 | 13.65 |
| Feb 25, 2019 | 7.36 | 12.22 |
| Feb 20, 2018 | 10.89 | 13.57 |
| Feb 21, 2017 | 13.74 | 12.01 |
| Feb 24, 2016 | 12.17 | 10.24 |
| Feb 25, 2015 | 8.28 | 8.30 |
| Feb 24, 2014 | 6.19 | 5.72 |
| Feb 26, 2013 | 8.97 | 5.83 |
| Feb 29, 2012 | 10.62 | 5.32 |
| Feb 25, 2011 | 8.99 | 4.53 |
| Feb 26, 2010 | 8.74 | 4.84 |
| Feb 24, 2009 | 10.46 | 4.47 |
| Feb 25, 2008 | 7.89 | 4.55 |
| Feb 23, 2007 | 9.59 | 4.42 |
| Feb 28, 2006 | 7.87 | 4.14 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Staples)
Kellanova, P/BV, long-term trends, comparison to industry (consumer staples)
| Kellanova | Consumer Staples | |
|---|---|---|
| Feb 20, 2024 | 6.02 | 8.14 |
| Feb 21, 2023 | 5.98 | 8.11 |
| Feb 22, 2022 | 6.07 | 8.15 |
| Feb 22, 2021 | 6.55 | 7.44 |
| Feb 24, 2020 | 8.03 | 7.21 |
| Feb 25, 2019 | 7.36 | 5.76 |
| Feb 20, 2018 | 10.89 | 5.70 |
| Feb 21, 2017 | 13.74 | 5.35 |
| Feb 24, 2016 | 12.17 | 5.06 |
| Feb 25, 2015 | 8.28 | 4.55 |
| Feb 24, 2014 | 6.19 | 4.08 |
| Feb 26, 2013 | 8.97 | 3.89 |
| Feb 29, 2012 | 10.62 | 3.50 |
| Feb 25, 2011 | 8.99 | 3.45 |
| Feb 26, 2010 | 8.74 | 3.38 |
| Feb 24, 2009 | 10.46 | 3.48 |
| Feb 25, 2008 | 7.89 | 3.56 |
| Feb 23, 2007 | 9.59 | 3.66 |
| Feb 28, 2006 | 7.87 | 4.47 |
Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2021-01-02), 10-K (reporting date: 2019-12-28), 10-K (reporting date: 2018-12-29), 10-K (reporting date: 2017-12-30), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-28), 10-K (reporting date: 2012-12-29), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-29), 10-K (reporting date: 2006-12-30), 10-K (reporting date: 2005-12-31).