Price to Book Value (P/BV)
since 2011
Calculation
LyondellBasell Industries N.V., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Company share of stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2019 | 3.20 | = | 88.50 | ÷ | 27.64 | 27.64 | = | 10,257 | ÷ | 371,156,998 | |
| Feb 22, 2018 | 4.89 | = | 110.83 | ÷ | 22.68 | 22.68 | = | 8,949 | ÷ | 394,556,328 | |
| Feb 17, 2017 | 6.18 | = | 92.91 | ÷ | 15.02 | 15.02 | = | 6,048 | ÷ | 402,531,335 | |
| Feb 16, 2016 | 5.14 | = | 77.93 | ÷ | 15.16 | 15.16 | = | 6,550 | ÷ | 432,200,532 | |
| Feb 17, 2015 | 5.16 | = | 89.94 | ÷ | 17.42 | 17.42 | = | 8,314 | ÷ | 477,142,443 | |
| Feb 20, 2014 | 3.76 | = | 85.80 | ÷ | 22.83 | 22.83 | = | 12,478 | ÷ | 546,551,455 | |
| Feb 12, 2013 | 3.13 | = | 60.51 | ÷ | 19.36 | 19.36 | = | 11,139 | ÷ | 575,304,233 | |
| Feb 29, 2012 | 2.34 | = | 43.18 | ÷ | 18.46 | 18.46 | = | 10,593 | ÷ | 573,708,873 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of LyondellBasell Industries N.V. Annual Report.
The valuation metrics from 2012 to 2019 exhibit a period of significant expansion in market multiples followed by a subsequent contraction. The Price to Book Value (P/BV) ratio increased consistently for the first six years of the observed period, indicating a growing premium that the market placed on the net asset value.
- Share Price Evolution
- The share price demonstrated a strong upward trajectory, rising from 43.18 USD in 2012 to a peak of 110.83 USD in 2018. A correction occurred in 2019, with the price decreasing to 88.50 USD.
- Book Value per Share (BVPS) Dynamics
- BVPS experienced a non-linear trend. After an initial increase to 22.83 USD in 2014, a decline was observed through 2017, where it reached a period low of 15.02 USD. This was followed by a rapid recovery, reaching a maximum of 27.64 USD by 2019.
- P/BV Ratio Interpretation
- The P/BV ratio climbed from 2.34 in 2012 to a peak of 6.18 in 2017. This peak was primarily driven by the divergence between rising share prices and a simultaneous decline in book value per share. Between 2018 and 2019, the ratio contracted to 3.20, a result of the share price correction coinciding with a substantial increase in the book value per share.
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Comparison to Competitors
LyondellBasell Industries N.V., P/BV, long-term trends, comparison to competitors
| LyondellBasell Industries N.V. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 21, 2019 | 3.20 | 1.65 | 10.93 |
| Feb 22, 2018 | 4.89 | 7.15 | 10.14 |
| Feb 17, 2017 | 6.18 | 6.83 | 15.52 |
| Feb 16, 2016 | 5.14 | 6.61 | 27.61 |
| Feb 17, 2015 | 5.16 | 6.60 | 27.40 |
| Feb 20, 2014 | 3.76 | 5.66 | 11.24 |
| Feb 12, 2013 | 3.13 | 5.48 | 9.32 |
| Feb 29, 2012 | 2.34 | 5.93 | 6.93 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Sector (Chemicals)
LyondellBasell Industries N.V., P/BV, long-term trends, comparison to sector (chemicals)
| LyondellBasell Industries N.V. | Chemicals | |
|---|---|---|
| Feb 21, 2019 | 3.20 | 2.27 |
| Feb 22, 2018 | 4.89 | 8.28 |
| Feb 17, 2017 | 6.18 | 9.20 |
| Feb 16, 2016 | 5.14 | 10.08 |
| Feb 17, 2015 | 5.16 | 9.74 |
| Feb 20, 2014 | 3.76 | 6.84 |
| Feb 12, 2013 | 3.13 | 6.36 |
| Feb 29, 2012 | 2.34 | 6.14 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
Comparison to Industry (Materials)
LyondellBasell Industries N.V., P/BV, long-term trends, comparison to industry (materials)
| LyondellBasell Industries N.V. | Materials | |
|---|---|---|
| Feb 21, 2019 | 3.20 | 2.21 |
| Feb 22, 2018 | 4.89 | 6.06 |
| Feb 17, 2017 | 6.18 | 6.38 |
| Feb 16, 2016 | 5.14 | 4.76 |
| Feb 17, 2015 | 5.16 | 3.49 |
| Feb 20, 2014 | 3.76 | 3.14 |
| Feb 12, 2013 | 3.13 | 3.18 |
| Feb 29, 2012 | 2.34 | 3.71 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 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: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).