Price to Sales (P/S)
since 2011
Calculation
LyondellBasell Industries N.V., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales and other operating revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2019 | 0.84 | = | 88.50 | ÷ | 105.09 | 105.09 | = | 39,004 | ÷ | 371,156,998 | |
| Feb 22, 2018 | 1.27 | = | 110.83 | ÷ | 87.40 | 87.40 | = | 34,484 | ÷ | 394,556,328 | |
| Feb 17, 2017 | 1.28 | = | 92.91 | ÷ | 72.50 | 72.50 | = | 29,183 | ÷ | 402,531,335 | |
| Feb 16, 2016 | 1.03 | = | 77.93 | ÷ | 75.74 | 75.74 | = | 32,735 | ÷ | 432,200,532 | |
| Feb 17, 2015 | 0.94 | = | 89.94 | ÷ | 95.59 | 95.59 | = | 45,608 | ÷ | 477,142,443 | |
| Feb 20, 2014 | 1.06 | = | 85.80 | ÷ | 80.62 | 80.62 | = | 44,062 | ÷ | 546,551,455 | |
| Feb 12, 2013 | 0.77 | = | 60.51 | ÷ | 78.83 | 78.83 | = | 45,352 | ÷ | 575,304,233 | |
| Feb 29, 2012 | 0.49 | = | 43.18 | ÷ | 88.96 | 88.96 | = | 51,035 | ÷ | 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.
Between February 2012 and February 2019, the Price to Sales (P/S) ratio exhibited a general upward trajectory followed by a correction in the final period. The ratio increased from 0.49 in 2012 to a peak of 1.28 in 2017, reflecting an expansion in the market valuation relative to the revenue generated per share.
- Valuation Expansion Phase
- From 2012 to 2014, a significant rise in the P/S ratio is observed, moving from 0.49 to 1.06. This growth was primarily driven by a sharp increase in the share price, which rose from 43.18 USD to 85.80 USD, while sales per share remained relatively stable, fluctuating between 78.83 USD and 88.96 USD.
- Peak Valuation Period
- The highest valuation multiples were recorded in February 2017 and February 2018, with the P/S ratio reaching 1.28 and 1.27, respectively. This peak aligns with a period of strong share price performance, culminating in a period high of 110.83 USD in 2018.
- Revenue Divergence and Ratio Compression
- In February 2019, a distinct divergence occurred between revenue performance and market valuation. Although sales per share reached a maximum of 105.09 USD, the share price declined to 88.50 USD. This resulted in a compression of the P/S ratio to 0.84, indicating that the market assigned a lower multiple to each dollar of sales despite the increase in actual revenue per share.
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Comparison to Competitors
LyondellBasell Industries N.V., P/S, long-term trends, comparison to competitors
| LyondellBasell Industries N.V. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Feb 21, 2019 | 0.84 | 5.71 | 2.33 |
| Feb 22, 2018 | 1.27 | 3.76 | 2.50 |
| Feb 17, 2017 | 1.28 | 3.26 | 2.46 |
| Feb 16, 2016 | 1.03 | 2.69 | 2.11 |
| Feb 17, 2015 | 0.94 | 3.03 | 2.45 |
| Feb 20, 2014 | 1.06 | 3.14 | 1.96 |
| Feb 12, 2013 | 0.77 | 2.96 | 1.75 |
| Feb 29, 2012 | 0.49 | 2.89 | 1.20 |
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/S, long-term trends, comparison to sector (chemicals)
| LyondellBasell Industries N.V. | Chemicals | |
|---|---|---|
| Feb 21, 2019 | 0.84 | 3.88 |
| Feb 22, 2018 | 1.27 | 3.04 |
| Feb 17, 2017 | 1.28 | 2.83 |
| Feb 16, 2016 | 1.03 | 2.40 |
| Feb 17, 2015 | 0.94 | 2.75 |
| Feb 20, 2014 | 1.06 | 2.59 |
| Feb 12, 2013 | 0.77 | 2.41 |
| Feb 29, 2012 | 0.49 | 2.15 |
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/S, long-term trends, comparison to industry (materials)
| LyondellBasell Industries N.V. | Materials | |
|---|---|---|
| Feb 21, 2019 | 0.84 | 2.81 |
| Feb 22, 2018 | 1.27 | 2.50 |
| Feb 17, 2017 | 1.28 | 2.22 |
| Feb 16, 2016 | 1.03 | 1.64 |
| Feb 17, 2015 | 0.94 | 1.94 |
| Feb 20, 2014 | 1.06 | 2.14 |
| Feb 12, 2013 | 0.77 | 2.08 |
| Feb 29, 2012 | 0.49 | 2.06 |
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).