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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
McKesson Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).
The financial ratios exhibit distinct trends over the analyzed periods, reflecting fluctuations in valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio begins with missing data for the earliest periods and then shows a decreasing trend from 17.38 in June 2011 to a low of 13.73 by December 2012. Subsequently, it increases significantly, peaking at 36.01 in June 2015 before declining again to 18.96 by September 2016. This pattern suggests periods of both growth optimism and cautious valuation adjustments across the timeframe.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio initially declines from 11.47 in June 2011 to 9.2 by December 2012, indicating improving operating profit relative to price. Afterward, it rises sharply to a peak of 18.59 in March 2015, mirroring the trend observed in the P/E ratio. This is followed by a notable decrease to 10.89 by September 2016, suggesting a revaluation associated with changes in operating profitability or market sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio remains comparatively stable and low throughout the periods, ranging mostly between 0.16 and 0.31. It exhibits a slight upward trend from around 0.16 in June 2011 to a peak near 0.31 in December 2013 and March 2014, reflecting a moderate increase in market valuation relative to sales. After mid-2015, the ratio declines to approximately 0.19 by September 2016, indicating a modest correction or sales growth in relation to price.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 2.39 in June 2010, declining slightly to a low of 2.3 by September 2010 before rising steadily to a peak of 6.64 in March 2015. This growth suggests increasing investor confidence or book value compression over time. From March 2015 onward, the ratio decreases to 3.84 by September 2016, indicating a significant revaluation or changes in book value dynamics.
Overall, valuation metrics show a general pattern of low points around 2012 followed by rising peaks in 2014-2015 and subsequent declines towards late 2016. Price multiples relative to earnings and operating profit exhibit more pronounced volatility compared to the more stable price to sales ratio. The movements suggest shifts in market perception of profitability, underlying asset value, and sales performance over the observed periods.
Price to Earnings (P/E)
McKesson Corp., historical P/E calculation (quarterly data)
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net income attributable to McKesson Corporation (in millions) | ||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2017 Calculation
EPS
= (Net income attributable to McKesson CorporationQ2 2017
+ Net income attributable to McKesson CorporationQ1 2017
+ Net income attributable to McKesson CorporationQ4 2016
+ Net income attributable to McKesson CorporationQ3 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McKesson Corp. Quarterly or Annual Report.
4 Q2 2017 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a general upward trend from mid-2010 through mid-2016, rising from approximately $62.82 in June 2010 to a peak of $229.55 in the first quarter of 2015. After reaching this peak, the price experienced a significant decline, dropping to as low as $160.50 by September 2016. Periods of steady increase are noted especially between 2012 and early 2015, while the decline after the peak suggests increased volatility or changing market perceptions during 2015 and 2016.
- Earnings Per Share (EPS) Trend
- EPS data, available from March 2011 onwards, indicates a rising trend overall. Initial EPS around $4.77 in March 2011 steadily increased to a high of approximately $10.03 by June 2016. There are minor fluctuations and some periods of less pronounced growth, such as between late 2012 and early 2014, but the general trajectory reflects improving profitability per share throughout the period under review.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio shows considerable fluctuation over the period. Early values from March 2011 ranged around 17.38 and steadily rose, peaking at 36.01 in mid-2015, coinciding with high share prices and elevated EPS. Following this peak, the ratio declined to around 18.96 by the third quarter of 2016. The rise in P/E ratio suggests increasing market optimism or expectations of future earnings growth until 2015, while the subsequent decline aligns with share price decreases and possibly revised investor expectations.
- Overall Insights
- The combined analysis of share price, EPS, and P/E ratios reveals a phase of strong growth in market valuation and earnings up until early 2015, followed by a period of correction or market revaluation. Although earnings per share continued to rise towards mid-2016, the share price and P/E ratio reductions suggest market concerns or external factors impacting investor sentiment. The data indicates robust earnings fundamentals across the full period but with cyclical or sentiment-driven variations in market pricing.
Price to Operating Profit (P/OP)
McKesson Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2017 Calculation
Operating profit per share
= (Operating incomeQ2 2017
+ Operating incomeQ1 2017
+ Operating incomeQ4 2016
+ Operating incomeQ3 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McKesson Corp. Quarterly or Annual Report.
4 Q2 2017 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from June 2010 through March 2016, starting at $62.82 and peaking at $229.55 in March 2015. After this peak, the price experienced a decline, falling to $160.50 by September 2016. Notably, there was a substantial increase between September 2013 and March 2015, indicating strong market performance during that period. The decline after March 2015 suggests a shift in market sentiment or company performance.
- Operating Profit Per Share (OPPS) Trend
- The operating profit per share began reporting from March 2011 at $7.22 and showed a steady increase over the periods, reaching $15.89 by September 2016. This consistent growth reflects improving operational efficiency or profitability. There was a slight drop in the last recorded period to $14.21, which may indicate emerging challenges or normalization after rapid growth.
- Price to Operating Profit (P/OP) Ratio Trend
- The price to operating profit ratio started at 11.47 in March 2011, declining to its lowest point around 9.20 in December 2011. Subsequently, it showed an increasing trend, reaching a peak of 18.59 in March 2015, coinciding with the highest share price. Following this peak, the ratio decreased to 11.30 by September 2016. This pattern suggests that while share price appreciated significantly relative to operating profit growth initially, the valuation became more moderate towards the end of the period.
- Overall Insights
- The data reveals a significant growth phase in both operating profitability and share price from 2011 to early 2015, supported by strong investor confidence reflected in rising share prices and increasing P/OP ratios. The subsequent decline in share price and P/OP ratio after the peak suggests either a market correction or changes affecting the company’s valuation. Despite fluctuations in market price and valuation multiples, the operating profit per share maintained an upward trajectory, highlighting underlying business strength.
Price to Sales (P/S)
McKesson Corp., historical P/S calculation (quarterly data)
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Revenues (in millions) | ||||||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2017 Calculation
Sales per share
= (RevenuesQ2 2017
+ RevenuesQ1 2017
+ RevenuesQ4 2016
+ RevenuesQ3 2016)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McKesson Corp. Quarterly or Annual Report.
4 Q2 2017 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory from June 2010 through the early part of 2015, starting at $62.82 and peaking around $229.55 by March 2015. This reflects a significant increase in market valuation over this period. However, after this peak, a noticeable decline occurred, reaching $160.50 by September 2016, indicating a reversal of the previous growth trend.
- Sales per Share Development
- Sales per share began to be reported from March 2011, showing a consistent upward trend over the entire period. Values increased steadily from $444.57 in March 2011 to $859.26 by September 2016, nearly doubling within this timeframe. This consistent growth suggests improving operational performance or revenue generation on a per-share basis.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio started at 0.19 in March 2011, then declined gradually to a low of 0.16 during late 2011 and early 2012, indicating that share prices were cheaper relative to sales during that time. Subsequently, the ratio experienced a marked increase, peaking at 0.31 in September 2013, reflecting a higher market valuation relative to sales. From this peak, the ratio fluctuated but generally trended downward, falling to 0.19 by September 2016. This decline in P/S ratio during the latter part of the period aligns with the decline in share price despite continued growth in sales per share, suggesting possible market concerns or shifts in investor perceptions about valuation.
- Insights on Market Valuation versus Performance
- The data indicates that while the company's sales per share steadily improved, market valuation as reflected in the share price and P/S ratio shows more volatility, especially near the end of the observed periods. The peak in share price and P/S ratio around 2013-2015 suggests an optimistic market outlook at that time, which later moderated as market conditions changed. Despite strong operational performance, the decreasing share price and lower P/S ratio post-2015 may indicate external factors impacting investor confidence or a reassessment of growth prospects.
Price to Book Value (P/BV)
McKesson Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | Dec 31, 2011 | Sep 30, 2011 | Jun 30, 2011 | Mar 31, 2011 | Dec 31, 2010 | Sep 30, 2010 | Jun 30, 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Total McKesson Corporation stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-K (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-K (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-K (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-K (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-K (reporting date: 2012-03-31), 10-Q (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-K (reporting date: 2011-03-31), 10-Q (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2017 Calculation
BVPS = Total McKesson Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of McKesson Corp. Quarterly or Annual Report.
4 Q2 2017 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrates a general upward trajectory from June 2010 to June 2016, starting at $62.82 and reaching a peak of $229.55 in March 2015. This indicates considerable growth over the period. However, after this peak, the price declines significantly, falling to $160.5 by September 2016, suggesting a correction or market response to external or company-specific factors.
- Book Value per Share (BVPS)
- The BVPS shows a steady increase from $26.31 in June 2010 to $41.79 in September 2016. This gradual rise points to continuous growth in net asset value per share, reflecting accumulated retained earnings or asset appreciation over time without major volatility.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio fluctuates over the period, beginning at 2.39 in June 2010 and rising to a high of 6.64 in March 2015, coinciding with the peak share price. This implies that the market was valuing the company at a considerably higher multiple of its book value during that time. Following the peak, the ratio declines to 3.84 by September 2016, indicating a reversion towards more conservative market valuation multiples.
- Overall Analysis
- The data suggests that the company experienced robust market confidence and growth up until early 2015, as indicated by the sharp increase in share price and elevated P/BV ratios. The subsequent decline in share price and P/BV ratio, despite the continued growth in BVPS, may reflect market adjustments possibly due to changing economic conditions, industry dynamics, or company-specific events. The steady increase in book value per share signals underlying fundamental strength, whereas the volatility in market pricing indicates variability in investor sentiment and market perceptions during the period analyzed.