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).
Historical Valuation Ratios (Summary)
Time Warner Cable Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Time Warner Cable Inc. P/E ratio increased from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Time Warner Cable Inc. P/OP ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Time Warner Cable Inc. P/S ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Time Warner Cable Inc. P/BV ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |
Price to Earnings (P/E)
Time Warner Cable Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 284,701,320 | 283,270,372 | 283,197,551 | 282,974,273 | 282,518,129 | 280,900,337 | 280,494,496 | 279,488,788 | 278,611,548 | 277,451,193 | 281,889,889 | 285,782,369 | 290,963,329 | 295,513,813 | 301,773,738 | 306,365,442 | 312,494,366 | 314,086,417 | 319,111,613 | 325,183,164 | 336,401,682 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to TWC shareholders (in millions) | 494) | 486) | 437) | 463) | 458) | 554) | 499) | 499) | 479) | 540) | 532) | 481) | 401) | 513) | 808) | 452) | 382) | 564) | 356) | 420) | 325) | |||||||
| Earnings per share (EPS)2 | 6.60 | 6.51 | 6.75 | 6.98 | 7.11 | 7.23 | 7.19 | 7.33 | 7.29 | 7.04 | 6.84 | 7.71 | 7.47 | 7.29 | 7.31 | 5.73 | 5.51 | 5.30 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 210.79 | 184.99 | 191.82 | 190.84 | 155.52 | 149.74 | 142.88 | 145.10 | 140.40 | 144.98 | 120.15 | 117.68 | 92.19 | 86.94 | 91.93 | 87.94 | 81.14 | 77.66 | 65.17 | 73.43 | 76.26 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 31.92 | 28.42 | 28.41 | 27.36 | 21.86 | 20.71 | 19.87 | 19.78 | 19.25 | 20.59 | 17.58 | 15.27 | 12.34 | 11.92 | 12.58 | 15.36 | 14.72 | 14.65 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
EPS
= (Net income attributable to TWC shareholdersQ1 2016
+ Net income attributable to TWC shareholdersQ4 2015
+ Net income attributable to TWC shareholdersQ3 2015
+ Net income attributable to TWC shareholdersQ2 2015)
÷ No. shares of common stock outstanding
= (494,000,000 + 486,000,000 + 437,000,000 + 463,000,000)
÷ 284,701,320 = 6.60
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/E ratio = Share price ÷ EPS
= 210.79 ÷ 6.60 = 31.92
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/E ratio | The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. | Time Warner Cable Inc. P/E ratio increased from Q3 2015 to Q4 2015 and from Q4 2015 to Q1 2016. |
Price to Operating Profit (P/OP)
Time Warner Cable Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 284,701,320 | 283,270,372 | 283,197,551 | 282,974,273 | 282,518,129 | 280,900,337 | 280,494,496 | 279,488,788 | 278,611,548 | 277,451,193 | 281,889,889 | 285,782,369 | 290,963,329 | 295,513,813 | 301,773,738 | 306,365,442 | 312,494,366 | 314,086,417 | 319,111,613 | 325,183,164 | 336,401,682 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 1,145) | 1,125) | 1,001) | 1,029) | 1,084) | 1,226) | 1,151) | 1,163) | 1,092) | 1,173) | 1,160) | 1,187) | 1,060) | 1,169) | 1,094) | 1,140) | 1,042) | 1,029) | 1,002) | 1,063) | 975) | |||||||
| Operating profit per share2 | 15.10 | 14.96 | 15.32 | 15.87 | 16.37 | 16.49 | 16.32 | 16.42 | 16.55 | 16.51 | 16.23 | 15.78 | 15.34 | 15.04 | 14.27 | 13.75 | 13.24 | 12.96 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 210.79 | 184.99 | 191.82 | 190.84 | 155.52 | 149.74 | 142.88 | 145.10 | 140.40 | 144.98 | 120.15 | 117.68 | 92.19 | 86.94 | 91.93 | 87.94 | 81.14 | 77.66 | 65.17 | 73.43 | 76.26 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 13.96 | 12.36 | 12.52 | 12.03 | 9.50 | 9.08 | 8.75 | 8.84 | 8.48 | 8.78 | 7.40 | 7.46 | 6.01 | 5.78 | 6.44 | 6.39 | 6.13 | 5.99 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
Operating profit per share
= (Operating incomeQ1 2016
+ Operating incomeQ4 2015
+ Operating incomeQ3 2015
+ Operating incomeQ2 2015)
÷ No. shares of common stock outstanding
= (1,145,000,000 + 1,125,000,000 + 1,001,000,000 + 1,029,000,000)
÷ 284,701,320 = 15.10
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 210.79 ÷ 15.10 = 13.96
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/OP ratio | Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. | Time Warner Cable Inc. P/OP ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |
Price to Sales (P/S)
Time Warner Cable Inc., historical P/S calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 284,701,320 | 283,270,372 | 283,197,551 | 282,974,273 | 282,518,129 | 280,900,337 | 280,494,496 | 279,488,788 | 278,611,548 | 277,451,193 | 281,889,889 | 285,782,369 | 290,963,329 | 295,513,813 | 301,773,738 | 306,365,442 | 312,494,366 | 314,086,417 | 319,111,613 | 325,183,164 | 336,401,682 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in millions) | 6,191) | 6,072) | 5,922) | 5,926) | 5,777) | 5,790) | 5,714) | 5,726) | 5,582) | 5,577) | 5,518) | 5,550) | 5,475) | 5,485) | 5,363) | 5,404) | 5,134) | 4,993) | 4,911) | 4,944) | 4,827) | |||||||
| Sales per share2 | 84.69 | 83.66 | 82.68 | 82.01 | 81.44 | 81.21 | 80.57 | 80.16 | 79.78 | 79.73 | 78.14 | 76.54 | 74.67 | 72.37 | 69.24 | 66.72 | 63.94 | 62.64 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 210.79 | 184.99 | 191.82 | 190.84 | 155.52 | 149.74 | 142.88 | 145.10 | 140.40 | 144.98 | 120.15 | 117.68 | 92.19 | 86.94 | 91.93 | 87.94 | 81.14 | 77.66 | 65.17 | 73.43 | 76.26 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 2.49 | 2.21 | 2.32 | 2.33 | 1.91 | 1.84 | 1.77 | 1.81 | 1.76 | 1.82 | 1.54 | 1.54 | 1.23 | 1.20 | 1.33 | 1.32 | 1.27 | 1.24 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
Sales per share
= (RevenueQ1 2016
+ RevenueQ4 2015
+ RevenueQ3 2015
+ RevenueQ2 2015)
÷ No. shares of common stock outstanding
= (6,191,000,000 + 6,072,000,000 + 5,922,000,000 + 5,926,000,000)
÷ 284,701,320 = 84.69
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= 210.79 ÷ 84.69 = 2.49
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/S ratio | An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. | Time Warner Cable Inc. P/S ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |
Price to Book Value (P/BV)
Time Warner Cable Inc., historical P/BV calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 284,701,320 | 283,270,372 | 283,197,551 | 282,974,273 | 282,518,129 | 280,900,337 | 280,494,496 | 279,488,788 | 278,611,548 | 277,451,193 | 281,889,889 | 285,782,369 | 290,963,329 | 295,513,813 | 301,773,738 | 306,365,442 | 312,494,366 | 314,086,417 | 319,111,613 | 325,183,164 | 336,401,682 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total TWC shareholders’ equity (in millions) | 9,357) | 8,995) | 8,745) | 8,508) | 8,140) | 8,013) | 7,905) | 7,410) | 7,094) | 6,943) | 6,662) | 6,708) | 6,938) | 7,279) | 7,609) | 7,357) | 7,518) | 7,530) | 7,647) | 8,041) | 8,632) | |||||||
| Book value per share (BVPS)2 | 32.87 | 31.75 | 30.88 | 30.07 | 28.81 | 28.53 | 28.18 | 26.51 | 25.46 | 25.02 | 23.63 | 23.47 | 23.84 | 24.63 | 25.21 | 24.01 | 24.06 | 23.97 | 23.96 | 24.73 | 25.66 | |||||||
| Share price1, 3 | 210.79 | 184.99 | 191.82 | 190.84 | 155.52 | 149.74 | 142.88 | 145.10 | 140.40 | 144.98 | 120.15 | 117.68 | 92.19 | 86.94 | 91.93 | 87.94 | 81.14 | 77.66 | 65.17 | 73.43 | 76.26 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 6.41 | 5.83 | 6.21 | 6.35 | 5.40 | 5.25 | 5.07 | 5.47 | 5.51 | 5.79 | 5.08 | 5.01 | 3.87 | 3.53 | 3.65 | 3.66 | 3.37 | 3.24 | 2.72 | 2.97 | 2.97 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Alphabet Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Comcast Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Meta Platforms Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Netflix Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Walt Disney Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2016 Calculation
BVPS = Total TWC shareholders’ equity ÷ No. shares of common stock outstanding
= 9,357,000,000 ÷ 284,701,320 = 32.87
3 Closing price as at the filing date of Time Warner Cable Inc. Quarterly or Annual Report.
4 Q1 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= 210.79 ÷ 32.87 = 6.41
5 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Time Warner Cable Inc. P/BV ratio decreased from Q3 2015 to Q4 2015 but then increased from Q4 2015 to Q1 2016 exceeding Q3 2015 level. |