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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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Walmart Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
The analyzed financial ratios reveal several notable trends over the observed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates considerable fluctuations with an overall increasing pattern in the early periods, peaking around January 2022 at approximately 47.43. After this peak, the ratio declines significantly, falling to the mid-20s range by April 2023, before experiencing a resurgence to values in the range between 30 and 40 in the most recent quarters. This volatility suggests changing investor expectations regarding earnings and possible market uncertainties affecting valuation.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio similarly exhibits variability, increasing steadily from around 15.69 in April 2020 to a peak near 26.75 in October 2024. The ratio shows some short-term declines but generally trends upwards. This indicates that market valuations relative to operating profits have generally increased, potentially signaling enhanced investor confidence in operating performance or higher valuations placed on operating profitability in later periods.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a gradual upward trajectory across the timeline. It moves from a low of approximately 0.60 to 0.62 in the earlier periods before rising consistently to more than 1.10 in the latest periods. This steady increase can suggest growing investor willingness to pay more relative to sales revenue, possibly reflecting expectations of improved sales growth, profitability margins, or competitive positioning.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts around 4.44 and generally trends upwards with some fluctuations. Significant increases are noted particularly towards the latter quarters, reaching values above 8.0 and peaking near 9.28 before slight decreases. The increasing P/BV ratio may be indicative of rising market value relative to the company's book value, implying that investors are attributing greater intangible value or growth prospects beyond the net asset value.
Overall, the data suggest that market valuations relative to earnings, operating profits, sales, and book value have risen over time, albeit with periods of volatility. The upward trends in the price ratios reflect shifting investor sentiment that increasingly values the company more highly relative to fundamental financial measures, potentially forecasting optimism about future growth and profitability despite some cyclical fluctuations.
Price to Earnings (P/E)
Walmart Inc., historical P/E calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Consolidated net income (loss) attributable to Walmart (in millions) | ||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Consolidated net income (loss) attributable to WalmartQ2 2026
+ Consolidated net income (loss) attributable to WalmartQ1 2026
+ Consolidated net income (loss) attributable to WalmartQ4 2025
+ Consolidated net income (loss) attributable to WalmartQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits an overall upward trajectory from April 2019 through July 2025 with some fluctuations. Initial values around the mid-30s to high 40s US dollars gradually increased, exhibiting volatility especially around 2020-2021, where it ranged between the low 40s and low 50s. Post-2021, a more pronounced upward trend is observable, with the share price reaching above 90 US dollars by late 2024 and stabilizing around the mid-90s towards mid-2025. This denotes significant market confidence and value appreciation over the period.
- Earnings Per Share (EPS) Pattern
- EPS data begins from January 2020, starting at 1.75 US dollars, with some fluctuations throughout the analyzed periods. There is an observable decline in EPS around early 2021, dropping below 1.5 US dollars, followed by recovery and growth phases. By 2024-2025, the EPS figures tend to stabilize around the 2.3 to 2.7 US dollar range, indicating improved profitability per share in recent quarters. The intermittent dips suggest episodic challenges which were later followed by recovery.
- Price-to-Earnings (P/E) Ratio Movements
- The P/E ratio shows notable volatility within the quarter data. Starting at approximately 21.69 in early 2020, the ratio peaked significantly to over 40 in late 2020 and early 2021. Following this peak, the ratio experiences fluctuations generally ranging from the mid-20s to high 30s over the subsequent quarters, with sharp rises and falls corresponding to periods of EPS decline and recovery. The elevated P/E ratios during times of lower EPS suggest that market valuations were optimistic relative to earnings at those points, while lower P/E values later likely reflect a balancing between price and earnings growth.
- Overall Interpretation
- The financial metrics collectively indicate a company that has experienced growth in share value alongside fluctuating earnings and variable market sentiment as represented by the P/E ratio. The steady increase in the share price, especially in recent years, coupled with a recovering and stable EPS, points toward a strengthening financial position and investor confidence. The volatility in P/E suggests sensitivity to earnings variability and market expectations, which is typical in dynamic market environments.
Price to Operating Profit (P/OP)
Walmart Inc., historical P/OP calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several notable trends concerning the share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed periods.
- Share Price
- The share price showed a general upward trajectory from April 2019 to July 2025, increasing from $35.35 to $96.98. There were fluctuations within this overall growth trend, with periodic dips observed in some quarters, such as early 2021 and early 2025. However, the broader tendency is positive, with accelerated growth particularly evident from 2023 onwards, suggesting increasing market confidence or improved company performance perceptions over this timeframe.
- Operating Profit Per Share
- Operating profit per share data commences from January 2020, initially recorded at $2.42. Subsequently, this metric exhibited a steady incremental increase moving from $2.42 to a peak of $3.71 in July 2024, followed by a slight decrease towards $3.64 by July 2025. The rise in operating profit per share indicates improved operational efficiency or profitability across the periods, though the minor decline near the later dates may warrant attention for potential emerging challenges.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio reflects the relative valuation of the share price to the operating profit per share. It started at 15.69 in April 2020 and experienced variations with notable peaks reaching above 26 by early 2025. This upward movement suggests that the share price growth outpaced that of the operating profit per share during certain intervals, possibly indicating heightened investor expectations or market optimism about future profitability. The rising P/OP ratio also implies that shares became relatively more expensive compared to the earnings generated, which may present valuation considerations.
Price to Sales (P/S)
Walmart Inc., historical P/S calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibits notable fluctuations over the analyzed periods. Initially, it increased from $35.35 in April 2019 to a peak around $50.17 in October 2020. Following this peak, a period of volatility is observed with declines and recoveries that brought the share price back to lower levels near $41.77 in April 2022. From this point forward, a general upward trend has emerged, culminating in a significant rise to $97.47 by April 2025, indicating strong market performance in recent quarters.
Sales per share data begins in January 2020 at $61.19 and demonstrates a steady incremental growth trend throughout the periods. This consistent increase reaches $86.11 by April 2025. The gradual rise suggests ongoing improvement in the company’s revenue-generating capability on a per-share basis.
The Price-to-Sales (P/S) ratio, where available, shows variations that correspond with movements in both share price and sales per share. Starting at 0.62 in January 2020, it fluctuates moderately, peaking at 0.94 in October 2024 and then rising further to 1.15 by January 2025, before stabilizing slightly below this at 1.13 in April 2025. The upward trend in the P/S ratio in recent years reflects growing investor valuation relative to sales, suggestive of improved market sentiment or expectations of profitability.
- Share Price Trends
- Initial growth with peaks near late 2020, followed by volatility and a dip into early 2022, then a strong recovery and significant increase by early 2025.
- Sales Per Share Trends
- Consistent and gradual increase from early 2020 through 2025, suggesting steady revenue growth per share.
- Price-to-Sales Ratio (P/S)
- Fluctuating with a moderate increase, especially notable from 2023 onwards, indicating rising market valuation relative to sales.
Price to Book Value (P/BV)
Walmart Inc., historical P/BV calculation (quarterly data)
| Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||||||
| Total Walmart shareholders’ equity (in millions) | ||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | ||||||||||||||||||||||||||||||||||
| Target Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Walmart shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Walmart Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend across the observed periods. Starting at $35.35 in April 2019, the price experienced fluctuations but generally increased, reaching $49.23 by July 2020. After a minor decline to $43.91 in January 2021, the price resumed growth and showed significant appreciation by the end of the period, peaking at $97.47 in April 2025. Notably, strong growth phases occurred between July 2023 and October 2024, with the share price nearly doubling from $53.86 to $95.7 before some volatility in early 2025.
- Book Value per Share (BVPS) Trend
- The book value per share displayed a more stable and gradual growth trajectory compared to the share price. Beginning at $7.96 in April 2019, BVPS saw moderate increases and occasional small declines but generally maintained a range between approximately $8.0 and $11.35 throughout the periods. The fluctuations appeared mild, with no drastic changes, indicating consistent asset base or equity growth relative to the number of shares outstanding. BVPS reached its highest levels around early 2025, approximately $11.3, reflecting a slow but steady improvement in the underlying equity per share.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio demonstrated significant volatility throughout the analysis period. Initially around 4.44 in April 2019, it rose and fell in multiple cycles, reflecting changes in investor valuation relative to the company's book value. Notable spikes occurred in periods such as April 2020 (5.12), October 2022 (5.72), and a substantial increase leading to a peak ratio of 9.28 in April 2025. This peak ratio corresponds to the high share prices relative to relatively stable book values, suggesting that market valuation outpaced the growth in net asset value per share. Fluctuations in P/BV ratios likely indicate changing market sentiment, growth expectations, or external economic factors affecting investor perception of value.
- Overall Insights
- The data suggests a strong appreciation in market valuation of the company over the analyzed periods, outstripping underlying book value growth. Gradual increases in BVPS point to steady, incremental strengthening of equity, while the more pronounced variability in share price and P/BV ratio reflect market dynamics, investor optimism, or possibly speculative tendencies. The divergence between rising share prices and comparatively modest BVPS changes underline an increasing premium placed by the market on the company’s shares.