Session 17 - PBV Ratios
Aswath ran1!
Price- ‐BookValueRaFo:DefiniFon2! holders’equityinthebalancesheet.Price/BookValue MarketValueofEquity/BookValueofEquity wegetValue/Book (MarketValueofEquity Debt)/(BookValueofEquity Debt)EV/InvestedCapital (MarketValueofEquity Debt–Cash)/(BookValueofEquity Debt–Cash))Aswath Damodaran!2!
January20133!Aswath Damodaran!3!
PriceBookValueRaFo:StableGrowthFirm4! Goingbacktoasimpledividenddiscountmodel,P0 DPS1r gnDefiningthereturnonequity(ROE) EPS0/BookValueof* ROEc* Payout* (1ri en g )Equity,thevalueoP f eBVquityanbRatioewas:00nr-gnP0ROE * Payout Ratio * (1 g n ) PBV BV 0r-gn dto, PBV BVr-g0 Aswath Damodaran!0n4!
Fon5! growthtothereturnonequity:g (1- ,P0ROE - g n PBV BV0r-gn Theprice- eofreturnonitsprojects.Aswath Damodaran!5!
LookingforundervaluedsecuriFes- ‐PBVRaFosandROE6! GiventherelaFonshipbetweenprice- lddrawa price- ‐bookvalueraFosandreturnsonequity- Aswath Damodaran!6!
RISCHEHYPO- ‐UNDVEREINSBCOMMERZBANKAGDEUTSCHEBANKAG- 91.231.661.72- ‐1.66%- 2.592.9410.28%20.18%18.50%21.91%19.93%19.66%7!
Themediantest 8! be: swath Damodaran!8!
Howaboutthismechanism?9! darddeviaFoninstockprices(asaproxyforrisk).PBV 2.27 3.63ROE(5.56)(3.32)Rsquaredofregression 79%Aswath Damodaran!- ‐2.68Stddev(2.33)9!
AndthesepredicFons?10!Aswath Damodaran!10!
TheValuaFonMatrix11!MV/BVOvervaluedLow ROEHigh MV/BVHigh ROEHigh MV/BVROE-rLow ROELow MV/BVAswath Damodaran!UndervaluedHigh ROELow MV/BV11!
tates:January201012!Aswath Damodaran!12!
Bringingitalltogether LargestUSstocks13!Aswath Damodaran!13!
BV0 *ROE*Payout Ratio *(1 gn) r-g n P0 BV 0 PBV ROE*Payout Ratio *(1 gn) r-g n P0 BV 0 PBV ROE*Payout Ratio r-g n. 5! Price&Book&Value&Rao:&Stable&Growth&Firm& Another&Presentaon& Aswath Damodaran! 5!! & relang&growth&to&the&return&on&equity:&
4 PBV Valve Flanged Floating Ball Valve Designs, Specifying Valve Figure Numbers Specifying PBV Valve Figure Numbers Example: C-6410-31-2236-FT-NL-IThis number represents a Carbon Steel, Full 2-piece Body, Stem Packed Flanged Floating Type, Class 150 Ball Valve, Fire Tested, with Raised Face End Connections,
profitability ratio, solvency ratio, liquidity ratio and asset turnover ratio. The financial ratios of ROA, DER, CR, TATO and PBV in the consumer goods industry sub-sector companies for the period 2016-2019 seem to fluctuate, namely the DER, CR, and PBV ratios while the ROA and TATO ratios tend to
PBV ball valves are built to easily accept pneumatic, elec-tric, hydraulic or gas-over-oil actuators. Break-away and run torque, which normally affect actuator sizing, are minimized to allow for economical actuator packages. Actuated ball valves may be supplied directly from PBV under a single warranty. Valve/Actuator assemblies can be .File Size: 310KB
6. A summary of the five main categories of selected financial ratios over the period being analyzed are: a. Internal liquidity ratios b. Operating efficiency ratios c. Operating profitability ratios d. Business risk (operating) analysis ratios e. Financial risk (leverage) analysis ratios 7.
Financial ratios can be classified into ratios that measure: (1) profitability, (2) liquidity, (3) management efficiency, (4) leverage, and (5) valuation and growth (Syamsuddin, 2009). In this study, for the purpose of financial ratio analysis, we use four ratios, namely liquidity ratios, activity ratios, leverage ratios, profitability ratios.
Primary Trigonometric Ratios There are six possible ratios of sides that can be made from the three sides. The three primary trigonometric ratios are sine, cosine and tangent. Primary Trigonometric Ratios Let ABC be a right triangle with \A 6 90 . Then, the three primary trigonometric ratios for \A are: Sine: sinA opposite hypotenuse Cosine .
between stock price and profitability ratios. On the other hand, for the automotive companies traded in stock exchanges in other countries, stock price is seen to be affected by liquidity ratios, financial structure ratios, activity ratios, and profitability ratios. Keywords: Finance, Financial Ratio, Stock Price, Panel Data, Automotive Sector
ComponentSpace SAML for ASP.NET Okta Integration Guide 1 Introduction This document describes integration with Okta as the identity provider. For information on configuring Okta for SAML SSO, refer to the following articles.
