Markel's goal is to compound
book value per share at a high rate over a long period of time.
Even as the shares dipped down below the 1.2 times book value threshold during both January and February of this year, if you base it on a buyback price calculated on Berkshire's
book value per share at the end of 2015.
Not exact matches
«In prior years, I explained why buying back our stock
at tangible
book value per share was a no - brainer..
«Berkshire's gain in net worth during 2017 was $ 65.3 billion, which increased the
per -
share book value of both our Class A and Class B stock by 23 %... A large portion of our gain did not come from anything we accomplished
at Berkshire.
Offering bank investors a view of the company stock, Dimon contended that it still made financial sense for JPMorgan to buy back
shares «even
at or above two times tangible
book value»
per share, which was $ 53.56
at year - end.
BXMT executed this offer
at 1.2 x price - to -
book, capturing a favorable price for the stock and driving a $ 0.41 increase in
book value per share during the quarter.
Given your belief that Berkshire's intrinsic
value continues to exceed its
book value with the difference continuing to widen over time, are we
at a point where it makes sense to consider buying back stock
at a higher break point that Berkshire currently has in place and would you ever consider stepping in buying back
shares that did dip down below 1.2 times
book value per share even if that prior years» figure had not yet been released?
A:
At the end of March, AIG's stated
book value was $ 80
per share.
According to a note from Macquarie Equities, «with a
book value per share of around $ 1.30 and farmers have purchased
shares at $ 1 - $ 1.20, so we think any whole company proposal would need to reflect good
value to achieve the 75 - 90
per cent required farmer sign - off (under various structures).»
For an investment portfolio of $ 1,325
per share,
at 7 % tax equivalent returns, Markel should earn $ 93
per share in equity next year, growing
book value by 17 % ($ 93
per share added to $ 543
per share).
However, if I look
at the developement of
book values for financial companies, I always look
at both, stated and tangible
book value per share.
Returning to the example of Invitation Homes, while privately - owned
at $ 6.36
per share book value, investors earned approximately 8.75 % annualized current income.
ARMOUR Residential reported a
book value of $ 7.29
per share at the end of the fourth quarter 2012, yet it continuously declined to $ 4.67 in the first quarter of 2014.
Each shareholder's ownership interest is calculated by dividing Equity by the number of
shares outstanding
at the measurement date -
book value per share.
In this case, XYZ is priced
at $ 130
per share (P / B of 1.3 times $ 100
book value), and is producing $ 13
per share in earnings (13 % ROE on $ 100
book value).
It sports the highest average three - year earnings -
per -
share growth rate
at 77 % and has a modest
book value multiple of 0.9.
But looking
at Shareholder Equity, (and dividing that by the number of
shares held to get the
book value per share) if a company is able to earn, say, $ 1.50 on a stock whose
book value is $ 10, that's a 15 % return.
At spin - off,
book value per share (approximately equal to cash
per share) was about $ 7.88 (undiluted).
At first blush buying Compton at this price might look like a steal; At the end of the 1Q 2012 Compton had a per - share book value of $ 10.5
At first blush buying Compton
at this price might look like a steal; At the end of the 1Q 2012 Compton had a per - share book value of $ 10.5
at this price might look like a steal;
At the end of the 1Q 2012 Compton had a per - share book value of $ 10.5
At the end of the 1Q 2012 Compton had a
per -
share book value of $ 10.54.
At year - end 2009,
book value per share had fallen to $ 41, though cash and marketable securities had increased slightly to about $ 24.60
per share.
At the end of the 3rd quarter, per - share book value stood at close to $ 41 and per - share cash at $ 26.3
At the end of the 3rd quarter,
per -
share book value stood
at close to $ 41 and per - share cash at $ 26.3
at close to $ 41 and
per -
share cash
at $ 26.3
at $ 26.30.
BBND's tangible
book value at 31 March was $ 142M or $ 2.10
per share (~ 80 % of BBND's assets are cash and short term investments and it has no debt).
If you run the same numbers as above, but
at $ 45
per share, buybacks would be accretive to earnings and approximately break even to tangible
book value — still attractive but far less so.
Many reinsurance and insurance companies aim
at growing fully convertible
book value per share.
At March 31, 2012, after giving pro forma effect to our receipt of the net proceeds of this offering, we would have had a pro forma net tangible
book value of $ 10,194,760, or $ 2.76
per share.
Our net tangible
book value at March 31, 2012 was $ 0.24
per share and was determined by dividing our actual net tangible
book value (total
book value of tangible assets less total liabilities) on that date, by the number of outstanding
shares (1,249,446) on March 31, 2012.
In that case, like Buffett, we look
at the stock like a bond, and look for growth in the
book value per share to drive the growth in the price.
Book value remains the starting point — NAV «s
at EUR 6.305
per share, and this puts FBD on a current 1.32 Price /
Book.
This is a
book that starts with a simple premise: buy stocks
at a fraction of the
per share intrinsic
value of the company, conservatively calculated.
Noting the premiums Big Food's paying for small fast - growing natural / organic / authentic brands, Nomadic may be worth a multiple of its current
book value — the $ 47.5 million
share redemption this week
at a premium $ 9.25
per share might well reflect an NAV adjusted for Nomadic's potential sale
value.
but
at least # 2 million (which is pretty substantial vs. ARGO's market cap) was ultimately returned to shareholders,
book value per share was enhanced, the
share price benefited, and a liquidity / exit opportunity was presented to investors.
With adjusted NAV now
at $ 19.33
per share, the
share price has recently exceeded
book value.
Given your belief that Berkshire's intrinsic
value continues to exceed its
book value with the difference continuing to widen over time, are we
at a point where it makes sense to consider buying back stock
at a higher break point that Berkshire currently has in place and would you ever consider stepping in buying back
shares that did dip down below 1.2 times
book value per share even if that prior years» figure had not yet been released?
At spinoff, the company had about $ 188 million in
book value (about $ 7.88
per share), most of this cash, plus certain of Myriad Genetics oncology R&D efforts (what I will call the IP assets).
For example, I suspect the M&A
value of Nomadic Dairy is significantly higher than its current
book value — this
value differential could be pretty meaningful to what will be a sub-40 million mkt cap company & likely explains why management's obviously comfortable buying back
shares at a premium to the current (under --RRB- stated
book value per share.
At a
book value of $ 0.19
per share and no revenue since 2003, how exactly do you think that OXGN is worth more than what it's trading for?
At its $ 12 close yesterday HAWK has a market capitalization of $ 142M, which is 30 % of its $ 443M or $ 36.6 per share in tangible book value as at March 3
At its $ 12 close yesterday HAWK has a market capitalization of $ 142M, which is 30 % of its $ 443M or $ 36.6
per share in tangible
book value as
at March 3
at March 31.
Book value per share has increased
at an annual rate of over 7 % over the past 5 years.
A glance
at key statistics shows cash ($ 2.4 B) far higher than debt ($ 1.57 B) and a
book value per share of $ 8.55.
The
shares are also priced
at 1.95 x tangible
book value so investors should get 20.11 / 1.95 = 10.31 % return on the equity they hold
per share.