Sentences with phrase «low tangible book value»
It has a low tangible book value relative to market cap, meaning the balance sheet has a lot of goodwill / intangibles.
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For him, that means finding companies that trade below tangible book value, have low P / E multiples and strong cash flows.
In fact, its price to tangible book value hasn't been this low since the late 1980s.
Vanshap employs a research - intensive process to identify businesses run by disciplined management teams trading at low multiples of tangible book value or cash earnings.
Finally, looking at valuation, European banks traded at a material discount to tangible book value, one standard deviation3 below their historic forward price - earnings multiple, and near a 20 - year low relative to global banking peers as the year came to a close.4 We are also finding select financial sector values in Asia, in both mature, under - earning banking markets like South Korea and Singapore, as well as underpenetrated, growth - oriented markets like China (particularly in insurance) and India (particularly in banking).
The effects of piracy can range from the tangible (lost sales, lower author royalties) to the intangible (decline in the perception of the value of a book).
The only conclusion that could be gleaned from this 10 - year backtest is that price to tangible book value might be slightly better at identifying value opportunities than the standard price - to - book ratio for stocks with the lowest price ratios.
I thought the 5th quintile would also result in lower average excess return for price to tangible book value given that it outperformed in the 1st quintile.
Interesting and sometimes compelling idea that may be very illiquid, may be a probability bet with a favourable asymmetrical reward to risk ratio, or may simply be a low quality business that is very cheap relative on a net - net working capital or price / tangible book value basis.
Two areas worthy of further study are low price - to - book value stocks and low price - to - tangible book value stocks.