Price/Book Multiples

The data used (i.e., share prices and book value of equity) for the P/B multiples is based on market data and the most recently available results published by the respective companies in their annual or interim reports. As analysts’ estimates for the future book value of equity are only available to a limited extent, no forward P/B multiples are calculated.

For comparison purposes, median multiples have been calculated. The bar charts additionally illustrate the interquartile range (IQR) for each sector, based on the full multiples universe of the individual companies in each sector. The IQR represents the middle 50 % of observations in each sector, i.e. the range between the first and third quartiles. 

Companies with negative multiples are excluded from the calculation.

The P/B multiples include the financial services sector (i.e., banks, capital markets, financial services, and insurances).