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The answer could be that the market is unfairly battering the company, but it's equally probable that the stated book value does not represent the real value of the assets. Companies account for their assets in different ways in different industries, and sometimes even within the same industry. This muddles book value, creating as many value traps as value opportunities. You need to know how aggressively a company has been depreciating its assets. This involves going back through several years of financial statements.
If quality assets have been depreciated faster than the drop in their true market value , you've found a hidden value that may help hold up the stock price in the future. Manufacturing companies offer a good example of how depreciation can affect book value. These companies have to pay huge amounts of money for their equipment, but the resale value for equipment usually goes down faster than a company is required to depreciate it under accounting rules.
As the equipment becomes outdated, it moves closer to being worthless. With book value, it doesn't matter what companies paid for the equipment. It only matters what they can sell it for. If the book value is based largely on equipment, rather than something that doesn't rapidly depreciate oil, land, etc. Even when the assets are financial in nature, and not prone to depreciation manipulation, the mark-to-market MTM rules can lead to overstated book values in bull markets and understated values in bear markets.
An investor looking to make a book value play has to be aware of any claims on the assets, especially if the company is a bankruptcy candidate. Usually, links between assets and debts are clear, but this information can sometimes be played down or hidden in the footnotes. Like a person securing a car loan by using their house as collateral , a company might use valuable assets to secure loans when it is struggling financially. In this case, the value of the assets should be reduced by the size of any secured loans tied to them.
This is especially important in bankruptcy candidates because the book value may be the only thing going for the company, so you can't expect strong earnings to bail out the stock price when the book value turns out to be inflated. Critics of book value are quick to point out that finding genuine book value plays has become difficult in the heavily-analyzed U. Oddly enough, this has been a constant refrain heard since the s, yet value investors continue to find book value plays.
The companies that have hidden values share some characteristics:. Even if you've found a company that has true hidden value without any claims on it, you have to wait for the market to come to the same conclusion before you can sell for a profit. Corporate raiders or activist shareholders with large holdings can speed up the process, but an investor can't always depend on inside help. For this reason, buying purely on book value can actually result in a loss, even when you're right!
The lower-risk bond would have similar results over the same period. Ideally, the price difference will be noticed much more quickly, but there is too much uncertainty in guessing the time it will take the market to realize a book value mistake, and that has to be factored in as a risk.
That said, looking deeper into book value will give you a better understanding of the company. In some cases, a company will use excess earnings to update equipment rather than pay out dividends or expand operations. While this dip in earnings may drop the value of the company in the short term , it creates long-term book value because the company's equipment is worth more and the costs have already been discounted.
On the other hand, if a company with outdated equipment has consistently put off repairs, those repairs will eat into profits at some future date. This tells you something about book value as well as the character of the company and its management. Book value shopping is no easier than other types of investing; it just involves a different type of research. The best strategy is to make book value one part of what you look for.
You shouldn't judge a book by its cover, and you shouldn't judge a company by the cover it puts on its book value. In theory, a low price-to-book-value ratio means you have a cushion against poor performance.
In practice, it is much less certain. Outdated equipment may still add to book value, whereas appreciation in property may not be included. If you are going to invest based on book value, you have to find out the real state of those assets. Financial Ratios. Value Stocks. Tools for Fundamental Analysis. Your Money. Personal Finance. Your Practice.
Specifically, it compares the company's stock price to its book value per share BVPS. The market capitalization company's value is its share price multiplied by the number of outstanding shares. The book value is the total assets - total liabilities and can be found in a company's balance sheet. In other words, if a company liquidated all of its assets and paid off all its debt, the value remaining would be the company's book value. The ratio is calculated as follows:. One measure commonly used is return on equity ROE which indicates how much profit a company generates from shareholders' equity.
But determining a standard and an acceptable price-to-book ratio isn't always easy. As mentioned above, this varies by industry. Value Stocks. Financial Ratios. Tools for Fundamental Analysis. Your Money.
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