Goldman trades at 25.4 times its book value; Morgan Stanley trades at 433 times its book value; and Bank of America, which now owns Merrill Lynch, trades at just more than half its book value.
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Bank of America was trading at 1.85 times book value, and Citi, the cheapest, came in at 1.28 times book value.
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COOPERMAN: THE BOOK VALUE IS – THE BOOK VALUE IS – THE VALUE OF A BOOK IS A FUNCTION OF THE RETURN ON BOOK.
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Currently, the S&P 500 is trading at 280 percent of book value; his portfolio is trading under 70 percent of book value.
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The book value of Immofinanz's Moscow assets, currently 1.2 billion euros, makes up a quarter of the book value of its overall portfolio.
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Price-to-book-value comparisons stack the underlying company's book value, or the value of all of its hard assets, against its trading price.
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Valuations at the money center banks are even more attractive at 0.7x book value, 0.9x tangible book value, and a 1.8 percent dividend yield.
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So, that book value multiple has less to do with book value than it has to do with the earnings multiple and how much we're earning.
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"Most important growth assets are intangible which in many cases are not captured in book value and retained earnings, making the usefulness of book value and earnings questionable," Fraser-Jenkins said.
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Valuations are a key consideration - PSBC is offering its shares near 13 time its book value, while Chinese banks trade on average at 0.7 times their book value on the stock market.
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They have a hard book value of $9 a share, and their deferred tax asset, which is part of book value, is another $4.50 a share," he told CNBC's "Fast Money: Halftime Report.
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Tangible book value per share increased 6 percent to $67.32.
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It also created capital, by retiring debt below book value.
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And it's got a current book value of around $20.
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People close to the matter have said in the past that the book value of Addiko was 21 million euros, meaning the listing would value the lender at 20.8786-0.52 times its book value.
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According to our numbers, the average large-cap regional bank now trades at just 1.0x book value, 1.3x tangible book value (excludes goodwill and other intangible assets), and carries a 2.6 percent dividend yield.
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They are trading at 0.74 times book value, not 0.69 times.
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Its shares would look artificially cheap compared with their book value.
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Its share price is just a shade below net book value.
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The deal values AFB at 1.3 times book value, MBSB said.
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But book value, or assets minus liabilities, was up 503 percent.
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They're trading below book value as are as are you still.
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The price exceeds DBS's net book value per share by 50%.
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One is measuring Berkshire's own book value and how this increases.
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Goldman's book value has grown every year for the last decade.
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The number is labeled "book value" on a company's balance sheet.
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The book value of the asset is $20 million, it added.
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Its stockmarket worth is 15% below the book value of its assets.
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So, at $160 billion of market cap, we run about book value.
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The stock had fallen to book value, according to Thomson Reuters data.
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Credit Suisse shares are trading in line with its tangible book value.
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At 1.4 times book value, TIAA is paying a fairly high premium.
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But it still trades at 1.3 times tangible book value, above peers.
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Wells Fargo now commands almost 1.6 times book value in the market.
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It was ridiculous -- we were trading below book value in the summer.
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You have to look at them at a price-to-book value.
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But analysts noted that even at the low end of the pricing range, PSBC's shares had a top-heavy valuation at a bit above book value, compared with other mainland banks priced at around 0.8 times book value.
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In a second step towards the envisaged merger, Immofinanz aims to demerge or sell its Russian portfolio, consisting of five Moscow shopping centers with a book value of around 1.2 billion euros — a quarter of its book value.
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While most large Chinese banks including Industrial and Commercial Bank of China Ltd and Agricultural Bank of China Ltd trade at prices below their book value, PSBC plans to sell shares close to book value, the sources added.
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The sale price valued the bank at 11.9 billion euros, meaning investors only received a 3 percent discount to the bank's book value of 28.753 billion euros at the end of 2016 - or 0.97 times tangible book value.
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Ibercaja could have a stock market capitalisation of around 1.3 billion euros based on its book value of 2.9 billion euros on June 30 and Unicaja's price to book value ratio of around 0.45 times, according to Refinitiv data.
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Two of the sources said the goal of an IPO would be to help Tenda fetch a price above the 0.8 times book value, allowing investors to profit with an expected convergence toward MRV Engenharia's 1.1 times book value.
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"The stock is worth significantly more than 1.2" times book value, he said.
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Wells Fargo, meanwhile, now commands almost 1.6 times book value in the market.
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When I first recommended it, it went up big, back to book value.
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JPMorgan and Wells Fargo each trade around 22 percent above their book value.
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BERKSHIRE BOOK VALUE PER CLASS A SHARE $212,503 AS OF YEAR END 2018
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European banks have been trading at 60 percent of book value for years.
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The deal represents a price-to-tangible book value of 2.0x for MBVT.
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Some of the smaller ones now trade at less than their book value.
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Buffett had long used book value as a gauge of Berkshire's intrinsic worth.
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Shareholder equity, or book value, stood at 2.86 billion euros at June 30.
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Iceberg said in its report that Noble was not worth its book value.
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But that stock's trading close to book value with a 5.5% dividend yield.
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The Indonesian bank trades at just 1.4 times trailing book value, Eikon shows.
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Book value per share, measuring assets minus liabilities, rose 20023 percent in 22002.
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Deutsche Bank will cut the book value of Postbank to 2.8 billion euros ($3.15 billion) because the current book value of 4.5 billion euros is seen as unachievable in both an initial public offering and a sale, the sources added.
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Bank stock investors cannot believe that big banks are trading at a significant discount to their tangible book value: Goldman Sachs 270 Regions Financial 25 Bank of America 275 ZIons 0.75 Citigroup 0.66 Below book value, every one of them.
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Deutsche Bank will cut the book value of Postbank to 2.8 billion euros ($63 billion) because the current book value of 4.5 billion euros is seen as unachievable in either an initial public offering or a sale, the sources added.
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As a result, the stock now trades at just 0.7 times the bank's book value, which represents the net asset value of the company, compared with a price-to-book-value ratio of 1.5 to 2 before the global financial crisis.
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JPMorgan Chase, our largest bank by asset size, trades just below its book value.
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The stock is now estimated to be close to or below its book value.
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Non-bank lenders usually fetch between one to two times book value, they added.
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Share prices show it: CBA still changes hands at nearly twice its book value.
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GRANTED THEY ARE PERHAPS LOWER THAN THEY MIGHT OTHERWISE BE. AND BOOK VALUE, $27.
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ASR's book value at the end of 2015 was 3.57 billion euros ($4.06 billion).
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Baker Hughes confirmed the book value of its outstanding debts but declined further comment.
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EFG put the book value of BSI at 1.477 billion francs under IFRS standards.
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|
This might be why Indian banks have the highest market-to-book value ratios.
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MPS reckons its tangible book value following its restructuring would be 9.1 billion euros.
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But I'm never going to bet against Goldman Sachs while it is book value.
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|
All the others bar JPMorgan trade below tangible book value, an even lower hurdle.
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|
The figure is in line with the unit's book value but below Telecom's expectations.
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|
Analysts expect Polbank to be sold for between 0.6 and 1.0 to book value.
|
|
The tax benefit made up a hefty 45 percent of the book value increase.
|
|
The company's book value rose 23 percent, while its stock price climbed 503 percent.
|
|
JPMorgan Chase and Wells Fargo each trade around 22 percent above their book value.
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Its book value is 1.6 billion euros, likely a starting price for any negotiations.
|
|
The average valuation for banks has dropped by half to 0.9 times book value.
|
|
It put the book value of BSI at 1.477 billion francs under IFRS standards.
|
|
The concept of intrinsic value came up earlier this year when Buffett made the decision to change his trigger for buying back Berkshire shares from a quantifiable discount to the company's book value (1.2 times book value) to a discount to intrinsic value.
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|
As a result, J.P. Morgan has the highest price-to-book value among its peers.
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|
SPX is at 2.8 times book value, compared with its historical mean of 2.2 times.
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|
We used to have a policy of tying to book value, but that became ... obsolete.
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|
In fact, Goldman and Morgan Stanley shares trade below the even-lower tangible book value.
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|
The deal values the local lender at around 1.6 times its estimated 2019 book value.
|
|
The company's price-to-book value ratio is now back in line with historical levels.
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|
The loans will be sold at book value, or two-thirds of their face value.
|
|
Deutsche's shares have been trading at about 25% of book value, Commerzbank's at little more.
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|
The company reported a book value of 1.92 billion euros at the end of 2017.
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|
Fixing that requires selling assets for more than their book value, and raising new capital.
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|
BRIAN MOYNIHAN: Well the book value multiples and things in banking have changed a lot.
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|
Still, the bank's shares trade in line with its book value, suggesting returns will improve.
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|
The unit is said to have a book value of $4 billion to $5 billion.
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|
MIAX21PUS is trading at 270 times book value, compared with the S&P 500's .
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|
Its shares were trading below book value, despite a stake in a lucrative crematorium business.
|
|
With some banks trading at 80% of book value, these levels look attractive to Najarian.
|
|
SORKIN: JIMMY GREW IN A TIME WHEN BANKS TRADED AT MULTIPLES OF THEIR BOOK VALUE.
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|
That's a stock that trades at 1.5 to 2 times book value instead of 1.
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|
Sure, most are trading below book value, but no one is impressed by that anymore.
|
|
The stock is still well below Citi's reported tangible book value of $64.57 per share.
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|
He has exceeded the book value criteria with the deals for Strategic Hotels and Starwood.
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|
Allied Irish may price at book value, but Dublin should think that more than generous.
|
|
Berkshire's book value per share rose by just 563%, its worst showing since the financial crisis.
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|
Berkshire's book value per share rose by just 0.4%, its worst showing since the financial crisis.
|
|
The market currently values almost all of the listed public banks at well below book value.
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|
The average ratio of price to tangible book value for a bulge-bracket bank is 1.15.
|
|
This is pretty rare: outside of 2008, these stocks have not traded below tangible book value.
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|
Markets now price the big lenders at a discount of about 30% on their book value.
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|
ANNOUNCES AVAILABILITY OF 2019 THIRD QUARTER FINANCIAL RESULTS * BOOK VALUE PER SHARE OF $6.34 AT SEPT.
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|
We estimate that the market value of Lodha's inventory is 2.0x that of its book value.
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|
It looks cheap on a price-to-book-value basis, but it's an entirely different company.
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|
The book value was given for Rosneft shares in Petromonagas, Petrovictoria and the Junin 6 project.
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|
Tangible book value is a measure of a company's core value excluding intangibles such as goodwill.
|
|
For nearly three decades, Buffett has led his shareholder letters with a discussion of book value.
|
|
Even after slipping in recent weeks, they are trading at a healthy premium to book value.
|
|
Book value refers to what a company would be worth if it liquidated all its assets.
|
|
Such a deal would be dilutive to book value but could be a boost to earnings.
|
|
That is one reason why listed Italian banks trade on average at half their book value.
|
|
Berkshire raised its repurchase threshold to 1.2 times book value from 1.1 times in December 2012.
|
|
In 2018, the company's book value rose 0.4 percent and its stock price climbed 2.8 percent.
|
|
Polbank has a book value of 6.49 billion zlotys ($1.91 billion) and assets of 48.97 billion zlotys.
|
|
The book value of MCUR is HKD4.4 billion, representing the land premium and original land-use rights.
|
|
Book value refers to what a stock would be worth if the company liquidated the business tomorrow.
|
|
About US$5.3 billion was wiped off the company's book value after news of the investigation broke.
|
|
Even after this week's leap, UniCredit's shares were trading at below one-third of net book value.
|
|
Goldman shares, for example, have not traded below tangible book value on bonus day since January 2012.
|
|
So a price tag of three-quarters of book value, or 3.9 billion euros, seems more realistic.
|
|
The company reported that its tangible book value per share was $51.23 at the end of September.
|
|
Over the past five years its book value has grown by a compound annual rate of 287%.
|
|
At nearly 0.9 times tangible book value, RBS shares trade at a discount to healthier rival Lloyds.
|
|
After the meagre first quarter, HSBC shares are trading at a healthy 1.3 times tangible book value.
|
|
He expects even modest success in corporate reforms could boost shares to 2-times their book value.
|
|
Many of them currently trade below book value, suggesting that they would be more valuable broken up.
|
|
Even with the big jump right now, they're still below book value," Alwaleed told CNBC's "Squawk Box.
|
|
FCB, at its current valuation, trades at around 2.25-times its tangible book value as of Dec.
|
|
Banks typically trade at one times book value when they achieve a 10 percent return on equity.
|
|
Tesla's "book value," or value after its total liabilities are subtracted from its assets, is $5 billion.
|
|
LAVENTHAL: AND YOU HAVE TO LOOK AT GOOD WILL AS WELL, AS SOMETIMES BOOK VALUE IS OVERSTATED.
|
|
Earlier this year, RBI put the book value of its Polish unit at about 1.4 billion euros.
|
|
That makes them too unreliable to justify its shares heading back above book value any time soon.
|
|
Tesla's "book value," or value after its total liabilities are subtracted from its assets, is $28503 billion.
|
|
Book value of $197 for what was -- I always thought the premier investment bank -- a nine multiple.
|
|
EDGAR WACHENHEIM: So we use $183 as book value, not the $190 I think that he used.
|
|
But Beijing's unofficial rule that state-owned enterprises cannot debut below book value caused a valuation anomaly.
|
|
It had a net book value – total assets minus intangible assets and liabilities – of 10 million pounds.
|
|
"The activities that Cerberus and Centerbridge would sell have a book value of roughly 500 million euros, but only proceeds above book value would reduce the equity cheque that NordLB needs," one of the other people said, adding that the additional cash inflow was expected to be rather marginal.
|
|
The stake is worth $255 million, taking into account that the bank's book value is 6.4 billion zloty.
|
|
Shenzhen's booming real estate market implies a potential for substantially higher valuation of MCUR than its book value.
|
|
They're making a fortune off of that book value, yet they're almost getting no credit for it whatsoever.
|
|
Nissan has cheap valuations, with its price-to-earnings ratio around 7.52 and shares trading below book value.
|
|
As a result, Citi and Bank of America are trading at less than two-thirds of book value.
|
|
Despite a rally since last September, its shares have beeen trading at only two-fifths of book value.
|
|
You might be wearing a suit that cost more than the average American's car's Kelly Blue Book value.
|
|
Citi noted that emerging markets are the only region in which banks currently trade above their book value.
|
|
That compares to an average price-to-book value of European banks of 0.7, according to Refinitiv data.
|
|
We estimate that the market value of IBREL's inventory is at least 2.0x that of its book value.
|
|
Its financing arm RCI Banque had a book value of 5.2 billion euros at the end of December.
|
|
While that is only half of its book value, it is more than investors attribute to it today.
|
|
These will usually be below their book value, meaning the lenders could take significant losses on the debt.
|
|
The S&P 500 is at 2.8 times book value, compared with its historical mean of 2.2 times.
|
|
The bank's board approves sale and securitization of NPL Portfolio Of Gross Book Value Of 2100 million euros.
|
|
While the stock still trades below its book value, it has gained a third over the past year.
|
|
A more consistent measure of value is our tangible book value, which has had healthy growth over time.
|
|
The retirement living business had an overall book value of about A$1.8 billion as at June 30.
|
|
The asking price was based on the company's book value, which is higher than its present market value.
|
|
At the end of September, the group had NKr426m of cash but a negative book value of NKr689m.
|
|
CBA said the deal valued the Indonesian entity at three times its book value as of June 30.
|
|
The price equates to 0.6 times book value, about half the average of the banking sector in Poland.
|
|
For years he's been invested in Greek bank stocks that are trading at a quarter of book value.
|
|
The total book value of the assets frozen on Tuesday stood at around 13 billion roubles, TASS said.
|
|
Even after Monday's bounce, Deutsche shares trade at a bombed-out valuation of 0.4 times tangible book value.
|
|
Carige priced new shares at just 0.25 times its book value, compared to its peer's 0.4-0.5 times.
|
|
"That combination causes the book-value scorecard to become increasingly out of touch with economic reality," Buffett wrote.
|
|
Each year, Mr. Buffett highlights the change in Berkshire's book value, a measure of the company's net worth.
|
|
For years, Berkshire's book value was Mr. Buffett's preferred measure for comparing Berkshire's performance to the S.&P.
|
|
The Swedish banks have market capitalizations considerably higher than their book value, because their charms are well indicated.
|
|
Assuming a 284 pence tangible book value per share, that implies a 7 percent return on tangible equity.
|
|
Even so, selling that first slice for anything less than book value is likely to be politically unpalatable.
|
|
The EURO STOXX Banks index is trading at just 60% of tangible book value, according to Refinitiv data.
|
|
J.P. Morgan and Wells Fargo were the most expensive, trading at 2.1 and 2 times book value, respectively.
|
|
SO, ANYBODY THAT HAS A LOT OF DEFERRED TAX LIABILITIES GETS A BIG KICK UP IN BOOK VALUE.
|
|
Book value per share, Buffett's preferred measure of growth, rose 1.7 percent from the end of March to $160,009.
|
|
Hybrids: Fitch has applied 50% equity credit to the EUR0003 million book value of the subordinated hybrid perpetual bond.
|
|
Listed aircraft leasing companies are on average trading at 0.82 times their book value, according to Thomson Reuters data.
|
|
To Barbee, the best buys are the ones trading at well below book value compared to the broader market.
|
|
After it was unveiled, the share price fell to new lows, of just a fifth of net book value.
|
|
The insurer reported a book value of 3.37 billion euros at the end of the first half of 2015.
|
|
But since the financial crisis, it, too, has lagged the S&P 23, based on Shields' book value estimate.
|
|
Before the election, with Hillary Clinton in the lead, Bank of America flirted with a new $16 book value.
|
|
It notes that buyers have paid 1.1 times tangible book value for the financial assets that they have acquired.
|
|
The price of 0.76 times tangible book value will generate estimated negative goodwill of 329 million francs, it added.
|
|
Their price is half what it was when Mr Thiam took over, and about 70% of tangible book value.
|
|
Even before the last 24 hours, several were selling at price-book value ratios suggesting alarm about their prospects.
|
|
A little more than a year ago Metro's shares were giddily priced, at over three times their book value.
|
|
Since late January they have plummeted by three-quarters and are now worth about two-fifths of book value.
|
|
Many of America's biggest companies, including McDonald's, report a negative book value, a gauge of a firm's net assets.
|
|
Citing the bottoming EPS and stabilized book value, Needham upgraded Micron to buy with a target price of $50.
|
|
Book value per share, Buffett's preferred measure of growth, rose 1.7 percent from the end of March to $160,26.83.
|
|
In a worst case scenario, the banking group would lose 1.7 percent of its net book value, they say.
|
|
The value of the disposal is 2300 million euros, broadly in line with the book value, the company added.
|
|
After the shares' latest tumble, Deutsche trades at around a quarter of the net book value of its assets.
|
|
Most analysts including us value Carmila book value of 952 million in a Carrefour Sum Of The Part (SOTP).
|
|
Trading below tangible book value was once considered a harbinger of doom for banks, even the stock market itself.
|
|
UBS also sees limited downside risk since Berkshire plans to buy back shares at 1.2 times their book value.
|
|
Book value per share, Buffett's preferred measure of growth, rose 2 percent from the end of June to $163,5453.
|
|
The company said it had divested 3.2 billion euros in assets above book value over the last 12 months.
|
|
So it makes sense for Goldman shares to trade at the bank's current 10 percent discount to book value.
|
|
Shareholders, though, are not yet buying it, with Bank of America's stock trading at two-thirds of book value.
|
|
And valuations based on aggregate earnings or book value predict stock returns just as well as the dividend yield.
|
|
It has plans to cut back another 8% if the stock continues trading around its book value, Cramer said.
|
|
Using the median Refinitiv estimate for HSBC's book value in 2022 would make the shares worth 6.91 pounds each.
|
|
Book value per share, Buffett's preferred measure of growth, rose 29 percent from the end of March to $22,816.
|
|
Based on book value, Berkshire wouldn't be able to buy back shares at this level under the old policy.
|
|
When the KOSPI hit its previous record in April 2011, it was trading at 1.4 times forward book value.
|
|
An earlier version of this article misstated what Morgan Stanley shares are trading for in relation to their book value.
|
|
That was below market expectations of between 0.45 to 0.6 times book value, according to Deutsche Bank and UBS analysts.
|
|
"Goldman's tangible book value is $196 per share, just a buck below where the stock is currently trading," Cramer said.
|
|
Berkshire is expected to disclose its book value per share when it releases final first-quarter results on May 6.
|
|
Telia's Tajik operations are reported as discontinued operations and the book value of Telia's interests has been adjusted to zero.
|
|
This austere band prefers stocks with a low PE or a low price relative to the book value of assets.
|
|
Messrs Gutiérrez and Philippon benchmark investment against "Tobin's Q", the ratio of a firm's market value to its book value.
|
|
We are demonstrably safer and better capitalized and we are trading – we and the other big banks – around book value.
|
|
So they're not bringing anything back to the bottom line to grow their book value, or their tangible asset value.
|
|
Engie share trades well below book value and have one of the lowest valuations in the Stoxx European Utilities index.
|
|
We're seeing valuations that may not reflect what the net asset value should or could be, or the book value.
|
|
UBB had a book value of 1.32 billion levs ($724 million) at the end of September, central bank data showed.
|
|
But the Chinese government has a rule that state companies must sell shares at no less than their book value.
|
|
With a book value of $19, it was clear to Cramer that this $14 stock is trading a gigantic discount.
|
|
With a book value of $19, it was clear to Cramer that this $14 stock is trading a gigantic discount.
|
|
The old policy forbade buybacks when Berkshire traded, as it long has, at more than 20 percent above book value.
|
|
It is racing to raise the cash and offload some 28 billion euros in bad loans at below book value.
|
|
The old policy forbade buybacks when Berkshire traded, as it long has, at more than 20 percent above book value.
|
|
Those gains boosted its per-share book value of both its Class A and Class B stock by 6.4 percent.
|
|
Each bank also trades below tangible book value, or the net value of the company less intangible assets and goodwill.
|
|
Investors were braced for something like this already: Credit Suisse shares have traded at a fifth less than book value.
|
|
It is now second largest, according to the Fed, and also sells at a 40-percent discount to book value.
|
|
Since the banks are now trading below their book value, the parts are worth more than the whole, he argues.
|
|
Shares in Citi trade at a chunky discount — the stock is worth 40 per cent less than its book value.
|
|
As their share prices have soared, so has the price book-value ratio (PBR), a key metric used by investors.
|
|
If multiples contract, fundamental factors such as earnings and book value have to improve to drive the index price higher.
|
|
Teir did not give a book value for the Book House, designed by architect Alvar Aalto and built in 1969.
|
|
Jimenez promised an update by year's end on the division, which Novartis assigns a remaining book value of $21 billion.
|
|
RHB has indicated to analysts that it would pay AmBank shareholders a one-time multiple of the latter's book value.
|
|
And though France's biggest lender trades at only half its book value, that's twice the multiple investors put on Commerzbank.
|
|
Most trading houses are not publicly listed and the book value of rivals range from $2 billion to $6 billion.
|
|
The company said its total order book value stood at about 2.39 billion pounds for the week ended April 21.
|
|
Sabana REIT and ESR-REIT are trading at discounts to their book values while Soilbuild is trading at book value.
|
|
Finally he said Berkshire will likely buy back "significant" amounts of stock in future years, causing book value to fall.
|
|
In particular, he assesses how a company's book value — the net accounting value of its assets — compares to market values.
|
|
Their shares are now priced at 65% and 91% of respective tangible book value, using the median 2020 Refinitiv estimate.
|
|
It has also depressed the prices they can fetch for their bad loans, which were already well below book value.
|
|
The old policy prevented Berkshire from buying its stock if it was trading higher than 120 percent of book value.
|
|
As part of its American recall, Volkswagen has offered to buy the 2018 cars back at their current book value.
|
|
Not a single one of the leading American investment banks – supposedly the best in the world – trades above its book value.
|
|
Tangible book value refers to how much a bank would be worth if it shut down and completely liquidated its operations.
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It recorded an order book value of $14.3 billion in 2016 as orders picked up in its core Middle Eastern markets.
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Lloyds shares are now trading just above its tangible book value, while RBS shares are valued at a 22 percent discount.
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The offer is barely above the company's book value of 11,130 rupees per share, according to the company's 2018 balance sheet.
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Perhaps the growing importance to the economy of intangible assets, such as brands and ideas, makes book value an unreliable signifier.
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Like many other large banks, its shares trade below book value, which is what the company would be worth if liquidated.
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You probably use metrics like dividend yield, P/E ratio, book value and a few other standard measures to evaluate stocks.
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The portfolio had a book value of just over 997 million euros ($1.1 billion) at end-March, including 698 million debt.
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It recorded an order book value of $53 billion in 2016, as orders picked up in its core Middle Eastern markets.
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The sale price of $466 million compares with a book value of $314 million as of 2016, according to company filings.
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Citigroup's stock has languished at a steep discount to its tangible book value, which was $64.71 at the end of September.
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The consideration paid by Perron Group for its stake in Westfield Burwood, represents a 4.1% premium to book value at Dec.
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PTSB sold loans with a book value of 2.29 billion pounds for approximately 1.95 billion pounds, it said in a statement.
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Ordinarily, that should lead to a rally in shares trading at mere tangible book value, assuming a 10% cost of capital.
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But Chinese lenders face limited funding channels as many listed banks trade below their book value in a bearish stock market.
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On the stockmarket Deutsche is worth less than a quarter of the book value of its equity; Commerzbank, a little more.
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Assured Guaranty trades at a trailing price-to-earnings ratio of 9.5, and at about 70 percent of its book value.
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Berkshire's per-share book value rose 10.7 percent last year, the company told its shareholders in a letter earlier this year.
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" • "Conversely, JPMorgan and BofA, with the strongest retail units, trade at the widest premiums to tangible book value in the group.
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Boeing now has a book value of negative $8 billion dollars, nearly $7 billion less than at the peak of 2009.
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QUICK: FOR A LONG TIME, YOU'VE SAID THAT IF IT GOT ABOVE 269% OF BOOK VALUE, YOU WOULD BUY IT BACK.
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Yet its shares trade right at their tangible book value, compared to more than twice that ratio a dozen years ago.
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Berkshire's Class A shares closed Tuesday at $288,500, roughly 1.37 times its $33,184 book value per share as of March 31.
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Book value refers to what the company would be worth if it liquidated all of its assets and paid its debts.
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And Bank of America stock trades at 75 percent of its tangible book value, down from a slight premium late last year.
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The only part of the story that has changed is: Where are they trading right now as versus to the book value?
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Home Capital is expected to sell at a discount to its book value, which is about C$1.6 billion, the people said.
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The MSCI Asia ex-Japan index is trading at about 1.5 times book value, versus its 10-year average of 1.8 times.
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Many are trading below book value, representing what a company would fetch if it were liquidated, calculated by subtracting liabilities from assets.
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Banks are reluctant to do so because the sale price is often a lot lower than the book value of the loans.
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UTPs have a higher book value than defaulted loans and expose banks to potentially larger losses in the event of a sale.
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COSCO's offer price of HK$78.67 ($10.07) per share certainly seems full of respect, valuing OOCL at 40% above its book value.
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CIBC will pay 22057x PVTB's tangible book value in a transaction that will be financed with roughly 6463% stock and 2646% cash.
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Mr Harris finds that adjusting book value to reflect past R&D and advertising spending makes for more useful comparisons across stocks.
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With HSBC shares trading at 1.4 times its tangible book value – a chunky premium to European peers – investors are expecting further improvement.
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Unfortunately, things are less impressive if you include the premium that AT&T has paid over book value to buy its empire.
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Under the deal, Intesa will also sell some 10 billion euros in bad debts at around 30 percent of their book value.
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That implies a net profit of 6.8 billion euros, equivalent to an 8.4 percent ROTE on Eikon estimates of tangible book value.
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Assuming a 10% cost of equity, UBS shares should trade at around 1.2 times their tangible book value rather than below it.
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The trust is currently trading at 1.1 times its book value, compared with an average of 0.83 for all Singapore's hospitality trusts.
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UniCredit said it had signed a deal to sell unsecured and secured bad loan portfolio with gross book value 2225 million euro.
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In a sense, goodwill represents the premium that is paid above and beyond the actual book value of an acquired company's assets.
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This is derived partly by applying, generously, an internet-style earnings multiple to Zhong An's underwriting profits, and adding in book value.
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And 200 hours might seem like a lot of effort to sell a car with a Kelly Blue Book value of $1,500.
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According Il Sole 2100 Ore, there could be the possibility of the fund buying some bad loans at their current book value.
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At current levels, the stock is trading at just 1.3x book value, which would suggest that the low current ROE's will persist.
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The book value of the Airbus order would exceed $12.7 billion, though manufacturers routinely extend airlines discounts when they buy new planes.
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He has also long included tables comparing annual changes in Berkshire's book value and in the Standard & Poor's 22019 index, including dividends.
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Looking ahead, analysts say the Nikkei could be supported around 20,700, where it will be traded on par with its book value.
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The banking rule of thumb implies a valuation of 1.2 times tangible book value per share, assuming a 10% cost of equity.
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Goldman's stock has fallen 30 percent over the last 12 months, and is trading at a discount to its tangible book value.
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Salesforce&aposs goodwill balance, or the premium it paid beyond the book value of its acquisitions, jumped to $24.5 billion last quarter.
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Berkshire's book value didn't increase on pace with the gain in the S&P, and Buffett failed to make a major acquisition.
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South Korean stocks' valuation also contrasts with the most expensive markets, India and Philippines, at 2.6 and 2 times book value, respectively.
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"The problem is HDFC is expensive," he said, noting that the stock trades at more than four times the company's book value.
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Exposure to aircraft lessees domiciled in China represented 21.8% of Air Lease's portfolio by net book value as of March 13, 2017.
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MI and Russia's RZD are among the potential suitors for TRAINOSE, with an estimated book value of some dozens of million of euros.
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It said the bank's book value per share has tripled in the last ten years, while its share price has stayed basically flat.
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It was just a year ago that Wall Street valued bank stocks from their book value, especially ones impacted the most by regulation.
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That, according to the minority shareholders, is based on the book value instead of its fair value, which they say is significantly higher.
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However, goodwill does not represent the difference between the price the acquirer "paid to buy another firm and the target's original book value".
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The shares of all but Wells Fargo now trade below book value, suggesting stockholders are bracing for a year or more of pain.
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So without any precedent or way to assign a "book value" to the currency, no one really knows what to think or do.
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Almost 17% of all loans are estimated to be non-performing; state-controlled banks are trading at a steep discount to book value.
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The slide in book value could push Berkshire to a fourth-quarter net loss, even if its dozens of operating businesses perform well.
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Neither bank can be called highly valued: the stockmarket prices Deutsche at a paltry 24% of net book value and Commerzbank at 31%.
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I know one of the things you guys have been talking about is trading relative to book value and what has been happening.
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Cramer's charitable trust owns Citigroup because they think it's too cheap versus the book value; he expects any weakness to bring in buyers.
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That would be the highest order book value since a record issuance by Qatar last year, which attracted around $52 billion in orders.
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It is the only one of six listed hospitality trusts in Singapore that is trading above its book value, Thomson Reuters data shows.
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To ease the sales, Banco BPM is planning to book fresh writedowns, bringing the book value of the loans closer to market prices.
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Banca IFIS forecasts bad loan sales in Italy this year could reach a record 104 billion euros in terms of gross book value.
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JPMorgan said last month that its tangible book value, which is its net worth, was $48.13 per share at the end of December.
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Enstar has been successful with its runoff acquisition and risk management strategy, generating favorable returns and significant growth in book value per share.
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Raiffeisen Polbank has a book value of 6.49 billion zloty ($1.9 billion) and assets of around 36 billion zloty excluding foreign currency loans.
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But because it once carried Pope Francis around New York City, bidders are willing to pay several times its Kelley Blue Book value.
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Those reports claimed Xchange's book value for its fleet of 30,000 cars was around $400 million, a figure that Painter did not dispute.
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Citigroup was for a long time the only big United States lender with a market value below the book value of its equity.
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The decline in stock prices also pummeled Berkshire's book value per Class A share, which fell 7.1 percent in the quarter to $212,503.
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The loans would be transferred at book value together with a portion of the bank's capital and some debt, sources have told Reuters.
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A source close to the deal said the range was based on a price to book value multiple of between 0.82 and 1.03.
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Expect Allied Irish's owners to suggest comparisons further afield, then — like Lloyds Banking Group of Britain, which trades at 1.1 times book value.
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It helps explain why the bank trades at 1.1 times its estimated book value a year from now, according to Thomson Reuters Eikon.
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Shareholders rewarded Gorman on Wednesday morning by pushing his firm's stock price just above 1.2 times book value – and strikingly, ahead of Goldman's.
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And I'm not sure what the price-to-book value is, but I will say this: We've got J.P. Morgan selling so cheap.
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Stocks are trading below two times book value, well below the three times book level that historically ends emerging market rallies, he said.
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A radical restructuring in recent years that saw a separation of property assets has slightly narrowed the holding company's discount to book value.
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COMPANIESUniCredit says: Croatian unit Zagrebacka Banka has agreed to sell an impaired loan portfolio with a gross book value of 450 million euros to APS Holding's unit APR Delta The lender said its Croatian unit Zagrebacka Banka has agreed to sell an impaired loan portfolio with a gross book value of 450 million euros to APS Holding's unit APR Delta.
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That assumes a tax rate of 28 percent, projected loan-losses of 2.6 billion euros, and a book value per share of 72.40 euros.
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Oxford's offer is also slightly above the book value of the 20-property portfolio, which, besides Sydney, includes towers in Brisbane, Melbourne and Perth.
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The lower the price, the more excess capital PTSB would have to use up to account for the loss on the original book value.
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Berkshire Hathaway shares are up more than 1,000,000% on a book-value basis since 1964, according to the Buffett's latest annual letter to shareholders.
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Many more have a book value that is small relative to their market value: their shares look dear on a price-to-book basis.
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Such fixed capital assets, along with current assets (cash, stocks of unsold goods, and so on) typically make up the bulk of book value.
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Barclay's analyst Jay Gelb, quoted in the article, forecast Berkshire's book value rising 9 percent to 10 percent annually over the next two years.
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Shareholders have almost lost hope, valuing the bank at 0.4 times its book value, roughly where American banks were during the 2007-08 crisis.
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Euro zone bank stocks trade at 0.7 times their book value per share (BPS), half that of the U.S. S&P 500 banks sector.
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For example, we can look at Apple's financials and determine its book value — what the company's assets would be worth if hypothetically liquidated today.
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ING Life Insurance Korea has 30 trillion won in assets and had a book value of 4.2 trillion won at the end of 2015.
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Garanti Bank, which has a book value of 24 billion euros ($287 billion) for BBVA, had $272 billion in assets as of June 22.5.
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The bank has launched the sale of three portfolios of non-performing loans with a book value of 210 billion euros, MF daily reported.
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Buffett did not support his election but Berkshire's book value could swell by $36 billion with his proposed corporate tax cuts, Barclays Capital said.
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Vanke's A-shares still trade at a premium, at 1.74 times book value for the next twelve months, based on forecasts compiled by Eikon.
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The stock is selling at a 40-percent discount to book value and no investor has benefitted to date from breaking up this bank.
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Many of SBI's peers are trading below their book value and are not investor favorites with their weak financials and high bad-loan ratios.
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Slippery LiquidityOf course, Deutsche is not alone in suffering poor valuations to its book value, so there is a broader banking issue at play.
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Synovus' shares dropped 8.6 percent to $50.34 as the deal is expected to dilute the bank's tangible book value per share by 3.3 percent.
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" For example, with JPMorgan's price-to-tangible book value ratio close to 2, Dunn would like "much faster earnings growth to get behind it.
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The broader Asian benchmark has been hovering around 1.4 times book value since August - its lowest since the 1.3 times range seen in 2009.
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Buffett can buy Berkshire's own shares back at 120 percent or less of book value, but that has "proved hard to do," Buffett said.
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Immofinanz has five shopping centres in and around Moscow with a book value of about 1.2 billion euros, including 700 million euros of debt.
|
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The Detroit-based bank, which closed Tuesday up 17.6% at $14.27 per share, is trading around one-third of its book value, Nygren noted.
|
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But investors are sceptical if the bank's valuation is any guide: its shares are trading at a 27 percent discount to tangible book value.
|
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Yet Bank of Ireland currently trades at 84 percent of its estimated book value for the next 12 months, according to Thomson Reuters Eikon.
|
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The comments on buybacks come after JPMorgan shares have traded for a year at more than $100 and roughly two times tangible book value.
|
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Shareholders rewarded Mr. Gorman on Wednesday morning by pushing his firm's stock price just above 1.2 times book value — and, strikingly, ahead of Goldman's.
|
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A keen eye is placed on free cash flow, earnings growth, the price-to-earnings ratio, the price-to-book ratio, and book value.
|
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Yet the risk of Deutsche failing is barely comparable: Its 53 billion euros of tangible book value is 40 percent higher than the 2011 figure.
|
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HSBC shares jumped almost 3 percent to 764 pence on the morning of July 31, and now trade at more than 1.1 times book value.
|
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The sale could raise about 228.75 billion euros, taking into account the bank's book value of 29.99 billion euros at the end of last year.
|
|
Its Banca Interprovinciale acquired an NPL portfolio with a gross book value (GBV) of 263 million euros from Istituto Finanziario Mezzogiorno, it said on Thursday.
|
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Berkshire looks better when measured by book value, which looks to have gained 7.2 percent in 2015, according to Keefe, Bruyette & Woods analyst Meyer Shields.
|
|
An additional complication: With so many banks trading at valuations well below their tangible book value, some analysts are starting to call for stock buybacks.
|
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Still, BofA's $134bn market capitalization is less than 60 per cent of its book value — a sign that investors are downbeat about the group's prospects.
|
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Bank of America, Goldman and Morgan Stanley have also dropped below tangible book value, which strips out good will from acquisitions and other amorphous assets.
|
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Some nine-tenths of its industrial capital is now comprised of goodwill, or the premium that a firm paid above book value for its acquisitions.
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Many have an extensive amount of energy exposure, yet Cramer noted that the banks are trading at levels that suggest the book value is nonsense.
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Many have an extensive amount of energy exposure, yet Cramer noted that the banks are trading at levels that suggest the book value is nonsense.
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BUT FOR OUR STOCK, WHICH SORT OF CONVERGING ON BOOK VALUE, HAVING HAD IN THE LAST QUARTER DOUBLE DIGIT GROWTH, THAT WAS A GOOD SIGN.
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Viewed as a holding company, Tata Sons has a net asset value (the market or book value of its stakes, less its debts) of $84bn.
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Is that a sort of benchmark that you fear means activist investors might be hovering around to swoop whilst you're still trading below book value?
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The sale could raise about 3 billion euros taking into account the bank's book value of 11.3 billion euros at the end of last year.
|
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Immofinanz's Russian portfolio had a book value of around 976 million euros ($1.15 billion) at the end of June, including 674.7 million euros in debt.
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For an institution trading at just under 1 times tangible book value, there is something to be said for setting a modest but credible hurdle.
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He said he continues to favor buybacks as a way to boost share price, even though the current level represents double the stock's book value.
|
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Berkshire's board has also approved a buyback of its Class A and Class B shares capped at a 20 percent premium of their book value.
|
|
Berkshire did post a mixed quarter after the bell on Friday, which nonetheless showed its book value up by 229.96 percent per class A share.
|
|
Both firms have "agreed in principle" to the deal at a price equivalent to one time book value of AmBank, said one of the sources.
|
|
The bank is trading at around a quarter of book value after this morning's fall, making such a move highly unattractive to shareholders at present.
|
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The portfolio includes foreclosed assets with a gross book value of 1.65 billion euros and non-performing loans worth 1.42 billion euros, the bank said.
|
|
China's banks have long traded below book value, as investors worried they were underplaying their bad-debt problem, and were too in thrall to Beijing.
|
|
"It's just so hard to delineate what you're really talking about when you're talking about what the book value is of a company," he said.
|
|
And the company's book value per Class A share, reflecting assets minus liabilities and a preferred measure of growth for Buffett, was $228,712 on Sept.
|
|
The company's book value rose by $65.3 billion to $348 billion in 2017, a 23 percent gain from $20123 billion at the end of 2016.
|
|
Emerging Asian shares are trading at 2.89 times forward book value, versus 5.88 times for the Dow Jones industrial average, according to Thomson Reuters data.
|
|
It's improved since the summer, particularly the last couple of months, but price-to-book value is still at or just above price-to-book.
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AND WE TRY IT TO INTRINSIC BUSINESS VALUE, WHICH WE SHOULD HAVE DONE ALL ALONG BUT FOR A WHILE BOOK VALUE WAS A GOOD PROXY.
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Deutsche Bank's shares are down more than 40 percent this year and trade at less than a third of the bank's book value per share.
|
|
"This notion that you should buy back stock at three times tangible book value as a return of capital to shareholders is crazy," he said.
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Investors typically value banks like JPMorgan on the basis of tangible book value, which measures the difference between the value of its assets and liabilities.
|
|
The deal also includes the disposal of repossessed asets of an on-balance sheet gross book value of 56 million euros for 51 million euros.
|
|
In other words, book value tells you how much money was put into a business; intrinsic value says how much money can be pulled out.
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|
THERE WAS AN ANALYST WHO JUST PUT OUT A NOTE, JAY GELB, THAT SAID THAT IT'S A $37 BILLION BOOK VALUE INCREASE FOR BERKSHIRE INSTANTANEOUSLY.
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Loyalty points had a book value of around $350 billion in 2015 and will be worth an estimated $500 billion by 2019, according to ACE.
|
|
To hit Staley's goal this year, Barclays will need to generate almost 5 billion pounds of earnings, based on consensus estimates of tangible book value.
|
|
The higher net book value potentially exposes lenders to larger losses in the event of a sale and this has so far held back disposals.
|
|
When Goldman Sachs went public in May 26, for instance, after years of internal debate, it was valued at more than four times its book value.
|
|
Three bankers pointed to the level of around 1.0 to book value or tad lower as the most probable price BNP will pay for Polbank assets.
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KEY RATING DRIVERS Consistent Asset Performance: Cathay No.2 has maintained stable rental yield (rental income/book value of investment property) of over 5% since 2008.
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First, based on tangible book value, his favorite metric for valuing the big banks, a stock like Goldman's is trading at an extreme discount, he said.
|
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Bill Smead, who invests $2.1 billion at Smead Capital Management in Seattle, said Berkshire's stock price looks "incredibly attractive" at close to 1.2 times book value.
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Stockmann said earlier it was in talks with several parties to sell the shopping center which has a book value of 181 million euros ($225.5 million).
|
|
Prudential is not huge by conventional stock-market standards: Its market capitalization is just $103 billion, and its book value (assets minus liabilities) is $48 billion.
|
|
As a result it is racing against the clock to raise the cash and offload some 28 billion euros in bad loans at below book value.
|
|
By their tenth year in charge the CEO's choices about deploying cash—including a decision to just sleepwalk—will explain 22010% of the firm's book value.
|
|
Even though its shares fetch over 80% more than they did after the DoJ's demand, they are still worth only around 35% of net book value.
|
|
Much higher capital requirements could put some banks, a few of which are already worth less than the book value of their assets, out of business.
|
|
The Bank of Italy said the estimated selling value of the bad loan stock was 85 billion euros, or 42.7 percent of their gross book value.
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|
When applying a 50% haircut to the book value of land held and a 25% haircut to construction in progress, unencumbered asset coverage improves to 2.1x.
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|
Overall, the company has, been successful with its run-off acquisition and risk management strategy, generating favorable returns and significant growth in book value per share.
|
|
Tatro says both could trade closer to 2 times book value, which would put J.P. Morgan at $147 a share and Bank of America at $47.50.
|
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The index of so-called H-shares is also trading below book value, meaning the average company's shares are pricing the business below its accounting value.
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|
Italy's biggest retail bank is going to sell 240 billion euros of unlikely-to-pay loans to Prelios at book value, Il Sole 24 Ore said.
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And if MPS doesn't trade at 50 percent of its book value but 40 percent instead, providers of new cash would actually end up worse off.
|
|
Total order book value for the company stood at 5.6 billion pounds ($7.27 billion) in the first half, compared with 6.2 billion pounds a year earlier.
|
|
Book value per Class A share, reflecting assets minus liabilities and which Buffett calls a good measure of Berkshire's intrinsic worth, rose 11 percent to $172,22.
|
|
Because at the top, the opening of every letter-- in the past to this point has been-- Berkshire's percentage change in book value-- WARREN BUFFETT: Right.
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Weill's Travelers Group stunned Wall Street in 1997 when it announced that it would purchase Salomon Brothers for more than $9 billion, almost twice book value.
|
|
One source estimated NIBC could be valued at 1.5-1.8 billion euros in the IPO, a slight discount to its book value of 2 billion euros.
|
|
The sale at below book value was no surprise given the lengthy search for a buyer, analysts at OP Bank wrote in a note to clients.
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Read More Banks' falling book value could invite activists UBS' Hawken, however, said that oil only constitutes a small portion of the books within big banks.
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With a market capitalisation equivalent to just a quarter of the bank's tangible book value, Sewing understandably wants beleaguered investors to look towards the long term.
|
|
Using that measure, Tesla trades at more than six times its book value, while most other automotive stocks usually trade at roughly 1.1 times the measure.
|
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Carrying value, or book value, is an accounting measure in which the value of an asset is based on the figures in the company's balance sheet.
|
|
At the same time, big property price rises in Sydney and Melbourne which have lifted the book value of Charter Hall's portfolio have started to cool.
|
|
A possible fourth reason is that changes in the prices of Apple Inc and other stocks in Berkshire's $172.8 billion equity portfolio also affect book value.
|
|
Book value per Class A share, reflecting assets minus liabilities and a preferred measure of growth for Buffett, rose 2673 percent in the quarter to $2119,2116.
|
|
The question is whether the Irish government can persuade investors to pay more than book value for a bank that is still a work in progress.
|
|
Furthermore, that book value was based mainly on valuations from 2003 and so also "significantly understates the market value of the company's assets," the trio said.
|
|
The deal represents a price-to-tangible book value of 0003x for CBF, a 2.9% discount based on CBF's share price at the time of announcement.
|
|
Barclays shares, which fell 3% on Thursday morning, trade at a 33% discount to the bank's tangible book value, implying that shareholders think Staley will fail.
|
|
If such portfolios are sold at lower prices, lenders would have to use up more excess capital to account for the loss on the original book value.
|
|
Earlier this week, Bankia and BMN agreed to a 7.8-for-1 share swap deal, valuing BMN at around 825 million euros, or 0.4 times book value.
|
|
The proposed CNY16.7bn transaction values CISC at 1.13x book value at end-1H16, which is generally in line with the prevailing market valuation for Chinese securities firms.
|
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These stocks, which are distinguished by a low price relative to the book value of a firm's assets, have fared badly in the past decade (see chart).
|
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According to a Hyflux affidavit last year, Tuaspring, had a book value of S$1.3 billion and can meet up to 17.5 percent of Singapore's water demand.
|
|
The BBVA real estate assets included in the deal have a gross book value of some 21 billion euros, Spain's second largest bank said in a statement.
|
|
Goldman continues to trade at just 0.9 times its tangible book value, a measure of the money that might be returned to shareholders if it were liquidated.
|
|
Until recently, these foreign investors argued their investments in Greek banks were promising, as their stocks traded at a third or less of their tangible book value.
|
|
In a letter to HSH, which is part of the filings, the bondholders said the loan portfolio was sold at 1.1 billion euros below its book value.
|
|
The commercial vehicle financier's book value may take a hit of 4-5 percent if the guarantee is invoked and liability devolves on the company, Jefferies said.
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The worth of a firm was estimated by placing its profits or book value on a multiple, whose value was best decided after a three-Martini lunch.
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RE-RATING With the exception of Intesa, Italian banks trade below their book value as investors feared they may need to raise capital to shed soured debts.
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For example, [Citigroup's] tangible book value — what it would be worth if you shut down the company and liquidated everything — is just below the current stock price.
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Valuations are lower too, with stocks trading at 228 times book value — well below the three-times-book level that historically ends emerging-market rallies, he said.
|
|
Book value per Class A share, measuring assets minus liabilities, rose 2.5 percent in the quarter to $187,22005, and was up 223 percent from January to September.
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KEY RATING DRIVERS Consistent Asset Performance: Cathay No.2 has maintained a stable rental yield (rental income/book value of investment property) of over 5% since 2008.
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BRAND GROUP * SAYS ACQUISITION PRICE IS DKK 360 MILLION, CORRESPONDING TO BOOK VALUE OF ACQUIRED ASSETS AND LIABILITIES Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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As for the stocks themselves, Cramer used tangible book value — what the business would be worth if it was shut down and liquidated — to determine their valuations.
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The combination of the two results in returns on equity that are underwhelming, disappoint investors and result in stock prices that value these companies below their book value.
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In the latest quarter, the company took a hefty one-time accounting loss related to asset sales in Argentina, Thailand and Europe, which were sold below book value.
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"If the transfer price is close to the book value of the loans, avoiding significant capital erosion, completion of the disposal could lead to an upgrade," it said.
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Part of the $22016m that Westinghouse paid for CB&I Stone & Webster included $22015m of goodwill (a premium over the firm's book value based on its physical assets).
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Deutsche, by contrast, is hitting new lows, with its shares worth just 24 cents on every dollar of book value as of the close of trade on Friday.
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"The direct impact of the settlement number on the bank's book value and capital is an almost penny-for-penny impact on the share price," Leigh-Pemberton said.
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For example, Tata's financial business, which should be a big beneficiary of its trusted brand, has a book value of $2bn and ranks only 27th in India's industry.
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Investors who favour "value" stocks—those with a low price relative to the book value of a firm's assets—have had to wrestle more than most with doubt.
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He added any price cap in Britain would be taken into account in the company's next impairment test, suggesting that Npower's book value could potentially be revised downwards.
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Markets value most big American banks at more than the net book value of their equity; but the shares of most leading European lenders trade below that mark.
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Of course, stocks trade at a premium to this, because people are enthusiastic that Apple will continue to perform well and this book value will continue to rise.
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Conoco, which said the assets being sold had a book value of about $5.9 billion at 2016-end, expects to record an impairment charge in the second quarter.
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As stocks dropped 1 percent on Thursday, banks saw even more pain, falling more than 4 percent even as major lenders have traded below their tangible book value.
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Extend that out for five years, discount it back at the cost of equity, and the sector would have erased more than a tenth of its book value.
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A booming property market and tight office occupancy rates in Sydney and Melbourne, Australia's biggest cities, have historically boosted the book value of office block owner investors' portfolios.
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Rai said that, with state banks trading at just 0.5 times book value, valuations were attractive for minority shareholders to subscribe to planned rights issues, alongside the government.
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The deal, which values Ironshore at 1.45 times its tangible book value, is expected to close in the first half of 2017 pending regulatory approvals, Liberty Mutual said.
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No PSB is valued at more than the value of its assets minus debt (some trade closer to 20% of their book value), unlike almost every private bank.
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The plan calls for the sale of 28 billion euros in bad loans at below book value and the raising of fresh capital by the end of December.
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When a company purchases another company through merger and acquisition, the price paid above and beyond the book value of the acquired company's assets is recorded as goodwill.
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Stockmann has been negotiating with investment company O1 Group over the sale of its St Petersburg department store property, which has a book value of 181 million euros.
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The FTSE 100 housebuilder said total order book value stood at 2.37 billion pounds ($2.88 billion) as at June 30, while it sold 6,497 homes during the period.
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REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * BOOK VALUE ATTRIBUTABLE TO COMMON STOCKHOLDERS OF $22.04 PER COMMON SHARE AT MARCH 31, 2018 Source text for Eikon: Further company coverage:
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"Absolute and relative valuations are at lows with small-cap E&Ps trading below book value and at price levels seen almost 25 years ago," he said.2.
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It could even be argued that at 0.25 times book value, a Deutsche Bank that does not collapse would enable an investor to double its money or more.
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The latest announcements follow a A$1 billion write-down of UK hardware chain Homebase and a reduction in the book value of struggling department store chain Target.
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Yet A.I.G. still isn't back to profitable growth, and the company's shares are priced at a nearly 25 percent discount to book value, far lower than most peers.
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"Berkshire's largest businesses have meaningful structural advantages that we think will allow it to grow earnings and book value faster than overall equity markets over time," she added.
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Asia ex-Japan stocks have fallen almost 16 percent in the past year with prices at 1.3 times book value, near their lowest since the global financial crisis.
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"You could argue their (loan) portfolio is better than other banks, so asking for book value would be a fair price," a person close to the deal said.
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For NPLs backed by collateral, the price stood on average at 34% of gross book value in 2018 and at 10% for other operations, the central bank added.
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The discount to book value exists at other large banks and effectively indicates that investors have doubts about the banks' ability to earn a strong return on their capital.
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It entered into an arrangement, but in December sold the loan for 403% of its book value to Banca IFIS, an Italian lender building a portfolio of soured debts.
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A booming property market on the east coast and tight office occupancy rates in Sydney and Melbourne especially has meanwhile boosted the book value of portfolios across the board.
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Thursday's decline followed a fourth-quarter slump in stock prices that may have cost Berkshire 5003 percent of its book value, according to Keefe Bruyette & Woods analyst Meyer Shields.
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Sales proceeds achieved from operating lease vehicles were 100%-105% of the book value of the residual position between closing and October 2017, above Fitch's base case of 0003%.
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IS THIS JUST THAT ONE OF THE MOMENTS WHERE THE REASON WHY THE STOCK IS WELL IN ADVANCE AT ABOVE ITS BOOK VALUE IS THAT YOU'VE GOT TAILWINDS GALORE?
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The source said the portfolio, with a gross book value of 450 million euros ($521 million), comprises so-called 'unlikely-to-pay' (UTP) loans backed by real estate assets.
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But the German bank cannot afford to sell it below book value without taking asset writedowns, a factor that has prevented Deutsche Bank from selling it in the past.
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Zuhair Khan, head of Japan research at Jefferies, thinks activism can help boost the value of Japanese shares, which currently trade at just 1.1-1.2 times their book value.
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One Toshiba shareholder estimated that the book value of all its cross-shareholdings would be about $3.2 billion, and it could get more than that based on past experience.
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That compares with an average book value of 35.6 percent for the worst kind of soured loans, which total 166.5 billion euros before writedowns according to the central bank.
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Italy's biggest bank said on Friday it had agreed to sell to IFIS NPL a portfolio of bad corporate loans with a gross book value of 870 million euros.
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Of course there are still high-quality names with good asset-liability management, like the $42 billion Housing Development Finance Corporation valued at 4 times its forward book value.
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China's five biggest listed banks currently trade at an average 21 times book value, as investors have discounted for the costs of non-performing loans (NPLs) and subdued profitability.
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The steep drop in the company's stock price was a buying opportunity because it was trading at a "massive" discount to its book value, Tiruchelvam told CNBC's "Squawk Box ".
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The Fayetteville assets, which BHP acquired for $4.75 billion in 2011, had a book value of $919 million at the end of 2016, according to the company's annual accounts.
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Banks have not tended to mark down their loans to any lower than around 40% of their original book value, whereas investors may be willing to pay only 20%.
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Josh Anderson of PIMCO, an asset manager, reckons that carefully structured transactions could allow NPLs to be transferred from banks' balance-sheets at something closer to current book value.
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Vivat on Wednesday reported a first-half underlying result of 115 million euros, with a Solvency II ratio of 167 percent and a book value of 3.35 billion euros.
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UNICREDIT CEO SAYS BANK OPEN TO SHARE BUYBACKS IF STOCK TRADES AT DISCOUNT TO BOOK VALUE, ECB ALSO OPEN TO GIVING GREEN LIGHT IF BANKS HAVE STRONG ENOUGH CAPITAL
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The sale of the portfolio, with a net book value of 48.5 million pounds ($66.8 million) at June end, marked the bank's exit from the unsecured personal loan market.
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Sales proceeds achieved from operating lease vehicles were 100%-105% of the book value of the residual position between closing and October 0003, above Fitch's base case of 97%.
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Had investors valued it at the book value it had in Maersk's accounts prior to the separate listing, the share price would have been around 600 crowns, Sydbank said.
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JPMorgan trades at 90 percent of its expected 2016 book value, according to estimates culled by Reuters Eikon, but the larger Wells Fargo fetches a multiple of 1.3 times.
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The agreement specified Philip Morris would make periodic payments calculated according to the normal depreciation charge of the machinery, plus 2106 percent per annum on its net book value.
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Italy's sixth-largest bank said on Wednesday it had transferred 210 billion euros in bad loans to a securitisation vehicle at 210 percent of the portfolio's gross book value.
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In the first disposal of a large portfolio at book value, Intesa Sanpaolo this week shed 11 billion euros in bad debt at 29 percent of its face value.
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The arbitration court of Bashkortostan froze a number of the conglomerate's assets, including its stake in Detsky Mir — a toy retailer with a book value of around $571 million.
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REPORTS FULL YEAR AND FOURTH QUARTER FINANCIAL RESULTS * MBIA INC - BOOK VALUE PER SHARE WAS $10.40 AS OF DECEMBER 31, 2019 COMPARED WITH $12.46 AS OF DECEMBER 31, 2018.
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Goldman shares traded earlier this week at a 7% discount to their tangible book value while Morgan Stanley shares traded at a 42% premium, according to data from Refinitiv.
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But its annualized return on equity for the quarter was just 6.8 percent, below what is implied by its trading multiple just shy of 90 percent of book value.
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Whitney Tilson, the former head of Kase Capital hedge fund, told CNBC he was "delighted" to hear Buffett say the company had abandoned the book value metric for buybacks.
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Buffett has long pointed out in Berkshire's annual letters to shareholders that the gap between the company's book value and its intrinsic value has been widening in recent years.
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"Despite the stock trading at a significant discount to book value, it is hard for us to retain a positive stance," he said, placing his buy recommendation under review.
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It grows about 5 or 6% a year, it yields 1.9% of sales, three and a half times book value, debt to capital 40%, 353 times enterprise value, EBITA.
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Despite the earnings shortfall, Buffett's preferred measure of growth for Berkshire, book value per Class A share, or assets minus liabilities, rose 214 percent in the quarter to $2501,20.2.
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Berkshire will on Saturday also release year-end results expected to include a big jump in book value, a key gauge of growth at his Omaha, Nebraska-based conglomerate.
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"This is a manageable adjustment to our reserves and radically reduces the uncertainty around the book value of the company and gives us more secure earnings going forward," Hancock said.
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Correspondingly, opposite characteristics - a high ratio of price to book value, a high price-earnings ratio, and a low dividend yield - are in no way inconsistent with a 'value' purchase.
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Last year at this time, the stock traded between $13 and $14 a share, and management argued that it deserved to be valued by its book value of around $15.
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Goodwill is an intangible asset that sits on firms' balance-sheets and represents the difference between the price they paid to buy another firm and their target's original book value.
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With Santander Brazil's return on equity trailing equity fundraising costs, investors pay about 2 times book value to buy stock in the local subsidiary of Spain's Banco Santander SA (SAN.MC).
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SX7P, down 22.6 percent this year, currently trade at about 0.7 times book value while Japanese banks, at about 0.5 times, are the world's cheapest, according to Thomson Reuters data.
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The ugly numbers propping up Italy's banking sector reveal around 360 billion euros ($381 billion) of non-performing loans (NPL) compared to only 225 euros billion of book value equity.
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If we combine the sector's relative under performance with historically low valuations on a price-to-book value basis, it seems that the risk/reward trade-off is relatively positive.
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The source said buyout funds were repeatedly approached to invest in the two banks but they had little appetite at a multiple of 0.6-0.7 times the banks' book value.
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The sale represents a gain of about NZ$100 million above book value, which would have a positive 6 cents-per-share impact on earnings, Fonterra said in a statement.
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When four small Italian banks were salvaged from bankruptcy in November last year European Union competition authorities valued their bad loans at around 18 percent of their gross book value.
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On the other hand, a much smaller number of measures, such as price-to-book-value and price-to-free-cash-flow, suggest that stocks are appropriately valued or undervalued.
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Chinese banks already listed in Hong Kong trade at roughly a 20% discount to the book value of their assets: investors think their loan losses are higher than officially reported.
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The second-largest U.S. bank by assets, Bank of America trades at just 50 percent of book value, compared to 90 percent forJPMorgan Chase and 1103 percent for Wells Fargo.
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The company said its total order book value stood at about 2.21 billion pounds ($2.85 billion) in the first four months of 2017, up about 2 percent year on year.
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According to the new non-binding letter of intent, Delek said it would sell Phoenix at a price equal to 87.5 percent of the company's book value as of Dec.
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Expected recoveries are a better indicator of concentration than some other measures, such as gross book value (GBV), which could understate the potential cash flow volatility in an NPL deal.
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Barclays shares are down 9% in the past year, underperforming a flat European share sector in that time and leaving the stock trading at more than 30% below book value.
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British Land said its share of the proceeds from the disposal would be 193.5 million pounds and the portfolio represented a modest premium to the company's September 2018 book value.
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Book value per share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire's intrinsic worth, rose 3 percent from the end of September, to $21.08,22016.
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They could rise further if Thiam exceeds his target, but still look a distant second next to UBS, which trades at more than 1.3 times this year's tangible book value.
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Its shares also trade at under 10 percent of its book value — a measure of its net worth — a sign that investors really think that the bank needs new capital.
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ICBC and CCB are trading at only 70 percent of the forward book value of their assets, while BoC and AgBank are trading at 60 percent, according to StarMine data.
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He cited how the valuation looks "very stretched" with metrics such as forward price-to-earnings and price-to-book value are near 90 percent historical percentile levels since 1976.
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At one point, he reminded Mr. Boies that the state's case rested partly on the impact of both transactions on A.I.G.'s stock price, not its earnings or book value.
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The book value of Raiffeisen Bank Polska, including its portfolio of foreign currency loans, stands at 6.4 billion zlotys ($1.78 billion), according to the bank's most recently published financial statement.
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Mr. Wu told a Harvard recruitment fair last year that he aims at investment opportunities priced at less than book value and offering a return on equity above 10 percent.
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The stakes are also high for Aircastle, as Avianca Brasil is its largest single customer, representing some 7 percent of its net book value, according to the lessor's financial disclosures.
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Mr. Wu told a Harvard recruitment fair last year that he aimed for investment opportunities priced at less than book value and offering a return on equity above 10 percent.
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The real estate assets included in the package have a gross book value of some 13 billion euros, Spain's second largest bank said in a statement to the market regulator.
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"For Tata Steel, in particular, an IPO would partly reward the company after the massive writedown of the UK assets' book value," the analysts said in a note to clients.
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APA cited an unnamed expert saying that a 10 percent discount to the book value of 220 million euros ($249.85 million) would be acceptable, but not a 50 percent discount.
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IVA, MSD and Classic argued in their letter that CDL's bid "fundamentally undervalues" the hotelier, which had a book value of 822 pence per share at the end of 2016.
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Come prepared knowing the Kelley Blue Book value of your car, and try to get as close to that figure as possible to get the most for your trade-in.
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Messina said on Wednesday the fund would help banks sell bad debts close to book value and not at the heavily discounted prices demanded by "loan-shark" private equity funds.
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Berkshire's book value, based on its B shares, is estimated at $149 a share, while its intrinsic value is more like $236, according to calculations by J.P. Morgan Chase analysts.
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For example, Citigroup shares are trading at 61 percent of its tangible book value, a measure of a bank's equity that excludes items that are difficult to assess, like good will.
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And its stock trades at nearly half of the bank's book value, which is a theoretical measure of the value that would be left for shareholders if the bank were liquidated.
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At a deal price of 29.5 riyals per share, Kingdom Holding is buying the BSF stake at a discount to its current share price and book value of Saudi bank peers.
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The company also said it was confident on reaching a deal to sell the Nevsky Centre, a department store property in St Petersburg with a book value of 181 million euros.
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Morelli said offers valued the property portfolio, which includes the bank's Milan headquarters near La Scala opera theatre and centrally-located buildings in Rome and Florence, well above its book value.
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He also asserts that India's banks have sold many previous non-performing loans owed by other borrowers to asset reconstruction companies for just 30-40 per cent of their book value.
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Mohamed Eljamal, managing director of capital markets at Abu Dhabi's Waha Capital, said a number of banks are trading at a significant discount to book value, offering investors attractive entry points.
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At the time of the election just two of the six biggest banks, JPMorgan Chase and Wells Fargo, could boast market capitalisations that exceeded the net book value of their assets.
|
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Still, UBS's ability to make a group return on tangible equity of 13.6 percent highlights why it trades well above book value, when Deutsche Bank and Barclays languish well below theirs.
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A high book value has held back sales of UTPs which are seen as the next frontier if lenders are to comply with regulatory demands to cut their soured loan burden.
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He would hang on but not buy JPMorgan still it has run pretty high, but he noted that both Citigroup and Bank of America are still trading at below book value.
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"Following the capital increase, the purchase price translates to a (price/book value) multiple of 1.1," the statement said, valuing Erste Bank Hungary at 259.27 billion forints according to Reuters calculations.
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The purchase consideration will be at around book value, or net asset value, of the business at the time of completion expected before the end of 2017, the two lenders said.
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It's a personal extension of his mantra that lenders do best buying back stock is when it is near book value – and right now, JPMorgan carries a roughly 10 percent discount.
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After the close on Sunday, Kingdom said it had the support of the Saudi government, and its share price is now close to the company's book value as of June 30.
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Reflecting concerns among investors with regard to the risky assets they own, the three banks trade at steep discounts to their book value; Deutsche Bank leads the way at 70 percent.
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BioLogics has denied wrongdoing, citing an agreement with its U.S. partner as the reason for valuing its stake in the joint venture at fair market value instead of at book value.
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The REIT manages 13 diversified properties in sectors including hospitality, higher education, corporate office space, industry and retail, with a total book value of over 1 billion ringgit, the statement showed.
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Its stock plunged further last week to a record low after it said it would sell its life insurance arm to British Resolution Life at almost a fifth below book value.
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The arbitration court of Bashkortostan froze Sistema's 290.47 percent stake in toy retailer Detsky Mir, with a book value of 3.663 billion roubles ($23.66 million), TASS reported, citing a court decision.
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Intesa CEO Carlo Messina had said the bank would only seal the partnership if it could sell the loans close to their net book value, which is of around 30 percent.
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The House of Commons Committee of Public Accounts released its report on the UK's sale, concluding the government succeeded in generating competitive tension and achieving above-book value for the public.
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On paper, I had approximately $3,500 in savings, no retirement account and a four-year-old Toyota Yaris with a Blue Book value of $4013,000, on which I still owed $4,000.
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That would leave Berkshire valued at about 2238 times book value, which Gelb called "attractive," though it would remain above the 2215 ratio that could prompt Buffett to authorize share repurchases.
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Under the proposed scheme, the loans' market value, which is normally lower than their book value, would be factored into a share swap between investors in Monte dei Paschi and AMCO.
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JPMorgan&aposs stock is now trading at two times the bank&aposs tangible book value, a rich valuation that has led some to question whether the stock price can go higher.
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Equity, whose return on equity had been surpassing the industry, is trading at 1.2 times book value, but analysts said the chief executive's bleak assessment could make investors question that premium.
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That will leave it with a solvency ratio of 185 percent under Europe's new Solvency II regime, the company said, and a book value of 3.57 billion euros as of Dec.
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As the loss will be booked as a specific item, it will also not affect the group's underlying net income, nor its tangible net book value or dividend policy, it added.
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In Oman, Al Anwar Holding jumped 8.5 percent after it said its board had approved a proposal to sell a stake in its affiliate Falcon Insurance for 2993 times book value.
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The new rule does not allow stock accumulated through a foreign company's U.S. deals in the last three years to count towards the book value needed to meet the inversion threshold.
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I like Citi[group], which is trading at tangible book [value] — [CEO] Mike Corbat doing a great job — and I like J.P. Morgan, where [CEO] Jamie Dimon is doing a great job.
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Russian business daily Kommersant reported on Monday that investment company O1 Group had withdrawn from negotiations to buy the department store property with a book value of 181 million euros ($221.58 million).
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In fact, Citi and Bank of America Merrill Lynch are selling at a 40 percent discount to book value, yet they are among the most profitable companies in the U.S., he said.
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The party wants to nationalise several industries, including water, for which it is considering basing compensation for investors on "book" value—currently a third of the industry's market value—or even less.
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On Friday, the global mining company BHP Billiton said it was writing off about $7.2 billion from its book value of shale holdings in the United States because of the changed environment.
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Eni intends to make a final investment decision this year on developing the block and said in corporate filings that the asset has a book value of 1.2 billion euros ($1.5 billion).
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MI) is set to move bad loans worth a nominal 5.1 billion euros ($6 billion) into a securitisation vehicle and expects to transfer them at a price close to their book value.
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Intesa is offloading the bad loans at 28.7 cents on the dollar, in line with their book value and stands to book a 400 million euro capital gain from the overall deal.
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Hilder noted that although JPMorgan is currently trading at a roughly 10 percent premium to its tangible book value, Dimon has a track record of buying his company's stock at opportune times.
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For NPLs backed by real estate guarantees, the price stood on average at 26 percent of gross book value in 2017 and at 10 percent for other operations, the central bank added.
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Prices are at 1.7 times book value from 1.99 a year ago in Malaysia, the region's cheapest major market, and 1.97 from 2.2 in Thailand - but they are cheaper for several reasons.
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The security has rebounded in recent weeks and trades at a slight premium to its tangible book value, which is the the company's value if it were to be liquidated, Cramer said.
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A letter from ValueAct to its own investors early this month noted that the investment bank was trading at only 70% of book value, implying that a break-up could be lucrative.
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He believes some sectors, such as bank stocks, are grossly undervalued — trading at a quarter of book value — and will rally next year if there is a political change of the guard.
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"Banca IFIS is participating in all the ongoing disposal processes of unsecured non-performing loans with an estimated book value of 4 billion euros," Colombini said in comments confirmed by a spokeswoman.
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Alphabet reported the total book value of its equity investments for the first time on Monday, revealing that it has gained about $3 billion on its investments in Uber and other companies.
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The lender said it had agreed to sell the riskier notes in a securitisation issue backed by non-performing house mortgages with a gross book value of 4.1 billion euros ($300 billion).
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LONDON (Reuters Breakingviews) - Prospective buyers of HSBC shares might question the upside for a bank that already trades at a chunky 1.3 times its tangible book value, a premium to European peers.
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Buying back shares when the stock is trading below tangible book value is the right strategy for the two banks, said analysts led by Kian Abouhossein, who upgraded the stocks to "overweight".
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The announcement by ArcelorMittal on Friday did not disclose the value of the disposals, though investment bank Jefferies said they are unlikely to achieve a book value it estimates at $1 billion.
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Arab Bank's shares closed at 6.06 dinars ($8.5) on Monday and bankers said the Alhokair family's bid had been driven by the bank's stock market value being well below its book value.
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The roughly 82 percent of book value at which the company trades is on the nail for a company that managed an annualized return on equity last quarter of only 153 percent.
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Reports 2016 second quarter results * Says in q2, company's book value per share decreased by $1.89 or 16% * Sets quarterly dividend of c$2.00per share Source text for Eikon: Further company coverage:
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Greece's largest lender by assets on Monday said it is selling loans with a gross book value of 507 million euros ($573 million) and has agreed a price of 240 million euros.
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It is currently selling a portfolio of large debtors' NPLs with a gross book value of more than 3 billion euros and a real estate portfolio valued at up to 500 million.
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While the book value of net debt will rise, the government has enough liquidity so that it does not for now have to raise money on capital markets, a ministry spokesman said.
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Einhorn said GATX has "trouble returning to pre-crisis usage levels," while AerCorp shares are trading at half the book value and less than half the price-to-earnings of GATX's shares.
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"He is the most successful value investor of all time, and his company's stock in relation to book value is at an extreme value in a world where value is incredibly attractive."
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With UBS shares trading around a third above their estimated 2017 tangible book value — and in line with purer plays like Morgan Stanley and Goldman Sachs — the Swiss bank looks fully priced.
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Also in Buffett's favor is his far-longer track record: Berkshire's compounded annual gain in per-share book value since 1965 is a robust 18.7%, double that of the S&P 500.
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The Lotte Corp holding entity has lost 50% of its market value in three years, per Refinitiv data; the nine listed Lotte units trade at two-thirds of book value on average.
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The company said on Thursday it would also sell its business making carbon electrodes used to make aluminium in 2017, adding it was confident it could fetch a price above book value.
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The first bid, late last year, valued AWAS in line with the underlying book value of its fleet, which is around $2 billion, excluding jets earmarked for sale, one of the people said.
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The transaction is likely to be completed in April 2017 and will potentially add cash of at least IDR5003bn to MPM, lowering its leverage, assuming the price is more than 1x book value.
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The shares of the three banks – along with those of many other financial companies – have fallen in value so much in the last couple of weeks that all now trade below book value.
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"Only if we can find a partner that accelerates the debt collection, works on unsecured loans and allows us to sell the portfolio at book value, we will make a deal," Messina said.
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The average sale price was 13 percent of book value and all the costs related to the deal have already been accounted for in the bank's latest third quarter results, the statement said.
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Deutsche Bank analysts estimate a worst case scenario would translate into a hit of around 4 percent for ING's book value due to the loss of equity as well as of intragroup funding.
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As part of the deal with BPER, Unipol also agreed to pay 13 million euros to buy a portfolio of BPER Banca's impaired loans with a gross book value of 1.3 billion euros.
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If Freeport opts to terminate its contract, all contract properties would be offered for sale to the government at cost or market value, whichever is lower, but not below the depreciated book value.
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It said the lender was one of the strongest return generators in UAE, but cautioned on limited upside from current levels with the stock trading at twice the book value estimates for 2019.
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Alpha Bank said the agreed sale price for the NPL portfolio, which is secured mainly by real estate assets, was set at 337.1 million euros, or about 33.6 percent of gross book value.
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And at the same time, they're looking at the stock prices and saying: Well heck if I'm gonna be trading at book value like we are right now, I'm gonna buy back stock.
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In comparison, Dunn is "very interested" in Goldman Sachs which has a price-to-tangible book value ratio close to 1 and is expected to report an EPS decline of 16.5% to $5.
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With UBS shares trading around a third above their estimated 2017 tangible book value – and in line with purer U.S. plays like Morgan Stanley or Goldman Sachs – the Swiss bank looks fully priced.
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Both Greenlight Capital Re and Third Point Reinsurance, linked to David Einhorn's Greenlight Capital and Dan Loeb's Third Point respectively, "trade well below book value and look appealing," the U.S. financial newspaper said.
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The transaction price for Convergex would be adjusted based on the tangible book value of the company at time of closing, which is expected by the end of the second quarter of 2017.
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The combination of the Axa unit and AllianceBernstein would have a book value (assets minus liabilities) of $14 billion to $15 billion, The Wall Street Journal reported, citing people familiar with the matter.
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Alpha Bank said the agreed sale price for the NPL portfolio which is secured mainly by real estate assets, was set at 337.1 million euros or about 33.6 percent of gross book value.
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MILAN, Aug 2 (Reuters) - Italy's UBI Banca has securitised a portfolio of bad loans with a gross book value of 2.75 billion euros ($3.20 billion)avnd is preparing a second batch for sale.
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"The domestic macro backdrop is strong, but French equities have outperformed and valuations are slightly expensive relative to Europe by 20183% on price to book value and 8% on dividend yield," it added.
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A second relatively recent bid upped the value of the offer to reflect a roughly 10 percent premium to book value, that person said, asking not to be identified because the discussions remain confidential.
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The stake is worth around 950 million zloty ($255 million) at book value, but investors have demanded a hefty discount due to the bank's low profitability and portfolio of toxic Swiss franc denominated mortgages.
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In a securities filing, GP Investments said that it paid $35.25 per share of Spice, or about 15 percent below book value, to Fortress Investment Group LLC and Newbury Associates LLC for their stakes.
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BEIJING (Reuters) - Chinese conglomerate CEFC China Energy plans to sell its entire global property portfolio with a book value of over 20 billion yuan ($3.2 billion), Bloomberg reported citing sources familiar with the matter.
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Five of the biggest Wall Street banks – JPMorgan Chase & Co, Goldman Sachs Group Inc, Citigroup Inc or Bank of America Corp – trade at 0.76 times book value, on average, according to Thomson Reuters data.
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The average impact to U.S. property and casualty insurers' book value from $10-30 billion of insured losses from the hurricane would equate to around a quarter's worth of earnings, the JPMorgan analysts added.
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Investment bank Investec said the gross proceeds for the sale of the remaining stake in CHL suggested a 15 percent discount to book value, within but at the high end of previous management guidance.
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"Assuming a mid-single digit return on equity you would expect the company to trade at about 0.5 times book value plus a premium for potentially extraordinary cash generation", Bernstein analyst Thomas Seidl said.
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Italy's NPL market has so far failed to develop as buyers of distressed assets value banks' bad loans below their book value, so lenders looking to sell would be forced to take a loss.
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Our adjusted NPL ratios add back in loans sold to the VAMC - for which banks must make provision for 10%-103% of the book value annually - as well as "special-mention" loans (see chart).
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Carige trades at just 218 percent of its book value and has long been dogged by concerns it would need more capital despite two cash calls in 21 and 20.9419 for 1.65 billion euros.
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Five of the biggest Wall Street banks - JPMorgan Chase & Co , Goldman Sachs Group Inc, Citigroup Inc or Bank of America Corp - trade at 0.76 times book value, on average, according to Thomson Reuters data.
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MOSCOW (Reuters) - Russian oil producer Rosneft estimates the book value of stakes it holds in three oil projects in Venezuela at 138 billion rubles ($2.11 billion), a financial report it published on Tuesday showed.
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Analysts said investors had balked at the IPO's high valuation, which brokerage Centrum estimated to be priced at nearly 50 times the firm's 2016/17 earnings and more than 34 times its book value.
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You can see this in the evolution of a ratio known as Tobin's Q — the value of all the shares of stock outstanding divided by the book value of everything publicly traded companies own.
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" In conjunction with that, he plans to deemphasize book value, measuring assets minus liabilities, saying changes at Berkshire and the vagaries of accounting rules mean that gauge has "lost the relevance it once had.
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An evolution in Buffett's thinking surfaced in 2015 when he added changes in Berkshire's stock price to the table, after Berkshire's book value had lagged the S&P 500 in five of six years, .
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For example, the iShares S&P 500 Value ETF (IVE) uses the S&P Value Index and picks stocks based on three factors: book value to price, earnings to price, and sales to price.
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"In Europe, where banks trade at steep discounts to book (value), steeper curves, the coming end to quantitative easing followed by rate hikes in late 2018 or early 2019 should bolster results," Haidar said.
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Projprzem's management considered GK Immobile's tender price of 8.5 zlotys per share as below its shares' fair value and lower than their book value Source text for Eikon: Further company coverage:, $1 = 3.8101 zlotys
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REPORTS 2017 FOURTH QUARTER AND YEAR END RESULTS * CONTINUE TO BELIEVE THAT TWO CORE HOLDINGS REMAIN "UNDERVALUED" * BOOK VALUE PER SHARE $10.71 AS OF DEC 31, 2017 Source text for Eikon: Further company coverage:
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The bank sold the portfolio at a price of about 32 percent its gross book value, tapping the so-called GACS state-backed guarantee scheme for the senior tranche, it said in a statement.
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Nonetheless, the company announced it was taking a medium triple-digit million euro impairment regarding its Reebok brand after the German Financial Reporting Enforcement Panel disagreed with how the firm calculated historical book value.
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Italian state-owned bad loan manager AMCO said late on Tuesday it will buy for about 225 billion euros a portfolio of Carige's problem loans with a gross book value of 2300 billion euros.
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The gap between the book value of bad loans and the price investors are willing to pay has held back bad loan sales in Italy, as banks are reluctant to sell at a loss.
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One of the sources said the bad loan sale was crucial in determining the size of UniCredit's capital needs - as loans are generally sold below their book value, forcing a loss on the seller.
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For much of stockmarket history, buying value stocks—with a low price relative to earnings or to the book value of tangible assets, such as equipment and buildings—has been a winning strategy for stockpickers.
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After writing down about 174 billion euros of debt and raising 63 billion euros via share issues since 2008, according to consultancy Prometeia, Italian banks have roughly halved the book value of their impaired loans.
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Italian banks are estimated to have written down the gross value of their bad loans by 56 percent on average, implying a residual book value for these assets of 44 percent, central bank data show.
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Under a plan presented in December, Mustier is focusing on improving shareholder returns through a combination of dividends and share buybacks in an attempt to lift the stock, which trade well below UniCredit's book value.
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UniCredit stands to make a big capital gain on its 35.35 percent stake in Fineco, which has a market value of 2.4 billion euros ($2.7 billion) and a book value of just 981 million euros.
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A firm that has acquired brands by merger will have those reflected in its book value, says Simon Harris, of GMO, a fund-management firm; a firm that has developed its own brands will not.
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The absence of a mark-to-market mechanism magnifies potential losses, as the book value could be very different from the market value, particularly if an investment needs to be liquidated during adverse market conditions.
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Fluctuations in the new money that BSI attracts or changes in tangible book value by the time the deal is closed, which is expected by the end of 2016, could affect the price, EFG said.
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JAC is trading at a price-to-book ratio of 0.93, which means VW would have to pay a premium for shares since JAC's state shareholders cannot sell shares for less than their book value.
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He said the bank's share price at around 8,300 forints was "realistic" considering profitability and return on equity, but added the stock price was higher than European peers' on a price-to-book value basis.
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Gulliver told Hong Kong shareholders at the bank's informal annual meeting on Monday that the bank is also studying the possibility of a buy back of its shares, which are now trading below book value.
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In the United States, Bank of America is trading at just under 60 percent of its book value, a ratio even lower than in 2009, when losses from the financial crisis were still piling up.
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Merrill analyzed the performance of baskets of S&P 500 stocks by multiple factors, including growth, price-to-earnings ratio, and price to book value ratio, said Jill Carey Hall, the firm's U.S. equity strategist.
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Salesforce&aposs goodwill balance, or the premium it paid for beyond the book value of its acquisitions, has ballooned to $214 billion in its most recent quarter, the company said in a filing last week.
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Kaupthing had been in talks with the funds about an Arion valuation of 0.8 times the book value of its assets, which had the pension funds had conceived as being too high, the person said.
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Kettani, speaking to Reuters on Sunday, would not put an exact dollar figure on the acquisition but said it was twice Barclays Egypt's 2016 book value or about seven times its expected net profit for 2017.
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Still, it doesn't look too optimistic with Citigroup's stock trading at nearly half the bank's book value and European banks grappling with their own problems, which have contributed to the recent deep declines in their stock.
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Our view of EFGInt's adequate capitalisation takes into account the effect from the inclusion in its regulatory capital of CHF329m of negative goodwill, as the acquisition was made at around 76% of BSI's tangible book value.
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" Shields called the old buyback policy "almost obsolete," saying the recent slashing of the U.S. corporate tax rate materially boosted book value by reducing Berkshire's deferred tax liabilities but "with almost no impact on intrinsic value.
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U.S. private equity firm Carlyle owns a 17.75 percent stake in Diamond Bank which it bought for $147 million in 2014 when the bank was trading at 0.6 times book value as against 0.15 times now.
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In fact, many of these stocks change hands for less than another measure — tangible book value — which leaves out goodwill, an accounting yardstick for non-physical items such as a company's brand name and customer base.
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That leaves it trading just a touch under book value, which suggests it should be able to at least cover its cost of equity, which is generally pegged at 10 percent for such hulking financial institutions.
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However, the sector's price to net asset book value multiple is 3.8, higher than its historical average of less than 2.5 and the broader S&P's ratio of 13, according to data from Datastream by Refinitiv.
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Investors including Taiwanese flat-screen maker TPK and Chinese asset manager Harvest will acquire new shares and convertible bonds for 50 yen each, a 37 percent discount to Friday's closing price, or 0.4 times book value.
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However, Adidas said it was taking an a medium triple-digit million euro impairment related to the Reebok trademark in 2016 after the German Financial Reporting Enforcement Panel disagreed with how it calculated historical book value.
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While high in absolute terms, investors reckon both markets can go further as they remain below their March 2015 peaks, when Indonesia's market was 3.6 times its book value and the Philippines stood at 3.39 times.
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And if it wants to offload its stake, selling 15 percent of a healthier bank trading at its 84 billion euro book value could mean two-thirds more for state coffers than a sale right now.
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According to a Hyflux affidavit last year, Tuaspring, which is secured to Malayan Banking Bhd (Maybank), had a book value of S$1.3 billion and can meet up to 17.5 percent of Singapore's present water demand.
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In contrast, Ulisse 2 later the same year was backed by a 62% unsecured pool, which saw the 210m senior tranche account for just 36.8% of the securitisation, only 6% of the 3.4bn NPL book value.
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The transaction will see the bank's non-performing loan portfolio, principally shipping-related, sold to a special purpose vehicle set up by Cerberus, JC Flowers, GoldenTree and Centaurus at a price below its current book value.
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These tactics could eventually take the return on equity above 10 percent and warrant the company trading at book value – a 43 percent improvement from where Mr. Ubben jumped in, bagging his fund around $500 million.
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The Land Transport Authority (LTA), Singapore's transport regulator, will acquire SMRT's rail system, including trains, with an estimated total net book value of S$991 million ($737.13 million), the rail operator said in a separate statement.
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Despite the restructuring plans, Commerzbank trades at only 0.27 times book value, the lowest of its peers listed on the European Stoxx Europe Banks Index, excluding Italian banks Unicredit, Unione dei Banche Italiane and Banco Popolare.
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Buffett said he did this because Berkshire's shift toward operating large businesses such as Berkshire Hathaway Energy, the BNSF railroad and the Geico auto insurer was widening the gap between its intrinsic value and book value.
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Studying the heritage and DNA behind the watches you like generates a lot of valuable anticipation and excitement, to the extent that your relationship with the watch of choice goes far beyond the blue book value.
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However, the sector's price to net asset book value multiple is 24, higher than its historical average of less than 21 and the broader S&P's ratio of 210, according to data from Datastream by Refinitiv.
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Based on the ratio of share prices to book value, American stocks were more than twice as expensive in September as stocks in the rest of the world, according to Bank of America, a record premium.
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"Furthermore, we believe the current value of the assets, in existing use, is significantly higher than book value, as the figure used for the vast majority of the hotels is at 2003 valuations," the letter said.
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The purchase price for the deals would correspond to the expected equity book value of the holdings at the end of this calendar year, estimated to be between 1.85 and 2.05 billion euros ($2.1-$2.3 billion).
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"Goldman Sachs trading around one times book [value], still looking exceptionally undervalued here, we think can play catch-up to some of the other, more notable names that have acted so well this year," Tatro said.
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BANCA CARIGE (shares suspended from trading) The Italian lender said on Friday it had sold a portfolio of soured loans with a gross book value of 2100 billion euros to state-owned bad loan specialist AMCO.
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The sale is valued at about 58% of the total gross book value of the portfolio, the bank said, based on the nominal value of the senior notes and the sale price of the mezzanine tranche.
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Italian banks hold some 80 billion euros in UTPs, which they price on average at 61% of nominal value - well above a net book value of 35% for banks' remaining 100 billion euros in insolvent loans.
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The transaction will also see the bank's non-performing loan portfolio, principally shipping-related, sold to a special purpose vehicle set up by Cerberus, JC Flowers, GoldenTree and Centaurus at a price below its current book value.
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The deal between Swiss Re and MS&AD values ReAssure at 3.5 billion pounds, or $4.4 billion, but analysts have said ReAssure could achieve a market capitalization of about $3 billion, or roughly half its book value.
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Diamond Bank has 61.9 percent free float while Carlyle owns a 17.75 percent stake, which it bought for $147 million in 2014 when the bank was trading at 0.6 times book value as against 0.15 times now.
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WA, has written down 916 million zlotys ($243 million) of goodwill at a group level on the slim chance it will be sold to a investor at a price above BPH's book value, it said on Monday.
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Another 211% comes from private banks; some of which are among Asia's best-run lenders—HDFC Bank and Kotak trade on about four times their book value, compared with below one times for the zombie state banks.
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Shares of Citigroup, Bank of America and JP Morgan have all fallen by more than 13 percent this year and now trade at below tangible book value, a measure of the underlying value of the bank's loans.
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MI) prices at around 0.5 times its book value, a 28 percent discount to euro zone banks, while French cement maker Lafarge Holcim is trading at its lowest PE multiple since 2011 and builder Saint Gobain (SGOB.
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In an earnings statement on Thursday, the company had already recognized a 2.5 billion reais non-recurring loss related to the sale of certain business units in Argentina, Thailand and Europe, which were divested below book value.
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The book value of the BOJ's ETF holdings was 8.7 trillion yen at the end of July, Citigroup said, citing BOJ data, with the investment bank estimating the market value of 9.7 trillion yen at that time.
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Book value per Class A share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire's intrinsic worth, also benefited from the tax cut, rising 73 percent in the fourth quarter to $211,750.
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In the deal announced in February, there was a provision for a reduction in the purchase price if BSI suffered net withdrawals of client assets beyond a certain limit and for changes in BSI's tangible book value.
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With the stocks' value dipping beneath book value and earnings reports from U.S. banks due this week and next, underperforming banks could see activist investors clamoring for leadership changes or for spinouts at firms posting disappointing returns.
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It's one that investors should own for the tangible book value, which Cramer called the most important metric for bank stocks—how much its worth if the business was shut down, liquidated, and proceeds returned to shareholders.
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But some investors have cited concerns about valuations, with analysts estimating the IPO valued ICICI Lombard, the first company to list from the local non-life insurance sector, at a price to book value of 8 times.
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In reporting a higher-than-expected net profit for the second quarter of 2019, Intesa said the 3 billion euro UTP portfolio would be sold to Prelios for 2 billion euros, in line with its book value.
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Book value per Class A share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire's intrinsic worth, was $73,750 at the end of the year, up 13 percent from three months earlier.
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Regional lender Fukushima Bank, trading at about a quarter of its book value, rose 32% after public broadcaster NHK reported it would form a capital and strategic tie-up with Japanese internet brokerage giant SBI Holdings Inc.
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Shares of BOK fell 5.4 percent and analysts attributed the decline to the dilution in BOK's tangible book value - a measure of a company's value based solely on its tangible assets - as a result of the acquisition.
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Regional lender Fukushima Bank, trading at about a quarter of its book value, rose 27.6% after public broadcaster NHK reported it would form a capital and strategic tie-up with Japanese internet brokerage giant SBI Holdings Inc.
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As of Tuesday, a total of 53 percent of the names on the Tokyo Stock Exchange's first section were trading below their book value, compared with 44 percent at the end of December, according to Daiwa Securities.
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To achieve a 4 percent return annual revenue needs to flatline at 26 billion euros, assuming roughly 700 million euros in projected loan losses, a 30 percent tax rate and a similar tangible book value as today.
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In his opening for the defense, Mr. Boies said there was no evidence that Mr. Greenberg knew there was anything improper about the transactions, adding that they were not material to A.I.G.'s earnings or book value.
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Regional lender Fukushima Bank, trading at about a quarter of its book value, rose 32% after public broadcaster NHK reported it would form a capital and strategic tie-up with Japanese internet brokerage giant SBI Holdings Inc.
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Some analysts had said before the latest rise that Baer's stock was already at a relative high compared with larger Swiss banking groups UBS and Credit Suisse based on the share price relative to its book value.
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DECLARES MONTHLY COMMON STOCK DIVIDEND OF $0.18 PER COMMON SHARE FOR MAY 2018 AND ANNOUNCES ESTIMATED TANGIBLE NET BOOK VALUE OF $18.58 PER COMMON SHARE AS OF APRIL 30, 2018 Source text for Eikon: Further company coverage:
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"The fact is that the annual change in Berkshire's book value — which makes its farewell appearance on page 2 — is a metric that has lost the relevance it once had," Mr. Buffett wrote in this year's letter.
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ANNOUNCES RECORD NET INCOME OF $231 MILLION FOR THE FIRST QUARTER OF 22017 * Q1 EARNINGS PER SHARE VIEW $0.53 — THOMSON REUTERS I/B/E/S * BOOK VALUE PER SHARE OF $20.17 AS OF MARCH 31, 2018, AN INCREASE OF $1.11, OR 313%, SINCE MARCH 31, 2017 * TANGIBLE BOOK VALUE PER SHARE OF $19.29 AS OF MARCH 31, 2018, AN INCREASE OF $1.19, OR 6.6%, SINCE MARCH 31, 2017 * QTRLY NET INTEREST INCOME INCREASED TO $10.3 MILLION FROM $9.2 MILLION FOR THREE MONTHS ENDED MARCH 31, 2017 Source text for Eikon: Further company coverage:
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REPORTS ESTIMATED FULL YEAR AND FOURTH QUARTER RESULTS * GAAP BOOK VALUE IS EXPECTED TO BE WITHIN RANGE OF $43 TO $39.00 PER SHARE AT DECEMBER 31, 2017 * ADJUSTED ECONOMIC BOOK VALUE PER SHARE AT DECEMBER 31, 2017 IS EXPECTED TO BE WITHIN RANGE OF $40.90 TO $41.10 * ASSOCIATED CAPITAL GROUP - ASSETS UNDER MANAGEMENT AT DECEMBER 31, 2017 INCREASED +21 PCT YEAR-OVER-YEAR TO $1.5 BILLION * Q4 2017 ESTIMATED RESULTS INCLUDE AN INCOME TAX BENEFIT RELATED TO ENACTMENT OF TAX CUTS AND JOBS ACT Source text for Eikon: Further company coverage:
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REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS * 2019 FINANCIAL RESULTS WERE "OVERWHELMED" BY UNDERWRITING LOSSES MAINLY IN OUR PROPERTY LINES * Q4 RESULT WAS NEGATIVELY IMPACTED BY LOSSES IN GLOBAL PROPERTY SEGMENT * LOSS OF $65 MILLION FROM TYPHOON HAGABIS & $313 MILLION FROM RIOTS IN CHILE IN Q4 * ADJUSTED BOOK VALUE PER SHARE WAS $14.57 AS OF DEC 31, 2019, COMPARED TO $15.24 AS OF DEC 31, 2018 * ADJUSTED TANGIBLE BOOK VALUE PER SHARE WAS $10.22 AS OF DEC 31, 2019, COMPARED TO $10.76 AS OF DEC 31, 2018 Source text for Eikon: Further company coverage:
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These rate pressures are starting to be reflected in the price of insurance stocks, withMetLife's stock price, for example, falling roughly 30% over the last year as of the end of June, to 66% of tangible book value.
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"We need to highlight that the valuer seems to have used incorrect data, faulty logic and inappropriate discounting in the valuation report to reverse work the valuation back to the company's approximate book value only," the complaint said.
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Because of an array of off-balance-sheet assets, stock buybacks of about 10% of the company's value per year, and swaths of insider ownership, the book value of MMA Capital has been growing each year, Kiel said.
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Units, a blend of voting and non-voting shares in BTG Pactual's investment banking and private-equity divisions, have shed about 40 percent since the arrest of Esteves, and are currently trading at about 0.7 times book value.
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IBM is paying more than 10 times revenues, more than 25 times book value, more than 50 times estimated 2019 earnings, and more than 120 times Red Hat's fully diluted earnings per share over the past 12 months.
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The offer for the shares of BBVA Chile is approximately $2.2 billion USD, or 13 times price to book value, and it is expected to reduce BNS's Common Equity Tier 1 (CET1) ratio by approximately 100 basis points.
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IKB may fetch around 500 million euros ($13 million) or about half of its book value, one of the sources said, while other people said IKB's real value was hard to judge due to warrants held by debtors.
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Value stocks, typically those that trade at lower multiples of earnings or book value, generally require more patience than growth stocks, in part because they are, by definition, unloved, and depend on a fundamental change in market opinion.
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The bank said on Thursday it had completed the securitisation for the sale of a bad loan portfolio with a gross book value of around 24.1 billion euros ($28.7 billion), obtaining investment-grade ratings on the senior tranche.
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Watsa, who oversees insurance and other businesses in more than 100 countries, expressed disappointment at the company's weak stock performance and book value over the past five years, largely the result of unimpressive returns from its investment holdings.
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"While they're managing the cost well and lowering their personnel in areas that are not as profitable, they're making a great deal of money, a healthy return on equity; they're selling at or below book value," Katz said.
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RHB, Malaysia's fourth-biggest lender, expects the buyer to pay between 3-3.5 times book value of the business, which could make it one of the most expensive non-life insurance deals in Southeast Asia, the people said.
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Driving these investments is the view that ultra-low interest rates, lagging returns on equity and tough regulations will push more banks to merge, with buyers willing to pay a hefty multiple to a bank's tangible book value.
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Shares in Maersk fell 11 percent after the demerger, which was slightly less than the around 14 percent the share price should have gone down if investors had valued the drilling unit at the book value, Sydbank said.
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Alpha Bank said its deal with the fund consortium also includes the disposal of repossessed real estate assets with an on-balance sheet gross book value of 56 million euros, at a sale price of 51 million euros.
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The Nikkei is now traded at about 80% of its book value, which is close to a low touched during the 2008-09 financial crisis, raising some hopes that the market may be near a bottom, analysts said.
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That leaves Bank of America trading just a touch under book value, which suggests it should be able to at least cover its cost of equity, which is generally pegged at 10 percent for such hulking financial institutions.
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Shanghai-listed shares in China Shenhua, the country's largest coal miner, saw its price-to-book-value ratio, or PB ratio, fall to 0.98 on Thursday, joining other blue-chip heavyweights whose prices are below their book values.
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For years, Mr. Buffett's preferred measure of Berkshire's performance was the company's book value as compared with the S&P 500, and he would highlight the annual rise and fall of both on a table in the letter.
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Even though Citigroup returned more than 100 percent of its annual earnings through dividends and stock buybacks, the stock is still trading below tangible book value, Oppenheimer analyst Chris Kotowski noted in a report after the earnings release.
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People familiar with the situation also said that Raiffeisen would potentially agree to sell the shares at 0.9 to book value, although this was likely to be unachievable due to Raiffeisen Polbank's portfolio of Swiss franc denominated home loans.
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Under a new plan presented in December, Mustier is focusing his efforts on improving returns for shareholders through a combination of dividends and share buybacks in an attempt to lift the stock, which trade well below UniCredit's book value.
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By contrast, the book values of companies Mr Buffett owns outright, an increasing share of his portfolio, are carried at "far below" their current value, making it tough to assess Berkshire's performance by its annual change in book value.
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Investors expect a mild recovery, but do not expect Goldman to be exceptional, so its shares do not trade on a notably superior multiple of book value, as they usually did in the glory years between 297 and 33.
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The industrial businesses' lacklustre record mean they account for about 60% of Berkshire's sunk capital but have generated only about half of its look through profits, and 40% of its growth in book value over the past five years.
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Several attempts to clean it up have failed: it is now worth just a tenth of its book value, and could well come up short in a stress test by the European Central Bank later this month (see article).
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ReAssure has about 20173 billion pounds in assets under management and 3.3 million policies, and analysts say it could achieve a market capitalization of about $3 billion, or roughly half its book value, which was $6.2 billion in 2017.
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"The price paid (by BOK) equates to roughly 9 percent (tangible book value per share) dilution, which are large numbers and likely on the higher side of what the market would like to see," said KBW analyst Brady Gailey.
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"The opportunity to strategically invest in a growing business, below book value and near cash value, is in my view, an excellent investment for our stakeholders," Bryant Riley, B. Riley's co-chief executive and chairman, said in a statement.
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WHAT DOES THIS TELL US ABOUT THE HEALTH OF BANK STOCKS AND BANKS AS AN INVESTMENT, PARTICULARLY WHEN INVESTORS ARE GRAPPLING WITH HOW MUCH THEY SHOULD BE PAYING FOR BANK STOCKS, WHEN IT COMES TO PRICE ENTANGIBLE BOOK VALUE?
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COPENHAGEN (Reuters) - A.P. Moller-Maersk spun off its oil and gas drilling unit and listed it separately on the Copenhagen stock exchange on Thursday, where it was traded slightly below the book value it had in Maersk's own accounts.
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Shares of the Swedish banks have slid, but those of Italian, German and Spanish banks have rallied sharply this year, buoyed by the prospect of rising rates and better economic growth, after trading at deep discounts to book value.
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During that earlier period, American business earned an average of 11 percent or so on equity capital employed and stocks, in aggregate, sold at valuations far above that equity capital (book value), averaging over 150 cents on the dollar.
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After failing to clinch a cross-border merger and acquisition (M&A) deal, Mustier is now focusing on improving shareholder returns through dividends and share buybacks in an attempt to lift the stock, which trades well below UniCredit's book value.
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A proxy for the UK's book value – the Office for National Statistics' most recent net worth figure, is $12.4 trillion, enough for a simple cash offer to push up U.S. government debt from around 80% to nearly 150% of GDP.
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Plus the report's authors also point out that the 34 listed banks in the latest stress tests results have lost on average 33 per cent of their book value since the last stress tests were done less than two years ago.
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The Singapore bank will pay 110 million Singapore dollars ($79.06 million) above book value for the portfolios in Singapore, Hong Kong, China, Taiwan and Indonesia, giving it access to about 1.3 million customers, including more than 100,000 private wealth clients.
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"If you're trying to find companies that are trading for less than 15 times earnings or less than two times book value, you end up with a lot of banks and a fair number of insurance companies as well," said Bobrinskoy.
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The new Commission for the Management of State Capital (CMSC) at enterprises will manage 19 state-owned companies in which the government holds stakes with a combined book value of 1,000 trillion dong ($42.9 billion), the government said on Sunday.
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As a result, Mediobanca shares currently trade at 0.8 times its book value, according to Thomson Reuters I/B/E/S forecasts, above an average of 0.6 for Italian lenders and on a par with best-in-class peer Intesa Sanpaolo.
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MPS's overall performance will likely remain structurally weak in the medium term, unless management undertakes significant actions to reduce the stock of impaired loans through sales; even then, the bank would still risk having to dispose of these below book value.
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While shares of these banks are up so far this year, each are down more than 18 percent over the past 12 months and are trading around a price-to-book value around 1, typically a sign of an undervalued bank.
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S&P cited not only continued Abu Dhabi government support for TAQA but also the agreement with the related party, which it said gave the company "an option to sell most of its oil and gas assets at book value".
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The purchase price was based on the tangible book value of Polbank's core banking operations of approximately 815 million euros at the end of last year, RBI said, adding that the sale will weigh on its earnings with 120 million euros.
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Analysts said the price of the shares, at 1.6 times the book value, came with a small premium on shares of another listed Rwandan lender, Bank of Kigali , which is trading at a price to book ratio of just over 1.4.
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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.
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That language, however, was basically inserted to protect the Saudi PIF's massive investment in Uber, so Saudi PIF can effectively waive it (particularly if PIF's Yasir Al-Rumayyan gets that book value primary, which lets him save face back home).
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The company said it was likely that the book value of its Hemisphere portfolio, which holds about 140 property assets, was lower than it had previously estimated following a valuation by CBRE, a commercial real estate services and investment firm.
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"The company will consider CBRE's valuations in detail and will work with its auditors to determine the consolidated net book value of the Hemisphere Portfolio for the purposes of publication of the company's consolidated financial statements for 2017," it said.
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MILAN, Dec 19 (Reuters) - The price of non-performing loans sold by Italian banks last year was 17 percent of gross book value on average, up from 15 percent the previous year, a study by the Bank of Italy showed.
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SOMETIMES WHEN THINGS ARE REALLY, REALLY BAD OR REALLY, REALLY BOYANT YOU CAN'T DISTINGUISH THE WHEAT FROM THE CHAFF BUT IN THESE MARKETS THIS IS WHAT WE DO. BILL MILLER: SO AS A PRACTICAL INVESTOR, YOUR STOCK TRADES BELOWS BOOK VALUE.
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GENERALLY WE'VE BEEN TRADING FOR MOST OF THE LAST PERIOD BETWEEN 1.1 AND 73 TIMES BOOK VALUE AND THIS MOMENT YOU CAN DRAW A LOT OF WEIRD FUNFACTS ABOUT A LOT OF PEOPLE'S, YOU KNOW, RATIOS GIVEN THE BIG DOWN DRAFTS.
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Also on Thursday, consultancy PwC forecast transactions on Italian problem loans next year could total 50 billion euros in terms of gross book value as lenders in the country strive to shed problem assets that grew during a harsh recession.
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Brokerage Hauck & Aufhäuser in May called the free cash flow development at Leoni "alarming", while analysts at LBBW at the time said that a valuation of only half of the company's book value was adequate and a capital increase conceivable.
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ZKB analyst Patrik Schwendimann estimated the transaction would generate an extraordinary gain before taxes of around 4 billion francs for Nestle based on the net book value of 6.2 billion francs Nestle gave the unit in its 2018 financial statements.
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Italian banks have racked up around 360 billion euros in gross problematic loans due to a tough recession but have resisted pressure to sell them on as prices investors are ready to pay are, in many cases, below their book value.
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Macy's, for instance, is trading barely above the value of its underlying real estate portfolio, Watson said, while Diamond Offshore trades at 70 percent of its book value, a measure of the value of the assets on a company's balance sheet.
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According to Parkiet, 15 percent of shares are worth 950 million zlotys assuming a price equal to the bank's book value, but a discount for low profitability and a large Swiss franc mortgages portfolio will likely be applied, Parkiet said.
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In light of the failed hostile takeover attempt by Canadian rival Potash Corp last summer, Steiner said that K+S remained attractive for investors, as the company's shares were 100 percent free float and its market value slightly below book value.
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Given UBS's Tier 1 capital ratio, a common measure of a bank's financial health, stands at a robust 13.5 percent and its shares trade above the tangible book value of the company, Mr. Ermotti can arguably afford to be confrontational.
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ANNOUNCES FINANCIAL RESULTS FOR Q1 2018 * BOOK VALUE PER COMMON SHARE WAS $17.52 AT MARCH 31, 2018, COMPARED TO $17.58 AT DECEMBER 31, 2017 * QTRLY NET INTEREST INCOME TOTALED $14.5 MILLION VERSUS $10.6 MILLION Source text for Eikon: Further company coverage:
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BERLIN, Dec 4 (Reuters) - Germany's national railway operator, Deutsche Bahn, must fetch the book value of its international transit subsidiary Arriva in the event of an initial public offering of the unit, sources familiar with the situation told Reuters on Wednesday.
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The evidence — supported by icons of American capitalism including Warren Buffett, whose company Berkshire Hathaway has never offered earnings guidance and is up more than 1,000,000% on a book-value basis since 1964 — suggests that a long-term focus pays off.
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Two sources familiar with the matter said Intesa had demanded from the start a price close to book value for the portion of the portfolio to be sold, which will amount to no more than 13% of the 10 billion euros.
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Following a 2.5 percent jump on Friday morning HSBC shares are now valued at nearly 1.3 times the bank's tangible book value at the end of March, making it one of the only large European lenders to trade at such a premium.
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If HSBC's revenue grows at a more conservative 4 percent a year and costs rise by 1.5 percent, Flint will surpass his goal, according to a Breakingviews calculation which uses a 22 percent tax rate and projected tangible book value of $160 billion.
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Murray, who joined the company following the revelations of misconduct at the Royal Commission, is likely to face questions about a sale of AMP's life insurance arm to British Resolution Life for A$1.9 billion ($1.34 billion), a fifth below its book value.
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With $17 billion in content commitments over the next several years and a growing library of owned content ($2.5 billion net book value at the end of the quarter), we remain quite comfortable with our ability to please our members around the world.
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How do you explain why it is good to buy back stock at tangible book value, and how—that ultimately you are going to produce fabulous earnings growth and at the same time shrink the huge number of shares that you have?
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RETURN TO HEALTH ZKB analyst Patrik Schwendimann estimated the transaction would generate an extraordinary gain before taxes of around 4 billion francs for Nestle based on the net book value of 6.2 billion francs Nestle gave the unit in its 2018 financial statements.
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The mortgage lender, whose NPLs represented 28 percent of its loan book at the end of June, last week kicked off a formal sales process for a 3.7 billion euro portfolio that represents almost two-thirds of the book value of those loans.
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Even the boss of one, Credit Suisse, has described them as "not really investable", and, sure enough, shares in many of the most prominent firms—Deutsche Bank, Citigroup, Bank of America—trade well below book value, suggesting they would be better off liquidated.
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The median listed European company is 78% as big as the median American one (these figures are for the top 500 firms in each geographical area, and use a blend of profits, book value and market value to measure size, using Bloomberg data).
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With its shares trading at less than one-third of book value, and little sign of a turnaround, some analysts and bankers reckon the German government may need to step in to participate in any fundraising, given the strain on its capital.
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Analysts said a sale of Persidera, which had a book value of 138 million euros in Telecom Italia's latest annual report, was far from certain given its owners have been unable to secure a good offer for the asset in the past.
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Italian banks have piled up around 200 billion euros in gross non-performing loans due to a harsh recession and have resisted pressure to shed them as prices specialist investors are ready to pay are, in many cases, below their book value.
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Rome was initially seeking permission from the EU to set up a state-backed "bad bank", an asset management vehicle that would take the loans off lenders by buying them at close to their book value - their value on the banks' balance sheets.
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WARSAW, April 1 (Reuters) - Poland's mid-tier lender Alior Bank has agreed to buy local rival Bank BPH's core business from General Electric for 1.225 billion zlotys ($328.52 million), or at a price to book value ratio of 0.93, Alior said on Friday.
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One of the sources said the deal envisaged the sale of soured debts with a gross book value of 26 billion euros ($29 billion) for a total of around 5.5 billion euros - or an average price of 21 cents on the euro.
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The book value of Alfa's investment in Pacific fell to $38 million at the end of the first quarter due to the drop in oil prices, versus some $1 billion it had invested in the firm to reach a 19-percent ownership stake.
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If they do need funding, however, they will struggle to persuade private investors to part with their cash, as most Chinese bank shares are trading below the book value of their assets, and rating agencies have a negative outlook on the sector.
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TEL AVIV, March 2 (Reuters) - Israeli real estate developer Gazit-Globe said on Wednesday it has decided to terminate a process to sell its shopping centres in Israel after receiving an offer that did not reflect a significant premium to its book value.
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Its shares trade at under 10 percent of its book value – a sign that investors really think that the bank needs new capital, although when bank stocks sink that much, they find it almost impossible to raise new capital on the markets.
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MILAN, June 13 (Reuters) - Italian mid-sized bank Credito Valtellinese (Creval) said on Wednesday it had finalised the securitisation of a bad loan portfolio with a gross book value of 1.6 billion euros ($1.88 billion), pushing its shares up more than 4 percent.
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"If there continues to be a tremendous amount of redemption pressure in a short period of time this could result in a large number of sales transacting below book value and an eventual overall correction in property asset pricing across the UK market," said Vyas.
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Rai said the government is thinking that more minority shareholders will invest in such institutions as "these banks are trading at less than their book value" A former auditor-general, Rai was appointed to run the Banks Board Bureau when it was formed last year.
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FABER: OK NOT TOO FAR FROM IT. IS THERE GOING TO BE A DAY WHERE YOU START TO SEE A MULTIPLE TO BOOK VALUE AS OPPOSED TO BELOW IT, NOT JUST FOR YOU, BUT THE REST OF THE SECTOR OR ARE THOSE DAYS OVER?
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Samsung BioLogics' valuation of Samsung Bioepis jumped 18 times to about $4.5 billion in 2015 after it switched to valuing the unlisted firm at fair market value instead of book value, a result of it being treated as an affiliate instead of a unit.
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Apollo-owned regional lender OLB had also shown interest in the bank, but it was not clear whether it had also submitted a final offer for the bank, which is expected to be sold at a small discount to its book value, the sources added.
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HIG Bayside Capital, a distressed-debt specialist, recently announced a €260m fund that goes a step further: it both plans to restructure companies burdened by loans and allows banks to sell those loans at current book value in exchange for a stake in the fund.
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Plug in Lloyds' targeted return on equity of 13.5 percent, a cost of equity of 10 percent, and 2 percent growth, and the bank should trade at 1.4 times its book value, or 75 pence a share, compared with 68 pence a share now.
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MILAN, Aug 8 (Reuters) - An Italian bank created from the combination of special purpose acquisition company SPAXS and Banca Interprovinciale aims to buy non-performing loans this year for a total gross book value of around 2 billion euros ($2.3 billion), its CEO said.
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Our research shows that, in a world with intangibles, traditional measures of the value of physical capital (such as the ratio of market value of the firm to book value of its physical assets) will overstate its true value, and thus firms' incentive to invest.
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"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 percent," Buffett wrote in a letter to Berkshire Hathaway shareholders that accompanied the company's annual report.
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Investors wiped more than A$2 billion ($13 billion) off the market value of the once-venerable firm after it said it would offload its life insurance and wealth protection business to British Resolution Life for A$3.3 billion - almost a fifth below book value.
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Announces first quarter 2017 financial results * Q1 gaap earnings per share $0.05 * Q1 revenue $115 million versus $101 million * Book value per share was $24.79 as of march 31, 2017 * Q1 non-gaap earnings per share $0.19 Source text for Eikon: Further company coverage:
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Her first book, "Value in Ethics and Economics," appeared that year, announcing one of her major projects: reconciling value (an amorphous ascription of worth that is a keystone of ethics and economics) with pluralism (the fact that people seem to value things in different ways).
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Book value, a key performance measure for Buffett reflecting assets minus liabilities, probably rose by 12 percent in the final quarter of 2017 because Berkshire can lower its tax bill on investments that have risen in value, Barclays analysts led by Jay Gelb wrote.
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Haire "expects innovation markets to rebound strongly once economic damage from pandemic subsides and SIVB is well-positioned to capitalize given their 50% market share of early stage tech innovation companies," and pointed to the stock's relatively cheap valuation at 1.3x tangible book value.
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The British government, which still has a 2 percent stake left over from its 20.3 billion pound bailout after the financial crisis, has now made its money back – even if that's just a symbolic milestone – and the stock trades comfortably above its book value.
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"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 85033 percent," Buffett wrote in a letter to Berkshire Hathaway shareholders that accompanied the company's annual report.
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Bruce C. Baughman and Oliver H. Wong, managers of the Franklin MicroCap Value Fund, said they consider many factors in evaluating stocks, but their lodestar is a low price-to-book-value ratio, which presents a company's stock price in relation to its accounting value.
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Other banks including Societe Generale, UBS and Nomura are currently being contacted in a bid to share the cost of the proposed transaction which is said to involve Monte dei Paschi issuing stock at between 0.5 and 0.6 percent of its tangible book value, the source said.
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WE HAVE A DIVIDEND YIELD THAT'S SORT OF VERY MUCH IN THE PACK NOW, BUT WE THINK THAT WHILE OUR STOCK TRADES AT A DISCOUNT INTRINSIC VALUE AND ALSO AT A BOOK VALUE, WE THINK THE BUYBACK ROUTE IS THE RIGHT WAY FOR THE TIME BEING.
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For instance, when it comes to a financial operation, he looks at tangible book value — he'd want to buy a bank at a big discount to this metric — how much capital it has, its loan portfolio and whether those loans could withstand defaults during a recession.
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Reports first quarter results * Q1 core earnings per share $0.40 * Q1 earnings per share view $0.51 — Thomson Reuters I/B/E/S * 17.22 net book value per share as of march 31, 2016 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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However, it isn't clear whether Citi executives will take the push to unbundle the bank seriously, even after years of its stock trading beneath tangible book value, or the value of a company's equity minus assets that could not be sold in the event of liquidation.
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The scheme involves increasing provisions on impaired loans from 22% to 40%; moving €27.7 billion ($30.9 billion) of the most troubled non-performing loans, discounted to 33% of book value, off its balance-sheet into a special-purpose vehicle; and securitising and selling these loans to investors.
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REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * NET BOOK VALUE OF $4.78 PER SHARE ON A BASIC AND DILUTED BASIS AT MARCH 31, 2018 * REPORTED AN ECONOMIC LOSS ON COMMON EQUITY OF 0.6% FOR QUARTER AFTER ACCOUNTING FOR DIVIDENDS OF $0.10 Source text for Eikon: Further company coverage:
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The coalition government has proposed an amendment to the 2019 budget, currently under discussion in the Senate, to allow the new cooperative banking groups Iccrea and Cassa Centrale Banca to consolidate the assets of their subsidiaries, including government bonds, at book value rather than at market value.
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MILAN, March 12 (Reuters) - A group of investors led by Italian bad loan specialist Guber Banca and U.S. investment firm Varde Partners has bought a portfolio of soured loans with gross book value of around 734 million euros ($828 million), the two companies said on Tuesday.
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"Nonetheless, we think the sell-off in the stocks since Hurricane Harvey more than reflects potential losses and P&C insurance stocks are poised to resume solid performance as they benefit from rational insurance pricing, consistent earnings and book value growth, and reasonable valuations," she wrote.
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REPORTS FINANCIAL RESULTS FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2019 * Q4 EARNINGS PER SHARE ESTIMATE $0.31 — REFINITIV IBES DATA * BOOK VALUE PER SHARE DECREASED 3.4% FROM $12.10 AT DECEMBER 31, 2018, TO $11.69 AT DECEMBER 31, 2019 Source text for Eikon: Further company coverage:
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UBS analyst Ignacio Cerezo estimates mooted average prices of 21-22 percent of gross book value for the bad loans would allow Banco BPM to close the sale near the top of the envisaged 3.5-8.6 billion euro range while keeping an adequate core capital ratio.
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LICs have fallen as the flow of new impaired loans has reduced in recent quarters but we believe that current reserve coverage is insufficient for the bank to sell existing impaired loans at book value and that it may have to write down the loans further before a sale.
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Analysts at Morgan Stanley said a Popular-BBVA deal would make sense, noting Popular's shares have fallen 66 percent over the past year, making the bank three times cheaper than its book value, while BBVA's predominance in emerging markets means an expansion back in Spain could be beneficial.
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The increase in payments across the banking sector could be as high as 25 billion riyals ($6.7 billion) if banks are told to pay zakat based on a rate of up to 2.5 percent of their book value, estimated Shabbir Malik, regional financial analyst at investment bank EFG Hermes.
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Swedroe said the most important thing to remember is that regardless of the season, cheap tends to outperform what is expensive — that means what is selling at low prices to metrics like book value, cash flow and earnings outperforms what is selling at high prices relative to those metrics.
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The bank, however, acknowledged its capital strength would diminish in the next four years, with its CET 1 ratio expected to fall to 10.3 percent in 2017, before rising to 11.5 percent in 2020 as the sale of non-performing loans would likely be at prices below book value.
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Several small private ARCs already operate in India but they have bought up only a very small proportion of bad loans in the last two years, as banks have been reluctant to offer haircuts on bad loans even where they are clearly worth much less than their book value.
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So in 1982 or '83, when the long government bond got to 15%, a company that was earning 15% on equity was worth no more than book value under those circumstances because you could buy a 30-year strip of bonds and guarantee yourself for 15% a year.
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"The market is acting as though there were a significant credit quality issue lurking, which we think is highly unlikely and Citi's numbers were once again outstanding on that front," Oppenheimer's Chris Kotowski said in a note to clients, pointing out the stock's large discount to tangible book value.
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"Our take on GLP has long been that the company is worth substantially more than its stated book value of S$2.59 ... because of its network of properties in China, which simply cannot be replicated in the medium-term," analyst Daniel Hellberg wrote on independent research platform Smartkarma last week.
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The bank registered a gain of COP21500 trillion as a result of the difference between the fair value of the bank's investment in Corficolombiana at the date when control was lost and its book value at that date, plus reclassification of other comprehensive income items to income for the period.
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Royal Dutch Shell on Tuesday announced $4.7 billion in asset sales, including a large chunk of its North Sea portfolio, and Exxon posted its lowest quarterly profit since 1999 as it wrote down the book value of part of its North American gas and crude reserves Editing by David Goodman
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"It appears the (privatization of HSH) is premised on a plan whereby the management of the bank and the purchasing consortium have agreed to subsidize the purchase price to be paid for the bank by stripping value from the bank through selling the loan portfolio below book value", the letter said.
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Bigger challenges remain, including ensuring a newly minted bankruptcy code can function - it is caught up in red tape and a judicial backlog - and re-capitalizing the country's 20-plus state-run lenders, most of which are trading below book value and not in any position to raise external capital.
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His hallmark and lifelong quest for outcast, but cash-rich companies has led Berkshire to compounded annual gains in per-share book value of a robust 18.7% since 1965, according to Buffett's most recent letter, double that of the S&P 500 and the envy of anyone hoping to retire early.
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The private equity funds negotiating the purchase of some of the Tuscan bank's bad loans are now pushing to pay less than the level of 210-210 percent of the loans' gross book value that was agreed with the European Central Bank, financial daily Il Sole 210 Ore wrote on Sunday.
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According to its stock market filing in 2016, the valuation in its books of loss-making drug developing unit Samsung Bioepis jumped by 18 times to 4.8 trillion won ($4.5 billion) in 2015 after it switched to valuing the unlisted firm at fair market value instead of at book value.
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Accounting experts told BioLogics that according to IFRS rules, the possibility of the call option being exercised meant Bioepis needed to be categorized as an affiliate, not a unit, which in turn meant the stake needed to be reflected in BioLogics' books by fair value, not book value, BioLogics said on Wednesday.
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Moynihan's 15.53 award included a base salary of $1.5 million and $18.5 million in stock-related awards, half of which only vest if Bank of America hits targets for returns on asset and tangible book value growth over three years, according to the 8-K filing with the U.S. Securities and Exchange Commission.
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Reports $(0.48) net loss per common share for the first quarter and $19.03 net book value per common share * Q1 earnings per share view $0.47 — Thomson Reuters I/B/E/S * Qtrly net interest income $27.5 million versus $37.5 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-646-8780)
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There are currently material protection arrangements in place, including a sizeable Swiss escrow account, representations and warranties covering up to the final purchase price related to certain contingent liabilities and purchase price adjustments reflecting net new money outflows in excess of CHF7.7bn since end-November 2015 and changes in IFRS tangible book value.
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"The stock is likely to drop, perhaps substantially over an extended period when Warren Buffett steps down, although this could ultimately present a buying opportunity because the underlying fundamentals should continue to improve and the board could repurchase significant amounts of stock if the shares fell below 1.2x book value," DeWitt's note said.
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Reports third quarter 231 financial results * Q22016 GAAP loss per share $773 * Q277 non-GAAP operating loss per share $53 * Q239 earnings per share view $0.10 — Thomson Reuters I/B/E/S * MBIA Inc - book value per share was $13.88 as of September 30, 2017 compared with $23.87 as of December 31, 333 * MBIA Inc - as of Sept 30, 2017, co's liquidity position was $294 million consisting primarily of cash, cash equivalents, liquid short-term invested assets * MBIA Inc - adjusted book value was $24.81 as of September 30, 2017 compared with $31.88 as of December 31, 2016 * MBIA Inc - qtrly net premiums earned $53 million versus $77 million * MBIA Inc qtrly net investment income $33 million versus $39 million Source text for Eikon: Further company coverage:
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The company's Class A shares could have an upside of 15 percent to 20 percent through the end of 2018 based on likely growth in its book value, given the company's diversified earnings stream, long-term focus and nearly $100 million (76.7 million pounds) in cash and securities, Barron's said in it May 22 edition.
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"We think almost all the banks are attractive, believe they deserve to sell at a premium to book value, and that as we get to an end of this period where capital requirements are growing, they will be able to return most of the cash flow that they generate to the owners," he said.
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Analysts at Riyadh-based NCB Capital said that despite the capital loss from the sale - the difference between the selling price and the book value of Cristal - which will be recorded in the income statement, they believe the deal will help Tasnee in the long run as it improves margins and the balance sheet.
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" Buffett added that a low ratio of price to book value, a low price- earnings ratio, or a high dividend yield, "even if they appear in combination, are far from determinative as to whether an investor is indeed buying something for what it is worth and is therefore truly operating on the principle of obtaining value in his investments.
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A good company should have sustained no losses over the past five years, its total debt should be less than 25 percent of total tangible equity, its share price should be less than the book value per share, and its yield, if it has one, should be at least twice the yield on long-term AAA bonds.
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He said that the sale of bad loans by the ailing banks at market prices far below their book value would create a total capital shortfall of about 10 billion euros ($10.6 billion), far less than the 20 billion-euro fund set up by the Italian government at the end of last year to support troubled banks.
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REPORTS FOURTH QUARTER 2017 FINANCIAL RESULTS * TWO HARBORS INVESTMENT CORP - QTRLY GAAP NET INCOME PER WEIGHTED AVERAGE BASIC COMMON SHARE $0.88 * TWO HARBORS INVESTMENT CORP - QTRLY CORE EARNINGS PER WEIGHTED AVERAGE BASIC COMMON SHARE $0.47 * TWO HARBORS INVESTMENT CORP - BOOK VALUE PER COMMON SHARE WAS $16.31 AS OF DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
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Reports second quarter 2016 financial results * Qtrly reported core earnings of $0.22 per weighted average common share * Qtrly GAAP net loss $0.05 per weighted share * Qtrly reported comprehensive income $0.35 per weighted average common share outstanding * Qtrly reported book value of $9.83 per common share, 3.7% total return, accounting for a dividend of $0.23/share Source text for Eikon: Further company coverage:
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ANNOUNCES 101.53 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS * BOOK VALUE PER SHARE OF $7.82 AT DECEMBER 31, 2017 VERSUS $7.62 AT SEPTEMBER 30, 2017 * QTRLY NET PREMIUMS EARNED INCREASED 34.2% TO $10.2 MILLION FROM $7.6 MILLION * Q4 GROSS PREMIUMS WRITTEN OF $23.9 MILLION, UP 101.5% FROM $11.8 MILLION IN PRIOR-YEAR QUARTER Source text for Eikon: Further company coverage:
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Having swelled to over $2140 billion during the sale process, demand appeared to be the largest ever for emerging markets bonds, fund managers said, surpassing order book value of more than $23 billion for Qatar's $230 billion deal last year, $2155 billion for Saudi Arabia's inaugural issue in 212 and $69.13 billion orders for Argentina's $269.1 billion trade that year.
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ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 EARNINGS PER SHARE VIEW $2.98 — THOMSON REUTERS I/B/E/S * ASSETS UNDER MANAGEMENT AMOUNTED TO $1.389 TRILLION AT MARCH 31, 2018, COMPARED TO $1.299 TRILLION A YEAR EARLIER * GAAP BOOK VALUE PER COMMON SHARE WAS $120.99 AT MARCH 31, 2018, COMPARED TO $125.63 AT DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
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In particular, they criticised the meagre 2 per cent boost to earnings per share next year — even with some very aggressive assumptions on cost-cutting — and the projection it will take seven years to overcome the hit to tangible book value, which is much longer than the three to five years that is normal for bank acquisitions, according to M&A bankers.
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The second-largest U.S. bank by assets, Bank of America trades at just 50 percent of book value, compared to 90 percent for JP Morgan Chase & Co and 1103 percent for Wells Fargo & Co. Bank of America took bigger losses than those rivals during the crisis, and still lags them by other key metrics, including return on equity and costs in relation to revenue.
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"Although we expect Metro Bank's profitability to trend towards their stated return on equity (RoE) target of around 18 percent by FY2020 driven by good loan growth and improving operating leverage, at a price-to-total book value multiple (P/TBV) of 4.0 we believe that this is more than discounted in the current share price," said Shailesh Raikundlia, equity analyst at Panmure Gordon.
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However, the relaxation on the minimum holding period will be allowed when the NBFC retains 20 percent of the book value of these loans, the RBI said here India's NBFCs, loosely known as shadow banks, are facing stress on their balance sheets after a debt crisis hit a large infrastructure funding company in September, triggering panic amongst investors and a cash crunch in the sector.
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In mid-July, when Berkshire was sitting on a cash pile over $100 billion and had gone three years without a major acquisition, the company announced that it was doing away with the policy of buying back shares only when the stock was trading below 1.2 times book value (which already represented an increase from a policy of only buying when shares were below 1.1 times book).
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REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND FULL YEAR 2017 * BOOK VALUE PER SHARE INCREASED 43% YEAR-OVER-YEAR TO $14.67 AS OF DECEMBER 31, 2017 * QTRLY NET PREMIUMS EARNED $ 101.7 MILLION VERSUS $ 94.9 MILLION * QTRLY TOTAL REVENUE $ 108.6 MILLION VERSUS $ 102.8 MILLION * GROSS PREMIUMS EARNED WERE $183.3 MILLION FOR Q4 OF 2017 COMPARED TO $160.2 MILLION FOR Q4 OF 2016 Source text for Eikon: Further company coverage:
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I think the-, so coming back to regulation, the uncertainty premium was placed on bank stocks, and they just-, you didn't know what you were going to get back in dividends and buy backs, and I think that's going to-, 2017, the key story will be that regulation burdens ease, and therefore people can look back and say it's a 1x book value stock at least, if not higher.
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Announces first quarter 2017 financial results * Q1 gaap earnings per share $0.19 * Q1 earnings per share view $0.25 — Thomson Reuters I/B/E/S * CYS Investments Inc says net interest income of $52.1 million in q1, up approximately $3.7 million from $48.4 million in prior quarter * CYS Investments Inc - company's book value per common share on March 31, 2017 was $8.26 Source text for Eikon: Further company coverage:
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Reports second quarter 2016 financial results * Q313 non-gaap operating earnings per share $0.49 * Q2 earnings per share $0.06 * Q2 earnings per share view $0.50 — Thomson Reuters I/B/E/S * Qtrly net interest income $46.9 million versus $32.8 million * Book value per share of common stock at june 30, 2016 was $15.51 as compared to $15.89 at march 31, 2016 Source text for Eikon: Further company coverage:
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Aspen Insurance Holdings Ltd: * Q1 EARNINGS PER SHARE VIEW $0.84 — THOMSON REUTERS I/B/E/S * GROSS WRITTEN PREMIUMS OF $1,313 MILLION IN Q1 OF 2018, AN INCREASE OF 11.9% * NET WRITTEN PREMIUMS OF $635.5 MILLION IN Q1 OF 2018, A DECREASE OF 7.4% COMPARED WITH $686.2 MILLION IN Q1 OF 2017 * DILUTED BOOK VALUE PER SHARE WAS $38.70 AS AT MARCH 31, 2018 Source text for Eikon: Further company coverage:
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REPORTS FOURTH QUARTER AND FULL YEAR 2017 RESULTS * KKR REAL ESTATE FINANCE TRUST INC QTRLY EARNINGS PER SHARE $0.32 * KKR REAL ESTATE FINANCE TRUST INC QTRLY CORE EARNINGS PER SHARE $0.32 * KKR REAL ESTATE FINANCE TRUST INC - BOOK VALUE PER SHARE OF COMMON STOCK WAS $19.73 AT DECEMBER 31, 2017 * KKR REAL ESTATE FINANCE TRUST INC QTRLY TOTAL NET INTEREST INCOME $19.5 MILLION VERSUS $8.3 MLN Source text for Eikon: Further company coverage:
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Irish Finance Minister Noonan declined to say how much Dublin expected to raise, adding this could "give investors traction to push the value down" ahead of the publication of a price range in mid-June Analysts say it could raise around 3 billion euros, based on the bank's book value of 11.3 billion euros at the end of last year and the fact that it has continued to generate capital and resumed dividend payments since.
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Reports first quarter 217 results * For quarter ended march 29, 231, after-tax economic net loss per adjusted unit $0.733 * Kkr & co lp says kkr's private equity portfolio and the investments on kkr's balance sheet depreciated 20.73% and 21%, respectively, in the quarter * Gaap net loss for q20.35 2016 $329.9 million * Book value per adjusted unit was $10.79 as of march 31, 2016 compared to $12.19 per adjusted unit as of march 13, 2015.
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The American hedge fund has quietly acquired a 2.5 percent stake in Barclays, worth more than $1 billion, according to the FT. More from the FT's Martin Arnold and Miles Johnson: Tiger Global appears to back Mr. Staley's view that the bank's 40 percent discount to book value is unjustified after it recently completed its multiyear restructuring and sold off most of its African operation to address longstanding concerns about its capital levels.
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