Definition of 'Price to Tangible Book Value - PTBV'
A valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company's balance sheet. The tangible book value number is equal to the company's total book value less the value of any intangible assets. Intangible assets can be such items as patents, intellectual property, goodwill etc. The ratio is calculated as:
Investopedia explains 'Price to Tangible Book Value - PTBV'
In theory, a stock's tangible book value per share represents the amount of money an investor would receive for each share if a company were to cease operations and liquidate all of its assets at the value recorded on the company's accounting books. As a rule of thumb, stocks that trade at higher price to tangible book value ratios have the potential to leave investors with greater share price losses than those that trade at lower ratios, since the tangible book value per share can reasonably be viewed as about the lowest price a stock could realistically be expected to trade at.
Und der ist zur Zeit 77% und nicht wie immer kolpotiert 0,6%.
Aber die grosse Frage ist, wie wird der BW bei den anderen Banken berechnet, wenn da das KBV herangezogen wird. Nehmen die das harte EK und dann das AT1 dazu, was falsch waere, aber vielleicht doch gemacht wird. Denn wenn wir ueber das KBV reden, dann ist das per se bedeutungslos, und wird erst interessant wenn man es zu Vergleichszwecken heranzieht. |
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