PBR

Part 1 was the demographic case. Part 2 was the regulatory and activist landscape. This is the spreadsheet. Below book, almost everywhere The Tokyo Stock Exchange’s 2023 directive to companies trading persistently below book value landed on the banking sector like an indictment. Of 79 Japanese banks surveyed by S&P Global, just four had a price-to-book ratio above 1. Half of all Topix stocks still trade below book value, the same proportion as twenty years ago, compared with 3% of the S&P 500. ...