I was just wondering what's the difference between TBVPS and BVPS. Since BVPS equals to
(Equity - Intangible Asset)/Shares Outstanding, that means BVPS only contains tangible values.
By the way, a couple weeks ago, I brought up about Waddell & Reed Financial (WDR) as both Defensive and Enterprising stock (it only misses the 20th year dividend). I just realized that Cal-Maine Foods Inc (CALM) also has similar case. The difference is I can understand an egg distribution business (CALM) way better than asset management business.
Both stocks just hit their 52wks low and are high dividend stocks (>5%).
Submitted by williamjohnt. Created on Wednesday 2nd November 2016. Updated on Wednesday 6th March 2019.
BVPS vs TBVPS
Thank you for your detailed forum post, Will!
Cal-Maine Foods Inc (CALM) does indeed have good qualitative ratings, similar to Waddell & Reed Financial Inc (WDR). However, WDR seems to have a better quantitative rating. CALM is selling slightly over its Intrinsic Value / Enterprising Price.
Book Value Per Share (BVPS) calculations these days do usually include Goodwill and Intangibles.
Tangible Book Value Per Share (TBVPS) calculations very specifically restrict themselves to Tangible Assets.
Hope this answers all your questions!
It's great to have you on Serenity.