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PBV Chart

IBM: PBV and ROE

6.00 40.00%

30.00%
5.00

20.00%

4.00
10.00%
PBV
P/BV Ratio

ROE
3.00 0.00%

ROE
-10.00%
2.00

-20.00%

1.00
-30.00%

0.00 -40.00%
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997

Year

Page 1
Chart1

Figure 19.8: IBM: The Fall and Rise again


10.00 50.00%

9.00 40.00%

8.00
30.00%

7.00
20.00%

6.00

Return on Equity
10.00%
Price to Book

5.00
0.00%
4.00

-10.00%
3.00

-20.00%
2.00

1.00 -30.00%

0.00 -40.00%
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

Year

PBV ROE

Page 2
Sheet1

PBV ROE
1983 3.42 24.60%
1984 3.10 26.00%
1985 2.69 21.00%
1986 2.45 15.50%
1987 2.17 13.70%
1988 1.73 14.70%
1989 1.67 13.60%
1990 1.45 11.80%
1991 1.39 -7.20%
1992 1.04 -15.44%
1993 1.76 -35.22%
1994 1.93 14.33%
1995 2.26 18.50%
1996 3.60 24.84%
1997 5.12 29.67%
1998 8.80 32.56%
1999 9.50 39.00%
2000 7.35 39.73%

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