• Franco-Nevada average price/book ratio for 2023 was 3.92, a 3.92% increase from 2022.
• Franco-Nevada average price/book ratio for 2022 was 4.08, a 4.9% decline from 2021.
• Franco-Nevada average price/book ratio for 2021 was 4.29, a 4.03% decline from 2020.

Price/book ratio can be defined as