• Target average price/book ratio for 2023 was 5.37, a 27.33% decline from 2022.
• Target average price/book ratio for 2022 was 7.39, a 5.12% decline from 2021.
• Target average price/book ratio for 2021 was 7.03, a 53.83% increase from 2020.

Price/book ratio can be defined as