• Target average price/book ratio for 2023 was 5.42, a 27.35% decline from 2022.
• Target average price/book ratio for 2022 was 7.46, a 5.07% decline from 2021.
• Target average price/book ratio for 2021 was 7.1, a 54.01% increase from 2020.

Price/book ratio can be defined as