Tangible Book Value

RECENT NEWS
Reuters  Jun 17  Comment 
* Sells 150,000 additional 8.75% tangible equity units pursuant to underwriters' over-allotment option Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)
newratings.com  Jun 16  Comment 
WASHINGTON (dpa-AFX) - Dynegy Inc. (DYN) Thursday said it has priced its previously announced public offering for 4 million of its 7.00% tangible equity units, with each tangible equity unit having a stated amount of $100 and comprised of a...
Reuters  Jun 15  Comment 
* Public offering of 4,000,000 tangible equity units, with each tangible equity unit having a stated amount of $100.00
MarketWatch  Feb 29  Comment 
Berkshire Hathaway is selling for less than two times tangible book value, a historic ‘buy’ signal, writes Brett Arends.
Channel News Asia  Nov 16  Comment 
Trendlines' IPO is expected to raise S$25 million gross proceeds, and is priced at approximately 1.4 times the price-to-book ratio of Trendlines’ net tangible assets value.




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Tangible Book Value equals book value minus intangible assets and goodwill

Tangible Book Value (alternately "Net Tangible Assets" or "Net Tangible Equity") is the total net asset value of a company (book value) minus intangible assets and goodwill.

A company's standard book value may be significantly affected by intangible assets and/or goodwill. As the values of these assets are more subjective than "hard" assets (such as cash or property, plant and equipment), including them in the calculation of book value may misrepresent the underlying worth of the company. Thus, In general, tangible book value can be thought of as the worth of all of the company's physical "stuff" and is therefore a close approximation to what the company might expect to see returned in a liquidation.

Example

  • On its balance sheet, company XYZ lists assets of $450 million, of which $125 million is attributed to intangible assets and $25 million to goodwill. XYZ also lists total liabilities of $200 million. The book value, therefore, is $250 million (450 – 200) while the tangible book value is $100 million (450 – 125 – 25 – 200).

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