Mar. 31 at 9:27 PM
$APT We just broke the record for lowest price to book ratio for a quarterly ER. Likely standing at ~0.71x book. ~12.69x TTM P/E. TBV ~
$6.24. ROE 5.6%. Someone manipulated the close down from
$4.62 to
$4.44, but still wild that we are so undervalued!
A little perspective, December 2025 was the prior record low at 0.72x book, and before that, 6/30/2023 at 0.77x book. At even this extreme outlier, we shouldn’t be below
$4.80!! The average is 1.13x:
$7.04. The AVERAGE is
$7.04!! 58.56% higher than today’s close.
What was the high end? Let’s eliminate ALL of 2020-2022 from the data because that would skew us higher. And then let’s eliminate the next highest 2 quarters: 12/31/2017 (1.82), and 9/30/2016 (1.68). We get 1.65x (12/31/16). So at the high end, we could expect to be valued at ~
$10.30 and still be valued fairly.
1 yr PT
$7.37. (Discounting to P/E model vs P/B model). 66% upside.
