No. of Recommendations: 3
Yes, you are quite right, book value $1033 per share, as confirmed by the Q3 report, p.63:
Common shareholders’ equity at September 30, 2024 was $22,720.3 or $1,033.18 per basic share compared to $21,615.0 or $939.65 per basic share at December 31, 2023, representing an increase per basic share in the first nine months of 2024 of 10.0% (an increase of 11.7% adjusted for the $15.00 per common share dividend paid in the first quarter of 2024). During the first nine months of 2024 the number of common shares effectively outstanding decreased by 1,012,645, primarily as a result of purchases of 1,012,906 subordinate voting shares for cancellation. At September 30, 2024 there were 21,990,603 common shares effectively outstanding.
I can't remember how I did that erroneous calculation of BV/share but it was probably with an old share count. As you say, the share count is like to be lower now, and the book value higher, so maybe something like $1050 (given the $15 dividend paid out), so at today's price of $1376, the P/B would be 1.31 now, but we'll have a much more up to date number in a couple of weeks.
dtb
