Market Ratios - Historical figures

Price/book value
The indicator reflects the value attributed by the market to the Shareholders' equity of a listed company, hence indirectly to the company’s overall assets. The indicator for 2018 is reported in relation to both average figures and year-end figures.

(millions of euro)

	31.12.2018	2018	2017	2016	2015	2014
Market capitalisation	33,965	44,947	44,820	37,152	51,903	38,096
Group's Shareholders' equity	54,024	53,646	52,558	48,344	46,230	44,599
PRICE/BOOK VALUE	0.63	0.84	0.85	0.77	1.12	0.85

Pay-out ratio
The indicator reports the portion of net income paid out as dividends.

(millions of euro)

	2018	2017	2016	2015	2014
Net income	4,050	7,316	3,111	2,739	1,251
Dividends ^(*)	3,449	3,419	2,999	2,361	1,185
PAY-OUT RATIO	85%	47%	96%	86%	95%

_{(*) For 2017, 1,354 million euro was drawn out of the net income and 2,065 million euro was drawn out of reserves.}

_{For 2016, 1,656 million euro was drawn out of the net income and 1,343 million euro was drawn out of reserves.}

Dividend yield
This indicator measures percentage return on the share, calculated as the ratio between dividends for the year and the average annual market price in the reference year.

(euro)

	2018	2017	2016	2015	2014
Ordinary share
Dividend per share	0.197	0.203	0.178	0.140	0.070
Average stock price	2.567	2.678	2.220	3.109	2.288
Dividend yield	7.67%	7.58%	8.02%	4.50%	3.06%

Savings share
Dividend per share	-	0.214	0.189	0.151	0.081
Average stock price	-	2.517	2.084	2.784	1.973
Dividend yield	-	8.50%	9.07%	5.42%	4.11%

Last updated 30 April 2019 at 14:31:13