The price to book (P/BV) ratio of asset $\begin{array}{l}i\end{array}$ is defined thus:

where:

$\begin{array}{l}P_{i}\end{array}$ is the estimated fair value of asset $\begin{array}{l}i\end{array}$
$\begin{array}{l}\textit{BV}_{i}\end{array}$ is the 5-year trailing average book value of asset $\begin{array}{l}i\end{array}$

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