Hi, everyone. I understand that public homebuilders are typically valued using P/B multiples. My question is, how does one calculate book value to make sure the comparison is standard across companies and in accordance with sell-side methodology? For instance, if you look on CapIQ, book value is simply equal to stockholders' equity less intangibles from the balance sheet. Is this correct or are assets (primarily land in this case) and liabilities marked to market? Thanks in advance!
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