The Price to Book Ratio (or P/B) can be a very important metric in determining the value of a company.

While a high PB ratio doesn't mean for certain that a company is overvalued, it can mean so and it can certainly decrease your margin of safety in the investment. If a company has a high PB ratio, and it is liquidated today, you, as an investor, are not going to see much of your money back.

Below we have listed the roughly 150 top Canadian companies in terms of price to book ratio (by filtering those with a ratio higher than 5). Some industries have a higher than average PB ratio and there are sector related considerations that you should always consider when examining the PB ratio. For instance, the tech sector generally has higher ratios than consumer goods. If you are considering going long any of the below equities, be careful as they have poor book value.

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Company | Ticker | P/B Ratio |

01 Communique Laboratory | ONE-T | 197.78 |

Boliden AB | BLS-T | 140.71 |

Intrepid Mines | IAU-T | 111.25 |

Forbes and Manhattan Coal | FMC-T | 93.02 |

Primero Mining Corp. | P-T | 91.49 |

General Donlee Canada | GDI-T | 75.56 |

Novadaq Technologies | NDQ-T | 27.46 |

Continental Gold Limited | CNL-T | 26.54 |

Golden Queen Mining Co. | GQM-T | 25.4 |

United Mining Group, Inc. | UMG-T | 22.77 |

Peregrine Diamonds | PGD-T | 20.92 |

Oncolytics Biotech | ONC-T | 20.29 |

Tanzanian Royalty Exploration | TNX-T | 20.27 |

The Brick Ltd. | BRK-T | 19.87 |

Rockgate Capital | RGT-T | 19.14 |

Electrovaya Inc. | EFL-T | 19.08 |

Burcon NutraScience | BU-T | 18.53 |

Petrominerales Ltd. | PMG-T | 18.12 |

IMAX Corp. | IMX-T | 18.05 |

Call Genie Inc. | GNE-T | 17.5 |

FirstService Corp. | FSV-T | 17.45 |

Ondine Biopharma | OBP-T | 17 |

Extract Resources | EXT-T | 16.76 |

Rutter Inc. | RUT-T | 16.67 |

Minco Gold | MMM-T | 16.21 |

Western Areas NL | WSA-T | 16.14 |

Sprott Inc. | SII-T | 15.32 |

Norsemont Mining | NOM-T | 14.97 |

Medicago | MDG-T | 14.72 |

Computer Modelling Group | CMG-T | 14.3 |

Avalon Rare Metals | AVL-T | 13.22 |

Auryx Gold | AYX-T | 13.17 |

Ventana Gold | VEN-T | 13.12 |

Canada Lithium | CLQ-T | 13.04 |

Golden Peaks Resources | GL-T | 12.8 |

China Gold Intl. Resources | CGG-T | 12.35 |

Cardiome Pharma | COM-T | 11.79 |

Protox Therapeutics | PRX-T | 11.5 |

Canadian Satellite Radio | XSR-T | 11.09 |

Exeter Resource Corp. | XRC-T | 11.08 |

Waldron Energy Corporation | WDN-T | 10.88 |

Tudor Corp. | TDR-T | 10.75 |

Theratechnologies | TH-T | 10.6 |

Great Panther Silver | GPR-T | 9.75 |

WaterFurnace Renewable Energy | WFI.U-T | 9.61 |

Gluskin Sheff + Associates Inc | GS-T | 9.55 |

Tekmira Pharmaceuticals | TKM-T | 9.46 |

Resverlogix Corp. | RVX-T | 9.44 |

Domtar Canada Paper | UFX-T | 9.35 |

Polar Star Mining | PSR-T | 9.3 |

AEterna Zentaris | AEZ-T | 9.28 |

San Gold Corporation | SGR-T | 9.19 |

Northern Dynasty Minerals | NDM-T | 9.08 |

Gold Reserve | GRZ-T | 9.05 |

Pacific Rim Mining | PMU-T | 9 |

NovaGold Resources | NG-T | 8.94 |

Intellipharmaceutics Intl. (D) | I-T | 8.79 |

Romarco Minerals | R-T | 8.68 |

WaterFurnace Renewable Energy | WFI-T | 8.67 |

Westport Innovations | WPT-T | 8.55 |

Excellon Res Inc | EXN-T | 8.54 |

Far West Mining | FWM-T | 8.52 |

Helix BioPharma | HBP-T | 8.48 |

Almaden Minerals Ltd. | AMM-T | 8.4 |

South American Silver | SAC-T | 8.25 |

Cline Mining Corp | CMK-T | 8.18 |

MDC Partners | MDZ.A-T | 8.06 |

Crosshair Exploration & Mining | CXX-T | 8.04 |

Constellation Software | CSU-T | 7.91 |

Bonterra Energy Corp. | BNE-T | 7.84 |

Champion Minerals | CHM-T | 7.79 |

Anatolia Minerals Dev Ltd | ANO-T | 7.76 |

Duluth Metals | DM-T | 7.74 |

Duluth Metals | DM.U-T | 7.57 |

Seabridge Gold | SEA-T | 7.46 |

Silvercorp Metals | SVM-T | 7.4 |

Minco Silver | MSV-T | 7.4 |

Points International | PTS-T | 7.2 |

Intl Tower Hill Mines | ITH-T | 7.18 |

Pediment Gold | PEZ-T | 7.13 |

Avion Gold | AVR-T | 6.73 |

Amorfix Life Sciences | AMF-T | 6.71 |

Nevada Copper | NCU-T | 6.7 |

Farallon Mining | FAN-T | 6.58 |

Nevsun Resources | NSU-T | 6.49 |

ECU Silver Mining | ECU-T | 6.4 |

Semafo Inc. | SMF-T | 6.22 |

Kirkland Lake Gold | KGI-T | 6.08 |

Potash Corp. of Saskatchewan | POT-T | 6.03 |

BioExx Specialty Proteins Ltd. | BXI-T | 6 |

Peregrine Metals Ltd. | PGM-T | 6 |

MKS Inc. | MKX-T | 5.92 |

Bankers Petroleum | BNK-T | 5.83 |

Lithium Americas Corp. | LAC-T | 5.81 |

Silver Wheaton | SLW-T | 5.74 |

IMRIS Inc. | IM-T | 5.74 |

Lexam VG Gold Inc. | LEX-T | 5.67 |

BMTC Group | GBT.A-T | 5.66 |

Tim Hortons | THI-T | 5.65 |

Medoro Resources Ltd. | MRS-T | 5.59 |

SNC-Lavalin Group | SNC-T | 5.58 |

NeuLion | NLN-T | 5.56 |

Mines Management | MGT-T | 5.55 |

Mountain Province Diamonds | MPV-T | 5.46 |

Brigus Gold | BRD-T | 5.45 |

Tiger Resources | TGS-T | 5.45 |

Molson Coors Canada | TPX.A-T | 5.32 |

Heritage Oil | HOC-T | 5.31 |

Garda World Security Corp | GW-T | 5.31 |

Guyana Goldfields Inc | GUY-T | 5.3 |

Entree Gold | ETG-T | 5.29 |

Mawson Resources | MAW-T | 5.28 |

Azure Dynamics | AZD-T | 5.25 |

Exall Energy | EE-T | 5.24 |

Mad Catz Interactive | MCZ-T | 5.23 |

Molson Coors Canada | TPX.B-T | 5.23 |

Etrion | ETX-T | 5.21 |

First Majestic Silver | FR-T | 5.14 |

Baytex Energy Corp. | BTE-T | 5.13 |

Fiera Sceptre Inc. | FSZ-T | 5.12 |

Swisher Hygiene Inc. | SWI-T | 5.09 |

Colossus Minerals | CSI-T | 5.09 |

Rubicon Minerals | RMX-T | 5.08 |

MAG Silver Corp. | MAG-T | 5.08 |

St Andrew Goldfields | SAS-T | 5.04 |

Another ratio you should consider is price-to-tangible book value. This factors out any non physical asset in the calculation. It is often useful in determining the true liquidation value of the company. If you are considering shorting a company because it has high, PB ratio, be careful a high ratio can always march higher and overvalued companies can always become more overvalued.

List current as of Jan 2011