Canadian Stocks with Low P/B Ratios



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High PB Ratios

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To contrast our recent article on Canadian stocks with the highest p/b ratios, we are now writing the inverse. Today we are examining Canadian stocks with the lowest P/B ratios.

A low P/B ratio can mean several things. It may mean the company is undervalued or it may mean they are on the verge of bankruptcy. If the company has a large pile of debt that they may not be able to service, then their share price might be hugely deflated. In this case, there may be a certain margin of safety in that if the company is liquidated, you might get a portion of your money back.

Another option is a mistake in valuation of a company's assets. Their book value may not be as high as they are counting it. In the case of a company with a P/B value of 0.90 - if they have overvalued the liquidation value of their assets by 10% then the true PB value is 1. Additionally, in tough times of bankruptcy, vultures might not be willing to pay full price for assets.

Below we have a list of about 150 Canadian traded corporations with a P/B value under 0.90. The results are based on a scan we performed and may not be accurate. If we have written an article on any of the below companies in the past, they will be hyperlinked to the article.

Disclosure: Long Compton Petroleum

Low Price to Book Value Companies on the TSX

COMPANY TICKER P/B Ratio
BIOX Corporation  BX  0.03
TearLab Corporation  TLB  0.03
Tuscany International Drilling  TID  0.06
Adanac Molybdenum  AUA  0.07
Compton Petroleum  CMT  0.11
OPTI Canada  OPC  0.17
Ember Resources  EBR  0.18
Dynetek Industries  DNK  0.22
LAB Research  LRI  0.23
Crowflight Minerals Inc  CML  0.25
MGM Energy  MGX  0.25
Ambrilia Biopharma  AMB  0.25
Intertape Polymer Group  ITP  0.28
Pure Nickel  NIC  0.28
Jura Energy  JEC  0.29
Catalyst Paper  CTL  0.29
Starfield Resources Inc  SRU  0.3
Belzberg Technologies  BLZ  0.31
Intermap Technologies  IMP  0.32
Xceed Mortgage Corp.  XMC  0.32
Magellan Aerospace  MAL  0.32
Fibrek Inc.  FBK  0.34
GVIC Communications  GCT  0.36
Petrolifera Petroleum  PDP  0.37
GVIC Communications  GCT.C  0.37
Spartan Exploration  SPE  0.38
CYBERplex Inc.  CX  0.38
Rockwell Diamonds  RDI  0.38
Hyduke Energy Services  HYD  0.38
Imvescor Restaurant Group  IRG  0.4
Kingsway Financial Services  KFS  0.43
Hart Stores  HIS  0.44
Alexis Minerals Corporation  AMC  0.44
Mediterranean Resources  MNR  0.44
Cequence Energy  CQE  0.45
Wescast Industries  WCS.A  0.45
Craig Wireless Systems  CWG  0.45
Day4 Energy  DFE  0.48
Galleon Energy  GO  0.48
Chinook Energy  CKE  0.48
Peak Energy Services  PES  0.48
Cascades Inc.  CAS  0.49
Sterling Shoes Inc.  SSI  0.49
Synergex  SYX  0.49
Counsel Corporation  CXS  0.5
Anderson Energy  AXL  0.5
Freegold Ventures Ltd.  FVL  0.5
Antrim Energy  AEN  0.51
MagIndustries  MAA  0.52
Firan Technology Group  FTG  0.52
Coast Wholesale Appliances  CWA  0.52
H. Paulin & Co.  PAP.A  0.53
Hammond Manufacturing Company  HMM.A  0.53
Envoy Capital Group (D)  ECG  0.54
Automodular  AM  0.54
Petrobank Energy and Resources  PBG  0.54
Inspiration Mining  ISM  0.55
Brampton Brick  BBL.A  0.56
Artek Exploration Inc.  RTK  0.56
Intl. Road Dynamics  IRD  0.57
Arehada Mining  AHD  0.58
Medwell Capital Corp.  MWC  0.59
HSE Integrated  HSL  0.59
Yellow Media Inc.  YLO  0.59
Fortress Energy  FEI  0.6
Urbana  URB.A  0.6
ADF Group  DRX  0.6
First Nickel  FNI  0.6
Groupe Bikini Village  GBV  0.62
Urbana  URB  0.62
Trimac Transportation  TMA  0.63
Methylgene Inc.  MYG  0.63
Insignia Energy Ltd.  ISN  0.63
WGI Heavy Minerals  WG  0.63
Cangene Corp.  CNJ  0.64
Middlefield Bancorp  MBN  0.65
Ursa Major Minerals Inc  UMJ  0.65
Air Canada  AC.A  0.65
Air Canada  AC.B  0.65
Global Railway Industries  GBI  0.66
Canlan Ice Sports  ICE  0.66
Polaris Minerals  PLS  0.66
Ten Peaks Coffee Company  TPK  0.67
EGI Financial Holdings  EFH  0.67
ProspEx Resources  PSX  0.67
Starcore International Mines  SAM  0.68
Savanna Energy Services  SVY  0.68
Maxim Power  MXG  0.68
Magnotta Winery  MGN  0.68
Espial Group  ESP  0.69
Discovery Air  DA.A  0.69
Candax Energy  CAX  0.69
Diaz Resources  DZR  0.69
Homburg Invest  HII.A  0.7
E-L Financial Corporation  ELF  0.7
Aberdeen International Inc.  AAB  0.7
Jaguar Financial  JFC  0.7
Hartco  HCI  0.7
C.A. Bancorp Canadian Realty  RF.A  0.71
United Corps.  UNC  0.71
Homburg Invest  HII.B  0.71
Glacier Media  GVC  0.72
Pacific North West Capital  PFN  0.72
Hanwei Energy Services  HE  0.72
Powertech Uranium  PWE  0.72
Strongco Corporation  SQP  0.72
Posera-HDX Inc.  HDX  0.73
Sherritt International  0.73
Chartwell Technology Inc  CWH  0.73
DHX Media  DHX  0.73
Clairvest Group  CVG  0.73
Ivernia Inc.  IVW  0.74
Thallion Pharmaceuticals  TLN  0.74
Senvest Capital  SEC  0.74
Vecima Networks  VCM  0.75
Ceres Global Ag  CRP  0.75
Cinch Energy  CNH  0.75
Fairborne Energy  FEL  0.75
Economic Investment Trust  EVT  0.75
Shore Gold Inc  SGF  0.75
Endeavour Mining Corp.  EDV  0.76
Wallbridge Mining Company  WM  0.76
Northstar Healthcare  NHC  0.76
Enterprise Oilfield Group  0.76
Open Range Energy  ONR  0.76
FP Newspapers Inc.  FP  0.76
Vaaldiam Mining  VAA  0.76
Caspian Energy  CEK  0.77
20-20 Technologies  TWT  0.77
MI Developments  MIM.A  0.78
First Uranium  FIU  0.78
Opta Minerals Inc  OPM  0.79
Consolidated HCI Holdings  CXA.B  0.79
Rainmaker Entertainment  RNK  0.79
INSCAPE  INQ  0.79
Boyuan Construction Group  BOY  0.8
Synex International  SXI  0.8
Golden Predator Corp.  GPD  0.8
Canam Group Inc  CAM  0.81
International Forest Products  IFP.A  0.81
March Networks  MN  0.81
Trident Performance Corp.  TCP  0.83
Ridley Inc.  RCL  0.83
Aeroquest International  AQL  0.83
Victory Nickel  NI  0.83
Chorus Aviation Inc.  CHR.A  0.84
Chorus Aviation Inc.  CHR.B  0.84
Crocotta Energy  CTA  0.84
Commercial Solutions  CSA  0.84
NuVista Energy Ltd  NVA  0.84
Bell Aliant  BA  0.84
Khan Resources  KRI  0.85
Algoma Central  ALC  0.85
Canadian World Fund  CWF  0.85
PFB Corp.  PFB  0.86
Mega Uranium  MGA  0.86
C.A. Bancorp Inc.  BKP  0.86
Palko Environmental Ltd.  PLK  0.86
Prime Restaurants  EAT  0.86
Pace Oil and Gas Ltd.  PCE  0.87
Heroux-Devtek Inc.  HRX  0.87
Trinidad Drilling  TDG  0.87
Guardian Capital Group  GCG.A  0.87
Grandview Gold  GVX  0.88
Akita Drilling  AKT.A  0.88
Kinross Gold  K.U (US$)  0.88
Futuremed Healthcare Products  FMD  0.89
Metalore Resources  MET  0.89
Intrinsyc Software Int Inc  ICS  0.89
Phoscan Chemical  FOS  0.89
Pacific Insight Electronics  PIH  0.89
Dejour Enterprises  DEJ  0.89
Orleans Energy  OEX  0.9
Clarke Inc.  CKI  0.9
Goodfellow Inc.  GDL  0.9
Connacher Oil and Gas  CLL  0.9
Supremex Inc.  SXP  0.9
Hydrogenics  HYG  0.9
Trident Performance Corp. II  TCZ  0.9

The meaning of a high price to book ratio can vary, but we feel the meaning of a low one can vary even wilder. This list is current as of Jan 2011. Be sure to read our disclaimer