Market Capitalisation X 100
Shows the stock market value of the company as a percentage of the book value (in theory, what the company would fetch if all assets were sold and creditors paid off).
If the book value is a true representation of the company’s worth (often unlikely as assets, especially property, are often over valued) the stock market value must be at least equal to it. Otherwise the company could, in theory, be taken over and asset stripped at a profit.
The ratio will change as the share price fluctuates, in theory, having the effect of revaluing the company on a day-to-day basis.