Covalon Book Value Per Share vs Capex To Depreciation Analysis
COV Stock | CAD 1.01 0.22 17.89% |
Covalon Technologies financial indicator trend analysis is way more than just evaluating Covalon Technologies prevailing accounting drivers to predict future trends. We encourage investors to analyze account correlations over time for multiple indicators to determine whether Covalon Technologies is a good investment. Please check the relationship between Covalon Technologies Book Value Per Share and its Capex To Depreciation accounts. Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors.
Book Value Per Share vs Capex To Depreciation
Book Value Per Share vs Capex To Depreciation Correlation Analysis
The overlapping area represents the amount of trend that can be explained by analyzing historical patterns of Covalon Technologies Book Value Per Share account and Capex To Depreciation. At this time, the significance of the direction appears to have significant contrarian relationship.
The correlation between Covalon Technologies' Book Value Per Share and Capex To Depreciation is -0.22. Overlapping area represents the amount of variation of Book Value Per Share that can explain the historical movement of Capex To Depreciation in the same time period over historical financial statements of Covalon Technologies, assuming nothing else is changed. The correlation between historical values of Covalon Technologies' Book Value Per Share and Capex To Depreciation is a relative statistical measure of the degree to which these accounts tend to move together. The correlation coefficient measures the extent to which Book Value Per Share of Covalon Technologies are associated (or correlated) with its Capex To Depreciation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when Capex To Depreciation has no effect on the direction of Book Value Per Share i.e., Covalon Technologies' Book Value Per Share and Capex To Depreciation go up and down completely randomly.
Correlation Coefficient | -0.22 |
Relationship Direction | Negative |
Relationship Strength | Insignificant |
Book Value Per Share
The ratio of equity available to common shareholders divided by the number of outstanding shares. This measure represents the value per share of a company according to its financial statements.Capex To Depreciation
The ratio of a company's capital expenditures to its depreciation expenses, indicating how much the company is investing in physical assets relative to the aging of existing assets.Most indicators from Covalon Technologies' fundamental ratios are interrelated and interconnected. However, analyzing fundamental ratios indicators one by one will only give a small insight into Covalon Technologies current financial condition. On the other hand, looking into the entire matrix of fundamental ratios indicators, and analyzing their relationships over time can provide a more complete picture of the company financial strength now and in the future. Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. Sales General And Administrative To Revenue is likely to climb to 0.56 in 2024, whereas Selling General Administrative is likely to drop slightly above 5.3 M in 2024.
2021 | 2022 | 2023 | 2024 (projected) | Other Operating Expenses | 27.3M | 31.1M | 35.8M | 37.6M | Depreciation And Amortization | 1.0M | 969.4K | 1.1M | 1.2M |
Covalon Technologies fundamental ratios Correlations
Click cells to compare fundamentals
Covalon Technologies Account Relationship Matchups
High Positive Relationship
High Negative Relationship
Covalon Technologies fundamental ratios Accounts
2019 | 2020 | 2021 | 2022 | 2023 | 2024 (projected) | ||
Total Assets | 34.7M | 40.6M | 30.4M | 24.9M | 28.6M | 18.5M | |
Total Current Liabilities | 22.6M | 5.0M | 4.5M | 5.2M | 6.0M | 4.9M | |
Total Stockholder Equity | 9.1M | 33.4M | 24.2M | 18.8M | 21.6M | 12.3M | |
Property Plant And Equipment Net | 4.6M | 2.1M | 1.9M | 1.7M | 1.9M | 1.2M | |
Net Debt | 17.4M | (20.4M) | (11.9M) | (7.2M) | (6.5M) | (6.2M) | |
Retained Earnings | (47.7M) | (24.2M) | (33.9M) | (38.4M) | (34.5M) | (36.3M) | |
Accounts Payable | 14.0M | 4.0M | 3.7M | 3.8M | 4.4M | 3.8M | |
Cash | 3.5M | 22.9M | 14.1M | 8.8M | 10.1M | 6.3M | |
Non Current Assets Total | 19.8M | 3.1M | 3.2M | 3.6M | 4.2M | 5.2M | |
Non Currrent Assets Other | 36.6K | 37.3K | 137.1K | 135.2K | 121.7K | 115.6K | |
Cash And Short Term Investments | 3.5M | 22.9M | 14.1M | 8.8M | 10.1M | 7.6M | |
Net Receivables | 3.3M | 6.4M | 4.7M | 6.2M | 7.1M | 7.4M | |
Common Stock Shares Outstanding | 25.8M | 25.8M | 25.8M | 24.9M | 28.6M | 15.1M | |
Liabilities And Stockholders Equity | 34.7M | 40.6M | 30.4M | 24.9M | 28.6M | 18.5M | |
Inventory | 7.2M | 4.7M | 5.0M | 5.9M | 6.8M | 7.2M | |
Other Current Assets | 809.4K | 3.4M | 3.5M | 390.1K | 448.6K | 637.1K | |
Other Stockholder Equity | 11.7M | 11.8M | 11.3M | 11.4M | 10.3M | 12.8M | |
Total Liab | 25.6M | 7.2M | 6.1M | 6.1M | 7.0M | 6.1M | |
Total Current Assets | 14.8M | 37.4M | 27.2M | 21.3M | 24.5M | 13.3M | |
Accumulated Other Comprehensive Income | 565.8K | 1.1M | 3.0M | 3.0M | 3.4M | 3.6M | |
Current Deferred Revenue | 498.1K | 414.6K | 209.1K | 80.7K | 72.6K | 69.0K | |
Intangible Assets | 2.2M | 897.9K | 1.3M | 1.8M | 2.1M | 1.6M | |
Non Current Liabilities Total | 3.0M | 2.2M | 1.6M | 919.1K | 1.1M | 1.5M | |
Other Current Liab | (10.1M) | 414.6K | 209.1K | 668.0K | 601.2K | 631.2K | |
Short Long Term Debt Total | 20.9M | 2.6M | 2.2M | 1.6M | 1.8M | 1.7M | |
Other Liab | 438.9K | 290.1K | 162.4K | 51.4K | 46.3K | 43.9K | |
Net Tangible Assets | 259.4K | (5.6M) | 32.9M | 23.2M | 26.7M | 28.1M | |
Other Assets | 648.5K | 542.3K | 513.2K | 290.3K | 261.3K | 248.2K | |
Deferred Long Term Liab | 611.8K | 505.0K | 376.1K | 290.3K | 261.3K | 248.2K | |
Short Term Debt | 18.2M | 541.4K | 609.6K | 643.4K | 739.9K | 702.9K | |
Property Plant Equipment | 1.9M | 4.6M | 2.1M | 1.9M | 2.2M | 1.7M | |
Net Invested Capital | 26.8M | 33.4M | 24.2M | 18.8M | 21.6M | 25.1M | |
Net Working Capital | (7.8M) | 32.4M | 22.7M | 16.1M | 18.5M | 13.4M |
Pair Trading with Covalon Technologies
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Covalon Technologies position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Covalon Technologies will appreciate offsetting losses from the drop in the long position's value.Moving against Covalon Stock
0.6 | RY-PZ | Royal Bank | PairCorr |
0.5 | TD-PFI | Toronto Dominion Bank | PairCorr |
0.5 | TD-PFE | Toronto Dominion Bank | PairCorr |
0.49 | BFM | Bedford Metals Corp | PairCorr |
0.48 | TD-PFL | Toronto Dominion Bank | PairCorr |
The ability to find closely correlated positions to Covalon Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covalon Technologies when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Covalon Technologies - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Covalon Technologies to buy it.
The correlation of Covalon Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Covalon Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Covalon Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Covalon Technologies can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Covalon Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in board of governors. You can also try the Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Complementary Tools for Covalon Stock analysis
When running Covalon Technologies' price analysis, check to measure Covalon Technologies' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Covalon Technologies is operating at the current time. Most of Covalon Technologies' value examination focuses on studying past and present price action to predict the probability of Covalon Technologies' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Covalon Technologies' price. Additionally, you may evaluate how the addition of Covalon Technologies to your portfolios can decrease your overall portfolio volatility.
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