How does one determine whether a price ratio is, Financial Management

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How does one determine whether a price ratio is

How does one determine whether a price ratio is good? Are price ratios qualities purely determined by the industry and competition or is there some sort of reasoning to determining the quality of a price ratio on other factors (ex. Price to book ratio should be around "1" for such and such reason)?

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Financial Management: How does one determine whether a price ratio is

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