 In this section, I will explain the market value ratios. So, market value ratios, हमे बताती है, relationship between the accounting representation of the firm है, and market value of the firm है. So, अभी हम अंदादा लगाते है, that overall, किसी भी कमपनी की जो, the financial position है, उसके मताबेख उसका, the value है, वो क्या है, लेकें जब मरकेट में उसके स्टोक्स प्रेडोरे है, उनको उनकी खरीद अफरोग जारी है, तो उन स्टोक्स की जो कीमत है मरकेट में, that is basically dependent upon the demand and supply of those stocks. तो जो मरकेट के अंधर उस पतिकलर कमबी के, स्टोक्स की कीमत है, और जो उसकी actual value है, और आपस में क्या relationship है, इसको निका, कलकलेट करने के वासते है, हम मरकेट बालिव रेशोस को कलकलेट करते हैं. आव देरा दीस तु, frequently calculated market value ratios, the first one is the price-to-earning ratio, and then we have the market-price-to-book ratio. तो, price-to-earnings ratio, जिसको P-E ratio भी कहते है, as the name specifies कि हम इसके लिए, कलकलेट करते है, या असेस करते है, या इसका डेटा लेते है, करन्चेर प्रैस का, और उसके बाद हम इसका पार्षेर और निक, यानिके EPS की वालिव को, असेस करते है, और price-to-earning ratio basically, is the price-multiple, or the earnings-multiple also. And if we look at the significance of P-E ratio, it is used by the investors and analysts to determine the relative value of a company's shares. When we compare Apple to Apple, it means that when we compare, we always keep in mind that we are going to compare one company with the other company with its financial indicators. So, we need firms like that. If there is a big multinational corporation and there is a small firm where only 5 or 10 people work, if you are going to compare both of them, then you cannot compare the financial indicators like P-E ratio, or any other quick ratio, or liquidity ratio, or leverage ratio. So, it is essential that when you are going to compare, then compare among the similars which we are talking about here, Apples-to-Apple comparison. So, Apple is compared with Apple. If you compare Apple with orange, or any other fruit, or any other vegetable, then that is called a wrong comparison. So, when we compare different companies in the same sector, in the same age, size, then we can use P-E ratio. Now, when we again, one more important thing, one more important dimension for P-E ratio is that if you want to see the overall performance of the firm, the financial performance, that is available in its stocks market, if you are interested in investing in it, then another type of P-E analysis, which is usually done by the financial experts, or the financial advisors, is that they take the data of the different time periods of the firm, and on the different time periods, what was its P-E ratio, what was its price-to-earning ratio, they assess it and compare it. So, the better idea that its financial position is, it is going to the top, it is going to the bottom, or it is sitting on a certain point from the last few years. If we look at the formula for the P-E ratio, it is basically the value which is obtained by dividing market value per share by the earnings per share. So, market value per share, you divide it by earnings per share and you will be able to come up with this P-E ratio. And P-E ratio, that we have discussed a lot, most of the analysts, to assess or understand the long-term valuation trends, they use P-E ratio, and for that, they have P-E 10 and P-E 30 mayors, are the formulas which we use to go for the long-term comparisons of a certain long-term analysis or the valuations or the trends of these companies, basically what you do is, what you do in P-E 10, you take the data of the last 10 years and take the trends of the price to earnings. And P-E 30 means that in the last 30 years, if there is a very old company, the indicators of P-E 30 are taken, that means that in the last 30 years, we take the data of market value per share or earnings per share, and according to that, the overall trend of P-E ratio is up-ward or downward, what is the overall behavior of P-E ratio? Now, these mayors help us in assessing or gauging the overall value of a stock index, such as the standard in P-E 500 or if you do an analysis in Pakistan, then you will have to take P-E 6100 because these are the long-term mayors that can help us in understanding that overall business cycles how they are moving, for a better understanding of how these factors will move with time and have been moving over time, for this understanding, we go for the P-E ratio.