Tronox trades for less than book value, and at a 45% discount to its five-year average price-to-book value ratio.
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Its price-sales ratio is 27% below its 3.5 average since 2008, and the discount to its five-year average price-to-book value ratio is 31%.
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It trades for 3.9 times sales, but its price-to-book-value ratio is just 1.2.
Mr Osborne will also say the sale's valuation of Northern Rock's "price-to-book value ratio" - that is, its assets minus its liabilities - is higher than peers Barclays, Lloyds TSB or the Royal Bank of Scotland.
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Beaten up Hovnanian Enterprises, for example, carries a price-to-book value ratio of 0.9, cheap relative to an average multiple since 1988 of 1.1.
On the other hand, the price-to-book ratio is a useful measure of value, and most researchers agree that this ratio is strongly correlated with stock price performance.
In the ratio of price-to-book value China is, at 4.6, the second priciest, behind another country with a superheated economy: India, which trades at 4.9 times book.
For example, Fidelity national trades for 0.72 times sales, 1.85 times book value and at a price-to-earnings growth ratio of 0.91.
Even so, it trades at 10% below book value and has a trailing price-to-earnings ratio of 10, which is a big discount to the industry average of 16.
Then there is the price-to-book ratio, which measures a company's stockmarket value against the book value of its assets.
While we were somewhat conflicted, given that the shares now trade for 12 times book value, in the end we decided to hold on a while longer as the current price-to-sales ratio of less than two is quite low for this sector, and we have previously sold Avanex on two separate occasions at much higher prices.
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