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I need a clear simple proffesional answer for these questions 1) What does it mean when a firm tread at a price to book ratio

I need a clear simple proffesional answer for these questions

1) What does it mean when a firm tread at a price to book ratio = 1 ? Does that mean that BV and market value are equal? Explain?

2) What does it mean when a firm tread at a price to book ratio greater than 1 ? Does that mean that market value exceeds book value? Explain?

3) What does it mean when a firm tread at a price to book ratio less than 1 ? Does that mean that market value is less than book value? Explain?

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