Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.
Nomura Real Estate Master Fund's adjusted book value per share data for the fiscal year that ended in Aug. 2024 was 円129,891.226. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is 円138,072.76 for the trailing ten years ended in Aug. 2024.
Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.
Nomura Real Estate Master Fund (TSE:3462) Cyclically Adjusted Book per Share Explanation
If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.
For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
During the past 11 years, the highestCyclically Adjusted PB Ratio of Nomura Real Estate Master Fund was 1.31. The lowest was 0.98. And the median was 1.13.
Be Aware
Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.
Nomura Real Estate Master Fund Cyclically Adjusted Book per Share Related Terms
Nomura Real Estate Master Fund Cyclically Adjusted Book per Share Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Nomura Real Estate Master Fund Cyclically Adjusted Book per Share Chart
TSE:3462 vs SPG, O, KIM: Cyclically Adjusted Book per Share Comparison
For the REIT - Retail subindustry, Nomura Real Estate Master Fund's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Nomura Real Estate Master Fund Cyclically Adjusted PB Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Nomura Real Estate Master Fund's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Nomura Real Estate Master Fund's Cyclically Adjusted PB Ratio falls into.
Nomura Real Estate Master Fund Cyclically Adjusted Book per Share Calculation
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years.
What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?
Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.
If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.
We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted Book per Share.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted Book per Share of 円138,072.76 mean?
Nomura Real Estate Master Fund (TSE:3462) has a Cyclically Adjusted Book per Share of 円138,072.76 as of Feb. 2026. Cyclically adjusted book value per share represents the company's inflation-adjusted book value per share over a 10-year period. View historical data on Nomura Real Estate Master Fund and its competitors.
Is Nomura Real Estate Master Fund's Cyclically Adjusted Book per Share too high?
Nomura Real Estate Master Fund's current Cyclically Adjusted Book per Share is 円138,072.76. Overall, Nomura Real Estate Master Fund has a GF Score™ of 58/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nomura Real Estate Master Fund's Cyclically Adjusted Book per Share compare to SPG and O?
Nomura Real Estate Master Fund's Cyclically Adjusted Book per Share of 円138,072.76 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted Book per Share for a REITs company?
A good Cyclically Adjusted Book per Share depends on the REITs industry context. However, Cyclically Adjusted Book per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted Book per Share mean?
A high Cyclically Adjusted Book per Share can signal that a stock is expensive relative to its fundamentals. Cyclically adjusted book value per share represents the company's inflation-adjusted book value per share over a 10-year period. View historical data on Nomura Real Estate Master Fund and its competitors. Nomura Real Estate Master Fund's current Cyclically Adjusted Book per Share is 円138,072.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Real Estate Master Fund stock overvalued right now?
Based on GuruFocus' analysis, Nomura Real Estate Master Fund (TSE:3462) is currently considered Fairly Valued. The stock's GF Value™ is 円160,029.60, compared to a current price of 円152,700.00 — trading 4.6% below its estimated fair value. The current Cyclically Adjusted Book per Share is 円138,072.76. Nomura Real Estate Master Fund's overall GF Score™ is 58/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted Book per Share calculated?
Cyclically Adjusted Book per Share is calculated from a company's financial statements. For Nomura Real Estate Master Fund (TSE:3462), the current Cyclically Adjusted Book per Share is 円138,072.76 as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Nomura Real Estate Master Fund (TSE:3462) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Real Estate Master Fund stock appears to be undervalued.
The current stock price of 円152,700.00 is trading 4.6% below its estimated GF Value™ of 円160,029.60.
GuruFocus considers Nomura Real Estate Master Fund to be Fairly Valued.
Key valuation signals for TSE:3462:
Cyclically Adjusted Book per Share: 円138,072.76
GF Value™: 円160,029.60 vs. price of 円152,700.00 (4.6% below fair value)
No single metric tells the full story. See the TSE:3462 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Real Estate Master Fund Inc is a Japanese based company operates as a real estate investment trust. It is implementing medium- to long-term management Strategy, to achieve securing stable income over the medium to long term period, also ensures the steady growth of assets under management. The company invests in logistic facilities and commercial facilities in the Tokyo metropolitan area. It is managed by the fund manager Nomura Real Estate Asset Management Co Ltd.
58GF Score
Get the complete analysis for TSE:3462
Cyclically Adjusted Book per Share is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:3462 has been successfully added to your 
