Alpargatas (BSP:ALPA3) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
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.

BSP:ALPA3 Alpargatas SA BSP:ALPA3
72 GF Score
Price R$9.54
GF Value R$13.05
Valuation Modestly Undervalued
! 2 Warning Signs
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What is Alpargatas Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Alpargatas  (BSP:ALPA3) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Alpargatas Cyclically Adjusted PB Ratio Related Terms


Alpargatas Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Alpargatas's Cyclically Adjusted PB Ratio can be seen below:

* 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.

Alpargatas Cyclically Adjusted PB Ratio Chart

Alpargatas Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.98 2.04 1.72 0.92 1.59

Alpargatas Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.30 1.39 1.53 1.69 1.35

BSP:ALPA3 vs NKE, DECK, ONON: Cyclically Adjusted PB Ratio Comparison

For the Footwear & Accessories subindustry, Alpargatas'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.


Alpargatas Cyclically Adjusted PB Ratio vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Alpargatas's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Alpargatas's Cyclically Adjusted PB Ratio falls into.


BSP:ALPA3
72GF Score
Alpargatas SA BSP:ALPA3
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Alpargatas Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Alpargatas's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Alpargatas's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=5.329/177.5443*177.5443
=5.329

Current CPI (Jun. 2026) = 177.5443.

Alpargatas Quarterly Data

Book Value per Share CPI Adj_Book
201609 3.526 109.986 5.692
201612 3.569 110.802 5.719
201703 3.817 111.869 6.058
201706 3.871 112.115 6.130
201709 3.899 112.777 6.138
201712 3.912 114.068 6.089
201803 3.864 114.868 5.972
201806 3.804 117.038 5.771
201809 4.006 117.881 6.034
201812 4.267 118.340 6.402
201903 4.319 120.124 6.384
201906 4.369 120.977 6.412
201909 4.496 121.292 6.581
201912 4.724 123.436 6.795
202003 4.948 124.092 7.079
202006 5.047 123.557 7.252
202009 5.085 125.095 7.217
202012 5.214 129.012 7.175
202103 5.419 131.660 7.308
202106 5.669 133.871 7.518
202109 5.962 137.913 7.675
202112 6.082 141.992 7.605
202203 8.111 146.537 9.827
202206 8.506 149.784 10.082
202209 8.694 147.800 10.444
202212 8.541 150.207 10.095
202303 8.174 153.352 9.463
202306 7.869 154.519 9.042
202309 7.986 155.464 9.120
202312 5.521 157.148 6.238
202403 5.597 159.372 6.235
202406 5.767 161.052 6.358
202409 5.850 162.342 6.398
202412 5.967 164.740 6.431
202503 5.987 168.102 6.323
202506 6.098 169.670 6.381
202509 6.358 170.739 6.611
202512 4.903 171.765 5.068
202603 5.100 175.066 5.172
202606 5.329 177.544 5.329

Add all the adjusted book value per share together and divide the count will get our 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.

Is Alpargatas (BSP:ALPA3) Overvalued in 2026?

Based on GuruFocus' analysis, Alpargatas stock appears to be undervalued. The current stock price of R$9.54 is trading 26.9% below its estimated GF Value™ of R$13.05. GuruFocus considers Alpargatas to be Modestly Undervalued.

Key valuation signals for BSP:ALPA3:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$13.05 vs. price of R$9.54 (26.9% below fair value)
  • GF Score™: 72/100 with 2 warning signs

No single metric tells the full story. See the BSP:ALPA3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Alpargatas Business Description

Other Exchanges ALPA4:Brazil
Address United Nations Avenue, Vila Gertrudes, 14.261, Sao Paulo, SP, BRA, 04794-00
Alpargatas SA primarily manufactures footwear, apparel, and sports items. Brands the company owns or manufactures under license include Havaianas, dupe, Osklen, Mizuno, Megga, and Sete Leguas. Alpargatas reaches consumers through third-party retailers and through its own retail stores. Most of the company's sales are in Brazil and Argentina, with sales in Brazil accounting for more than half of the company's total sales. Remaining revenue is generated by the company's subsidiaries in Europe and the United States, and through direct exports.
72GF Score

Get the complete analysis for BSP:ALPA3

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R$9.54
Price
R$13.05
GF Value