Bradespar (BSP:BRAP4) Cyclically Adjusted PB Ratio: (As of Sep. 22, 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:BRAP4 Bradespar SA BSP:BRAP4
47 GF Score
Price R$20.91
GF Value R$8.92
Valuation Significantly Overvalued
! 3 Warning Signs
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What is Bradespar Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Bradespar  (BSP:BRAP4) 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.


Bradespar Cyclically Adjusted PB Ratio Related Terms


Bradespar Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Bradespar'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.

Bradespar Cyclically Adjusted PB Ratio Chart

Bradespar 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 0.83 1.01 0.89 0.58 0.71

Bradespar 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 0.51 0.56 0.66 0.76 0.73

BSP:BRAP4 vs BLK, BX, KKR: Cyclically Adjusted PB Ratio Comparison

For the Asset Management subindustry, Bradespar'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.


Bradespar Cyclically Adjusted PB Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, Bradespar's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


BSP:BRAP4
47GF Score
Bradespar SA BSP:BRAP4
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bradespar 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.

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

For example, Bradespar'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)
=20.477/177.5443*177.5443
=20.477

Current CPI (Jun. 2026) = 177.5443.

Bradespar Quarterly Data

Book Value per Share CPI Adj_Book
201609 20.360 109.986 32.866
201612 20.124 110.802 32.246
201703 20.978 111.869 33.294
201706 21.145 112.115 33.485
201709 22.681 112.777 35.707
201712 22.401 114.068 34.867
201803 21.630 114.868 33.432
201806 22.115 117.038 33.548
201809 23.298 117.881 35.090
201812 25.336 118.340 38.011
201903 24.578 120.124 36.327
201906 24.302 120.977 35.665
201909 25.959 121.292 37.998
201912 24.321 123.436 34.982
202003 26.767 124.092 38.297
202006 27.906 123.557 40.099
202009 30.557 125.095 43.369
202012 28.631 129.012 39.401
202103 30.944 131.660 41.728
202106 34.143 133.871 45.282
202109 37.006 137.913 47.640
202112 19.086 141.992 23.865
202203 19.496 146.537 23.621
202206 19.692 149.784 23.342
202209 19.928 147.800 23.939
202212 19.021 150.207 22.483
202303 18.914 153.352 21.898
202306 19.297 154.519 22.173
202309 20.412 155.464 23.311
202312 19.929 157.148 22.516
202403 20.896 159.372 23.279
202406 21.501 161.052 23.703
202409 22.407 162.342 24.505
202412 21.581 164.740 23.258
202503 22.050 168.102 23.289
202506 22.306 169.670 23.341
202509 23.210 170.739 24.135
202512 19.455 171.765 20.110
202603 19.903 175.066 20.185
202606 20.477 177.544 20.477

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 Bradespar (BSP:BRAP4) Overvalued in 2026?

Based on GuruFocus' analysis, Bradespar stock appears to be overvalued. The current stock price of R$20.91 is trading 134.4% above its estimated GF Value™ of R$8.92. GuruFocus considers Bradespar to be Significantly Overvalued.

Key valuation signals for BSP:BRAP4:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$8.92 vs. price of R$20.91 (134.4% above fair value)
  • GF Score™: 47/100 with 3 warning signs

No single metric tells the full story. See the BSP:BRAP4 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Bradespar Business Description

Address Avenue Paulista 1450, 9th floor, Cerqueira Cesar, Sao paulo, SP, BRA, 1310917
Bradespar SA is a Brazil-based holding company whose corporate purpose and single business segment is to hold equity interest as a partner or shareholder in other companies. Its holding companies include Millennium Security Holdings, which does business in the British Virgin Islands; and Vale S.A., which produces iron ore, raw materials for the steel and nickel industries, and metals. The company's operating income originates from equity accounting, dividends, and interest on equity received from Vale and interest from redeemable shares received.
47GF Score

Get the complete analysis for BSP:BRAP4

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

R$20.91
Price
R$8.92
GF Value