Btowers Fundo Investimento Imobiliario (BSP:BTWR11) Cyclically Adjusted PB Ratio: 0.89 (As of Aug. 12, 2026) — 15% Below Median

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:BTWR11 Btowers Fundo Investimento Imobiliario BSP:BTWR11
22 GF Score
Price R$90.00
! 1 Warning Sign
View Full Analysis

What is Btowers Fundo Investimento Imobiliario Cyclically Adjusted PB Ratio?

Btowers Fundo Investimento Imobiliario BSP:BTWR11 22 Cyclically Adjusted PB Ratio is 0.89 as of Aug. 12, 2026, which is 15% below its 10-year median of 1.05. GuruFocus rates BSP:BTWR11 with a GF Score™ of 22/100. The stock has 1 warning sign investors should review.

As of today (2026-08-12), Btowers Fundo Investimento Imobiliario's current share price is R$90.00. Btowers Fundo Investimento Imobiliario's Cyclically Adjusted Book per Share for the fiscal year that ended in Jun25 was R$100.68. Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio for today is 0.89.

The historical rank and industry rank for Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio or its related term are showing as below:

BSP:BTWR11' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.89   Med: 1.05   Max: 1.36
Current: 0.89

During the past 11 years, Btowers Fundo Investimento Imobiliario's highest Cyclically Adjusted PB Ratio was 1.36. The lowest was 0.89. And the median was 1.05.

BSP:BTWR11's Cyclically Adjusted PB Ratio is not ranked
in the REITs industry.
Industry Median: 0.81 vs BSP:BTWR11: 0.89

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.

Btowers Fundo Investimento Imobiliario's adjusted book value per share data of for the fiscal year that ended in Jun25 was R$118.530. 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 R$100.68 for the trailing ten years ended in Jun25.

Shiller PE for Stocks: The True Measure of Stock Valuation


Btowers Fundo Investimento Imobiliario  (BSP:BTWR11) 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.


Btowers Fundo Investimento Imobiliario Cyclically Adjusted PB Ratio Related Terms


Btowers Fundo Investimento Imobiliario Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Btowers Fundo Investimento Imobiliario'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.

Btowers Fundo Investimento Imobiliario Cyclically Adjusted PB Ratio Chart

Btowers Fundo Investimento Imobiliario Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 1.36 1.03

Btowers Fundo Investimento Imobiliario Semi-Annual Data
Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 0.00 0.00 0.00 1.36 1.03

BSP:BTWR11 vs VICI, WPC: Cyclically Adjusted PB Ratio Comparison

For the REIT - Diversified subindustry, Btowers Fundo Investimento Imobiliario'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.


Btowers Fundo Investimento Imobiliario Cyclically Adjusted PB Ratio vs REITs Industry

For the REITs industry and Real Estate sector, Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio falls into.


BSP:BTWR11
22GF Score
Btowers Fundo Investimento Imobiliario BSP:BTWR11
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Btowers Fundo Investimento Imobiliario 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.

Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=90.00/100.68
=0.89

* 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.

Btowers Fundo Investimento Imobiliario's Cyclically Adjusted Book per Share for the fiscal year that ended in Jun25 is calculated as:

For example, Btowers Fundo Investimento Imobiliario's adjusted Book Value per Share data for the fiscal year that ended in Jun25 was:

Adj_Book=Book Value per Share/CPI of Jun25 (Change)*Current CPI (Jun25)
=118.53/169.6698*169.6698
=118.530

Current CPI (Jun25) = 169.6698.

Btowers Fundo Investimento Imobiliario Annual Data

Book Value per Share CPI Adj_Book
201606 52.284 108.851 81.497
201706 43.959 112.115 66.526
201806 52.384 117.038 75.941
201906 56.931 120.977 79.845
202006 56.756 123.557 77.938
202106 108.210 133.871 137.147
202206 111.293 149.784 126.069
202306 112.619 154.519 123.662
202406 113.609 161.052 119.689
202506 118.530 169.670 118.530

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.

What does a Cyclically Adjusted PB Ratio of 0.89 mean?
Btowers Fundo Investimento Imobiliario (BSP:BTWR11) has a Cyclically Adjusted PB Ratio of 0.89 as of Aug. 12, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Btowers Fundo Investimento Imobiliario and its competitors. This is 15% below median its historical median of 1.05. Over the past decade, Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio has ranged from 0.89 to 1.36.
Is Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio too high?
Btowers Fundo Investimento Imobiliario's current Cyclically Adjusted PB Ratio of 0.89 is 15% below median its 10-year median of 1.05. Over the past 10 years, this metric has ranged from a low of 0.89 to a high of 1.36. The REITs industry median Cyclically Adjusted PB Ratio is 0.81. Btowers Fundo Investimento Imobiliario's value of 0.89 is 9.9% above this industry median. Overall, Btowers Fundo Investimento Imobiliario has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio compare to VICI and WPC?
Btowers Fundo Investimento Imobiliario's Cyclically Adjusted PB Ratio of 0.89 can be compared against companies in the REITs industry. The industry median Cyclically Adjusted PB Ratio is 0.81. Btowers Fundo Investimento Imobiliario's value of 0.89 is 9.9% above this benchmark. Historically, Btowers Fundo Investimento Imobiliario's own Cyclically Adjusted PB Ratio has ranged from 0.89 to 1.36 over the past decade. While the company's 10-year median is 1.05 vs. the industry median of 0.81, Btowers Fundo Investimento Imobiliario has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a REITs company?
The median Cyclically Adjusted PB Ratio among REITs companies is 0.81, based on 554 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Btowers Fundo Investimento Imobiliario's current Cyclically Adjusted PB Ratio of 0.89 is 9.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Btowers Fundo Investimento Imobiliario and its competitors. For the REITs industry, the median Cyclically Adjusted PB Ratio is 0.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Btowers Fundo Investimento Imobiliario's current Cyclically Adjusted PB Ratio is 0.89, which is 15% below median its own 10-year median of 1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Btowers Fundo Investimento Imobiliario stock overvalued right now?
Btowers Fundo Investimento Imobiliario (BSP:BTWR11) has a current Cyclically Adjusted PB Ratio of 0.89. The current Cyclically Adjusted PB Ratio is 0.89, which is 15% below median its 10-year median of 1.05 and 9.9% above the REITs industry median of 0.81. Btowers Fundo Investimento Imobiliario's overall GF Score™ is 22/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Btowers Fundo Investimento Imobiliario (BSP:BTWR11), the current Cyclically Adjusted PB Ratio is 0.89 as of Aug. 12, 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.

Btowers Fundo Investimento Imobiliario Business Description

Industry Real EstateREITs
Address Rua Gilberto Sabino, 215, 4th Floor, Pinheiros, São Paulo, SP, BRA, 5425020
Btowers Fundo Investimento Imobiliario aims to provide profit to shareholders through the distribution of results arising from rental contracts for units in the Brookfield Towers project.
22GF Score

Get the complete analysis for BSP:BTWR11

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

R$90.00
Price