Karsten (BSP:CTKA3) Cyclically Adjusted PB Ratio: (As of Jul. 16, 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:CTKA3 Karsten SA BSP:CTKA3
64 GF Score
Price R$44.00
GF Value R$31.40
Valuation Significantly Overvalued
! 2 Warning Signs
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What is Karsten Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Karsten  (BSP:CTKA3) 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.


Karsten Cyclically Adjusted PB Ratio Related Terms


Karsten Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Karsten'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.

Karsten Cyclically Adjusted PB Ratio Chart

Karsten 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 0.00 0.00 0.00 0.00 0.00

Karsten Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.00 0.00 0.00 0.00 0.00

BSP:CTKA3 vs AIN: Cyclically Adjusted PB Ratio Comparison

For the Textile Manufacturing subindustry, Karsten'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.


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

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

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


BSP:CTKA3
64GF Score
Karsten SA BSP:CTKA3
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Karsten 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.

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

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

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=12.906/175.0655*175.0655
=12.906

Current CPI (Mar. 2026) = 175.0655.

Karsten Quarterly Data

Book Value per Share CPI Adj_Book
201606 -25.855 108.851 -41.583
201609 -29.734 109.986 -47.328
201612 -33.733 110.802 -53.298
201703 -29.766 111.869 -46.581
201706 -33.955 112.115 -53.020
201709 -32.640 112.777 -50.667
201712 -33.552 114.068 -51.494
201803 -36.747 114.868 -56.005
201806 -38.156 117.038 -57.074
201809 -41.189 117.881 -61.170
201812 -41.929 118.340 -62.027
201903 -45.138 120.124 -65.783
201906 -49.497 120.977 -71.627
201909 -54.059 121.292 -78.025
201912 -43.932 123.436 -62.307
202003 -41.693 124.092 -58.820
202006 -42.354 123.557 -60.011
202009 -32.374 125.095 -45.306
202012 -30.852 129.012 -41.865
202103 -29.399 131.660 -39.091
202106 -26.728 133.871 -34.953
202109 -23.726 137.913 -30.118
202112 -21.588 141.992 -26.616
202203 -24.391 146.537 -29.140
202206 -26.135 149.784 -30.546
202209 -26.198 147.800 -31.031
202212 -24.996 150.207 -29.133
202303 -23.417 153.352 -26.733
202306 -21.545 154.519 -24.410
202309 -20.011 155.464 -22.534
202312 -18.201 157.148 -20.276
202403 -16.370 159.372 -17.982
202406 -13.406 161.052 -14.573
202409 -9.122 162.342 -9.837
202412 0.881 164.740 0.936
202503 2.990 168.102 3.114
202506 5.722 169.670 5.904
202509 8.692 170.739 8.912
202512 12.250 171.765 12.485
202603 12.906 175.066 12.906

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 Karsten (BSP:CTKA3) Overvalued in 2026?

Based on GuruFocus' analysis, Karsten stock appears to be overvalued. The current stock price of R$44.00 is trading 40.1% above its estimated GF Value™ of R$31.40. GuruFocus considers Karsten to be Significantly Overvalued.

Key valuation signals for BSP:CTKA3:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$31.40 vs. price of R$44.00 (40.1% above fair value)
  • GF Score™: 64/100 with 2 warning signs

No single metric tells the full story. See the BSP:CTKA3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Karsten Business Description

Other Exchanges CTKA4:Brazil
Address R Johann Karsten, 260, Testo Jump, Blumenau, SC, BRA, 89074700
Karsten SA is a textile manufacturer and sells textile products in Brazil. It divides its business into five segments: decoration, embroidery, table, bath and bed. It produces table linens, curtains, towels, and other decorative home furnishings.
64GF Score

Get the complete analysis for BSP:CTKA3

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

R$44.00
Price
R$31.40
GF Value