Iguatemi (BSP:IGTI3) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
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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:IGTI3 Iguatemi SA BSP:IGTI3
87 GF Score
Price R$3.17
GF Value R$3.18
Valuation Fairly Valued
! 1 Warning Sign
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What is Iguatemi Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Iguatemi  (BSP:IGTI3) 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.


Iguatemi Cyclically Adjusted PB Ratio Related Terms


Iguatemi Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Iguatemi'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.

Iguatemi Cyclically Adjusted PB Ratio Chart

Iguatemi 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 1.10 0.91 0.90 0.55 0.71

Iguatemi 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 0.71 0.71 0.73 0.74 0.76

BSP:IGTI3 vs CBRE, BEKE, JLL: Cyclically Adjusted PB Ratio Comparison

For the Real Estate Services subindustry, Iguatemi'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.


Iguatemi Cyclically Adjusted PB Ratio vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Iguatemi's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


BSP:IGTI3
87GF Score
Iguatemi SA BSP:IGTI3
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Iguatemi 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.

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

For example, Iguatemi'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)
=4.099/177.5443*177.5443
=4.099

Current CPI (Jun. 2026) = 177.5443.

Iguatemi Quarterly Data

Book Value per Share CPI Adj_Book
201609 2.872 109.986 4.636
201612 2.977 110.802 4.770
201703 3.010 111.869 4.777
201706 2.968 112.115 4.700
201709 3.011 112.777 4.740
201712 3.205 114.068 4.989
201803 3.203 114.868 4.951
201806 3.186 117.038 4.833
201809 3.230 117.881 4.865
201812 3.248 118.340 4.873
201903 3.301 120.124 4.879
201906 3.303 120.977 4.847
201909 3.398 121.292 4.974
201912 3.440 123.436 4.948
202003 3.439 124.092 4.920
202006 3.480 123.557 5.001
202009 3.575 125.095 5.074
202012 3.611 129.012 4.969
202103 3.658 131.660 4.933
202106 4.017 133.871 5.328
202109 3.924 137.913 5.052
202112 3.055 141.992 3.820
202203 3.036 146.537 3.678
202206 2.781 149.784 3.296
202209 3.258 147.800 3.914
202212 3.332 150.207 3.938
202303 3.287 153.352 3.806
202306 3.342 154.519 3.840
202309 3.388 155.464 3.869
202312 3.404 157.148 3.846
202403 3.462 159.372 3.857
202406 3.446 161.052 3.799
202409 3.532 162.342 3.863
202412 3.573 164.740 3.851
202503 3.661 168.102 3.867
202506 3.743 169.670 3.917
202509 3.847 170.739 4.000
202512 3.856 171.765 3.986
202603 4.046 175.066 4.103
202606 4.099 177.544 4.099

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 Iguatemi (BSP:IGTI3) Overvalued in 2026?

Based on GuruFocus' analysis, Iguatemi stock appears to be undervalued. The current stock price of R$3.17 is trading 0.3% below its estimated GF Value™ of R$3.18. GuruFocus considers Iguatemi to be Fairly Valued.

Key valuation signals for BSP:IGTI3:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$3.18 vs. price of R$3.17 (0.3% below fair value)
  • GF Score™: 87/100 with 1 warning sign

No single metric tells the full story. See the BSP:IGTI3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Iguatemi Business Description

Other Exchanges IGTI4:Brazil
Address Angelina Maffei Vita Street, 200, 9th floor departs, Jardim Paulistano, Sao Paulo, SP, BRA, 01455-070
Iguatemi SA is engaged in the commercial development and planning of shopping malls, as well as the provision of services related to the management of regional shopping centers and mixed-use real estate complexes. The company is also involved in the purchase and sale of properties, operation of short-stay parking facilities, intermediation in the leasing of promotional spaces, investment in other companies, and the provision of economic, financial, and tax advisory and consulting services.
87GF Score

Get the complete analysis for BSP:IGTI3

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

R$3.17
Price
R$3.18
GF Value