PBG (BSP:PTBL3) 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
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:PTBL3 PBG SA BSP:PTBL3
57 GF Score
Price R$1.60
GF Value R$4.57
Valuation Possible Value Trap
! 8 Warning Signs
View Full Analysis

What is PBG Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


PBG  (BSP:PTBL3) 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.


PBG Cyclically Adjusted PB Ratio Related Terms


PBG Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for PBG'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.

PBG Cyclically Adjusted PB Ratio Chart

PBG 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 4.27 3.19 2.70 1.27 1.13

PBG 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 1.55 1.32 1.07 1.01 0.57

BSP:PTBL3 vs TT, JCI, CARR: Cyclically Adjusted PB Ratio Comparison

For the Building Products & Equipment subindustry, PBG'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.


PBG Cyclically Adjusted PB Ratio vs Construction Industry

For the Construction industry and Industrials sector, PBG's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


BSP:PTBL3
57GF Score
PBG SA BSP:PTBL3
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

PBG 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.

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

For example, PBG'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)
=-0.737/177.5443*177.5443
=-0.737

Current CPI (Jun. 2026) = 177.5443.

PBG Quarterly Data

Book Value per Share CPI Adj_Book
201609 1.523 109.986 2.458
201612 1.505 110.802 2.412
201703 1.642 111.869 2.606
201706 1.762 112.115 2.790
201709 1.821 112.777 2.867
201712 1.799 114.068 2.800
201803 1.841 114.868 2.846
201806 2.284 117.038 3.465
201809 2.220 117.881 3.344
201812 2.285 118.340 3.428
201903 2.172 120.124 3.210
201906 2.331 120.977 3.421
201909 2.287 121.292 3.348
201912 2.320 123.436 3.337
202003 2.343 124.092 3.352
202006 2.643 123.557 3.798
202009 2.715 125.095 3.853
202012 2.700 129.012 3.716
202103 2.696 131.660 3.636
202106 2.734 133.871 3.626
202109 2.649 137.913 3.410
202112 2.526 141.992 3.158
202203 2.898 146.537 3.511
202206 3.215 149.784 3.811
202209 3.235 147.800 3.886
202212 3.314 150.207 3.917
202303 3.252 153.352 3.765
202306 2.652 154.519 3.047
202309 2.711 155.464 3.096
202312 2.738 157.148 3.093
202403 2.632 159.372 2.932
202406 2.759 161.052 3.042
202409 2.801 162.342 3.063
202412 2.632 164.740 2.837
202503 2.240 168.102 2.366
202506 1.764 169.670 1.846
202509 1.380 170.739 1.435
202512 0.188 171.765 0.194
202603 -0.262 175.066 -0.266
202606 -0.737 177.544 -0.737

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 PBG (BSP:PTBL3) Overvalued in 2026?

Based on GuruFocus' analysis, PBG stock appears to be undervalued. The current stock price of R$1.60 is trading 65% below its estimated GF Value™ of R$4.57. GuruFocus considers PBG to be Possible Value Trap.

Key valuation signals for BSP:PTBL3:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: R$4.57 vs. price of R$1.60 (65% below fair value)
  • GF Score™: 57/100 with 8 warning signs

No single metric tells the full story. See the BSP:PTBL3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


PBG Business Description

Address Rodovia BR 101, KM 163, Tijucas, SC, BRA, 88200-000
PBG SA is engaged in the manufacturing and sale of ceramic and porcelain products. It offers products such as floor tiles, technical porcelain, enameled tiles, decorated and special pieces, mosaic tiles, and products for indoor walls and outdoor facades, as well as supplementary services in the sector of civil construction materials. The company sells its product to the Brazilian market through its network of Portobello Shops, home centers, real estate developers, and construction firms. Portobello derives revenue through the sale of ceramic and porcelain products. Geographically it operates in Brazil. The Company is structured in four strategic segments formed by the business units Portobello, Portobello Shop, Pointer and Portobello America.
57GF Score

Get the complete analysis for BSP:PTBL3

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

R$1.60
Price
R$4.57
GF Value