British American Tobacco Bangladesh Co (DHA:BATBC) Cyclically Adjusted PB Ratio: 2.66 (As of Jul. 17, 2026) — 13% 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.

DHA:BATBC British American Tobacco Bangladesh Co Ltd DHA:BATBC
86 GF Score
Price BDT222.70
GF Value BDT310.93
Valuation Modestly Undervalued
! 9 Warning Signs
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What is British American Tobacco Bangladesh Co Cyclically Adjusted PB Ratio?

British American Tobacco Bangladesh Co DHA:BATBC -0.49% 86 Cyclically Adjusted PB Ratio is 2.66 as of Jul. 17, 2026, which is 13% below its 10-year median of 3.06. GuruFocus rates DHA:BATBC with a GF Score™ of 86/100 and a GF Value™ of BDT310.93 (Modestly Undervalued). The stock has 9 warning signs investors should review. Among 31 Tobacco Products companies, British American Tobacco Bangladesh Co ranks worse than 51.61% on this metric.

As of today (2026-07-17), British American Tobacco Bangladesh Co's current share price is BDT222.70. British American Tobacco Bangladesh Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was BDT83.75. British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio for today is 2.66.

The historical rank and industry rank for British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio or its related term are showing as below:

DHA:BATBC' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 2.51   Med: 3.06   Max: 3.44
Current: 2.6

During the past years, British American Tobacco Bangladesh Co's highest Cyclically Adjusted PB Ratio was 3.44. The lowest was 2.51. And the median was 3.06.

DHA:BATBC's Cyclically Adjusted PB Ratio is ranked worse than
51.61% of 31 companies
in the Tobacco Products industry
Industry Median: 2.6 vs DHA:BATBC: 2.60

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.

British American Tobacco Bangladesh Co's adjusted book value per share data for the three months ended in Mar. 2026 was BDT103.377. 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 BDT83.75 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


British American Tobacco Bangladesh Co  (DHA:BATBC) 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.


British American Tobacco Bangladesh Co Cyclically Adjusted PB Ratio Related Terms


British American Tobacco Bangladesh Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for British American Tobacco Bangladesh Co'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.

British American Tobacco Bangladesh Co Cyclically Adjusted PB Ratio Chart

British American Tobacco Bangladesh Co 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 3.04

British American Tobacco Bangladesh Co 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 3.44 3.04 2.64

DHA:BATBC vs PM, MO, TPB: Cyclically Adjusted PB Ratio Comparison

For the Tobacco subindustry, British American Tobacco Bangladesh Co'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.


British American Tobacco Bangladesh Co Cyclically Adjusted PB Ratio vs Tobacco Products Industry

For the Tobacco Products industry and Consumer Defensive sector, British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio falls into.


DHA:BATBC
86GF Score
British American Tobacco Bangladesh Co Ltd DHA:BATBC
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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British American Tobacco Bangladesh Co 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.

British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=222.70/83.75
=2.66

* 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.

British American Tobacco Bangladesh Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, British American Tobacco Bangladesh Co'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)
=103.377/330.2130*330.2130
=103.377

Current CPI (Mar. 2026) = 330.2130.

British American Tobacco Bangladesh Co Quarterly Data

Book Value per Share CPI Adj_Book
201606 0.000 241.018 0.000
201609 0.000 241.428 0.000
201612 34.968 241.432 47.827
201703 39.030 243.801 52.864
201706 35.860 244.955 48.341
201709 39.535 246.819 52.893
201712 42.801 246.524 57.331
201803 47.892 249.554 63.371
201806 46.921 251.989 61.487
201809 50.709 252.439 66.332
201812 54.683 251.233 71.874
201903 58.496 254.202 75.987
201906 60.233 256.143 77.651
201909 61.111 256.759 78.594
201912 66.284 256.974 85.175
202003 71.908 258.115 91.994
202006 64.068 257.797 82.065
202009 69.102 260.280 87.669
202012 62.962 260.474 79.819
202103 70.133 264.877 87.432
202106 68.925 271.696 83.770
202109 74.377 274.310 89.535
202112 68.131 278.802 80.694
202203 60.852 287.504 69.892
202206 70.055 296.311 78.070
202209 77.652 296.808 86.392
202212 76.266 296.797 84.853
202303 74.715 301.836 81.739
202306 83.850 305.109 90.749
202309 91.366 307.789 98.022
202312 99.329 306.746 106.928
202403 96.982 312.332 102.534
202406 106.466 314.175 111.901
202409 113.821 315.301 119.204
202412 106.884 315.605 111.831
202503 97.772 319.799 100.956
202506 99.573 322.561 101.935
202509 105.222 324.800 106.976
202512 102.497 324.054 104.445
202603 103.377 330.213 103.377

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 2.66 mean?
British American Tobacco Bangladesh Co (DHA:BATBC) has a Cyclically Adjusted PB Ratio of 2.66 as of Jul. 17, 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 British American Tobacco Bangladesh Co and its competitors. This is 13% below median its historical median of 3.06. Over the past decade, British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio has ranged from 2.51 to 3.44. According to the industry distribution chart, British American Tobacco Bangladesh Co ranks #16 out of 31 companies in the Tobacco Products industry, placing it in the top 51.6%.
Is British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio too high?
British American Tobacco Bangladesh Co's current Cyclically Adjusted PB Ratio of 2.66 is 13% below median its 10-year median of 3.06. Over the past 10 years, this metric has ranged from a low of 2.51 to a high of 3.44. The Tobacco Products industry median Cyclically Adjusted PB Ratio is 2.60. British American Tobacco Bangladesh Co's value of 2.66 is 2.3% above this industry median. Based on the distribution chart, British American Tobacco Bangladesh Co ranks #16 out of 31 companies in the Tobacco Products industry, which is below the industry midpoint. Overall, British American Tobacco Bangladesh Co has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does British American Tobacco Bangladesh Co's Cyclically Adjusted PB Ratio compare to PM and MO?
According to the Tobacco Products industry distribution chart, British American Tobacco Bangladesh Co ranks #16 out of 31 companies for Cyclically Adjusted PB Ratio. This places British American Tobacco Bangladesh Co in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 2.60. British American Tobacco Bangladesh Co's value of 2.66 is 2.3% above this benchmark. Historically, British American Tobacco Bangladesh Co's own Cyclically Adjusted PB Ratio has ranged from 2.51 to 3.44 over the past decade. While the company's 10-year median is 3.06 vs. the industry median of 2.60, British American Tobacco Bangladesh Co 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 Tobacco Products company?
The median Cyclically Adjusted PB Ratio among Tobacco Products companies is 2.60, based on 31 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. British American Tobacco Bangladesh Co's current Cyclically Adjusted PB Ratio of 2.66 is 2.3% 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 British American Tobacco Bangladesh Co and its competitors. For the Tobacco Products industry, the median Cyclically Adjusted PB Ratio is 2.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. British American Tobacco Bangladesh Co's current Cyclically Adjusted PB Ratio is 2.66, which is 13% below median its own 10-year median of 3.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is British American Tobacco Bangladesh Co stock overvalued right now?
Based on GuruFocus' analysis, British American Tobacco Bangladesh Co (DHA:BATBC) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT310.93, compared to a current price of BDT222.70 — trading 28.4% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 2.66, which is 13% below median its 10-year median of 3.06 and 2.3% above the Tobacco Products industry median of 2.60. British American Tobacco Bangladesh Co's overall GF Score™ is 86/100 with 9 warning signs 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 British American Tobacco Bangladesh Co (DHA:BATBC), the current Cyclically Adjusted PB Ratio is 2.66 as of Jul. 17, 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.

Is British American Tobacco Bangladesh Co (DHA:BATBC) Overvalued in 2026?

Based on GuruFocus' analysis, British American Tobacco Bangladesh Co stock appears to be undervalued. The current stock price of BDT222.70 is trading 28.4% below its estimated GF Value™ of BDT310.93. GuruFocus considers British American Tobacco Bangladesh Co to be Modestly Undervalued.

Key valuation signals for DHA:BATBC:

  • Cyclically Adjusted PB Ratio: 2.66 (13% below median its 10-year median of 3.06)
  • GF Value™: BDT310.93 vs. price of BDT222.70 (28.4% below fair value)
  • GF Score™: 86/100 with 9 warning signs
  • Industry Position: 2.3% above the Tobacco Products median (#16 of 31)

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


British American Tobacco Bangladesh Co Business Description

Address Balibhadra Bazar, Dehora, Dhamsona, Ashulia, Dhaka, BGD, 1349
British American Tobacco Bangladesh Co Ltd is engaged in the manufacturing and marketing of cigarettes in Bangladesh. It manufactures and markets brands including Benson & Hedges, John Player Gold Leaf, John Player Series, Capstan, Lucky Strike, Star, Royals, Derby, Pilot, and Hollywood.
86GF Score

Get the complete analysis for DHA:BATBC

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

BDT222.70
Price
BDT310.93
GF Value