Linde Bangladesh (DHA:LINDEBD) Cyclically Adjusted PB Ratio: 2.03 (As of Aug. 03, 2026) — 34% 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:LINDEBD Linde Bangladesh Ltd DHA:LINDEBD
78 GF Score
Price BDT724.20
GF Value BDT836.05
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Linde Bangladesh Cyclically Adjusted PB Ratio?

Linde Bangladesh DHA:LINDEBD 78 Cyclically Adjusted PB Ratio is 2.03 as of Aug. 03, 2026, which is 34% below its 10-year median of 3.08. GuruFocus rates DHA:LINDEBD with a GF Score™ of 78/100 and a GF Value™ of BDT836.05 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,248 Chemicals companies, Linde Bangladesh ranks worse than 58.49% on this metric.

As of today (2026-08-03), Linde Bangladesh's current share price is BDT724.20. Linde Bangladesh's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec25 was BDT357.48. Linde Bangladesh's Cyclically Adjusted PB Ratio for today is 2.03.

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

DHA:LINDEBD' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 2.05   Med: 3.08   Max: 4.42
Current: 2.05

During the past 13 years, Linde Bangladesh's highest Cyclically Adjusted PB Ratio was 4.42. The lowest was 2.05. And the median was 3.08.

DHA:LINDEBD's Cyclically Adjusted PB Ratio is ranked worse than
58.49% of 1248 companies
in the Chemicals industry
Industry Median: 1.62 vs DHA:LINDEBD: 2.05

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.

Linde Bangladesh's adjusted book value per share data of for the fiscal year that ended in Dec25 was BDT210.258. 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 BDT357.48 for the trailing ten years ended in Dec25.

Shiller PE for Stocks: The True Measure of Stock Valuation


Linde Bangladesh  (DHA:LINDEBD) 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.


Linde Bangladesh Cyclically Adjusted PB Ratio Related Terms


Linde Bangladesh Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Linde Bangladesh'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.

Linde Bangladesh Cyclically Adjusted PB Ratio Chart

Linde Bangladesh 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 4.42 4.08 2.90 2.10

Linde Bangladesh 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 2.10 0.00

DHA:LINDEBD vs LIN, SHW, ECL: Cyclically Adjusted PB Ratio Comparison

For the Specialty Chemicals subindustry, Linde Bangladesh'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.


Linde Bangladesh Cyclically Adjusted PB Ratio vs Chemicals Industry

For the Chemicals industry and Basic Materials sector, Linde Bangladesh's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


DHA:LINDEBD
78GF Score
Linde Bangladesh Ltd DHA:LINDEBD
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Linde Bangladesh 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.

Linde Bangladesh's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=724.20/357.48
=2.03

* 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.

Linde Bangladesh's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec25 is calculated as:

For example, Linde Bangladesh's adjusted Book Value per Share data for the fiscal year that ended in Dec25 was:

Adj_Book=Book Value per Share/CPI of Dec25 (Change)*Current CPI (Dec25)
=210.258/324.0540*324.0540
=210.258

Current CPI (Dec25) = 324.0540.

Linde Bangladesh Annual Data

Book Value per Share CPI Adj_Book
201612 209.285 241.432 280.906
201712 241.534 246.524 317.495
201812 293.889 251.233 379.074
201912 335.673 256.974 423.296
202012 355.718 260.474 442.546
202112 395.523 278.802 459.720
202212 397.401 296.797 433.897
202312 371.226 306.746 392.172
202412 229.289 315.605 235.427
202512 210.258 324.054 210.258

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 2.03 mean?
Linde Bangladesh (DHA:LINDEBD) has a Cyclically Adjusted PB Ratio of 2.03 as of Aug. 03, 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 Linde Bangladesh and its competitors. This is 34% below median its historical median of 3.08. Over the past decade, Linde Bangladesh's Cyclically Adjusted PB Ratio has ranged from 2.05 to 4.42. According to the industry distribution chart, Linde Bangladesh ranks #730 out of 1248 companies in the Chemicals industry, placing it in the top 58.5%.
Is Linde Bangladesh's Cyclically Adjusted PB Ratio too high?
Linde Bangladesh's current Cyclically Adjusted PB Ratio of 2.03 is 34% below median its 10-year median of 3.08. Over the past 10 years, this metric has ranged from a low of 2.05 to a high of 4.42. The Chemicals industry median Cyclically Adjusted PB Ratio is 1.62. Linde Bangladesh's value of 2.03 is 25.3% above this industry median. Based on the distribution chart, Linde Bangladesh ranks #730 out of 1248 companies in the Chemicals industry, which is below the industry midpoint. Overall, Linde Bangladesh has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Linde Bangladesh's Cyclically Adjusted PB Ratio compare to LIN and SHW?
According to the Chemicals industry distribution chart, Linde Bangladesh ranks #730 out of 1248 companies for Cyclically Adjusted PB Ratio. This places Linde Bangladesh in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.62. Linde Bangladesh's value of 2.03 is 25.3% above this benchmark. Historically, Linde Bangladesh's own Cyclically Adjusted PB Ratio has ranged from 2.05 to 4.42 over the past decade. While the company's 10-year median is 3.08 vs. the industry median of 1.62, Linde Bangladesh 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 Chemicals company?
The median Cyclically Adjusted PB Ratio among Chemicals companies is 1.62, based on 1,248 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. Linde Bangladesh's current Cyclically Adjusted PB Ratio of 2.03 is 25.3% 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 Linde Bangladesh and its competitors. For the Chemicals industry, the median Cyclically Adjusted PB Ratio is 1.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Linde Bangladesh's current Cyclically Adjusted PB Ratio is 2.03, which is 34% below median its own 10-year median of 3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Linde Bangladesh stock overvalued right now?
Based on GuruFocus' analysis, Linde Bangladesh (DHA:LINDEBD) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT836.05, compared to a current price of BDT724.20 — trading 13.4% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 2.03, which is 34% below median its 10-year median of 3.08 and 25.3% above the Chemicals industry median of 1.62. Linde Bangladesh's overall GF Score™ is 78/100 with 4 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 Linde Bangladesh (DHA:LINDEBD), the current Cyclically Adjusted PB Ratio is 2.03 as of Aug. 03, 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 Linde Bangladesh (DHA:LINDEBD) Overvalued in 2026?

Based on GuruFocus' analysis, Linde Bangladesh stock appears to be undervalued. The current stock price of BDT724.20 is trading 13.4% below its estimated GF Value™ of BDT836.05. GuruFocus considers Linde Bangladesh to be Modestly Undervalued.

Key valuation signals for DHA:LINDEBD:

  • Cyclically Adjusted PB Ratio: 2.03 (34% below median its 10-year median of 3.08)
  • GF Value™: BDT836.05 vs. price of BDT724.20 (13.4% below fair value)
  • GF Score™: 78/100 with 4 warning signs
  • Industry Position: 25.3% above the Chemicals median (#730 of 1248)

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


Linde Bangladesh Business Description

Address 285 Tejgaon Industrial Area, Dhaka, BGD, 1208
Linde Bangladesh Ltd is a multinational industrial and medical gases company. The company provides products and services within a specific economic environment and supplies customers across a wide spectrum of industries ranging from chemicals and petrochemicals to steel. It operates 2 Air Separation Units (ASUs), 2 carbon dioxide manufacturing plants, and a DA manufacturing plant in the country. It serves various end markets such as chemicals and energy, food, beverage, electronics, healthcare, manufacturing, metals, defense, infrastructure, aerospace, and institutions. Its segments include Bulk Gases; Packaged Gas and Products; and the Healthcare business, which generates maximum revenue and comprises various medical gases, medical equipment, and medical pipelines.
78GF Score

Get the complete analysis for DHA:LINDEBD

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

BDT724.20
Price
BDT836.05
GF Value