Aoyama Trading Co (FRA:9B7) Cyclically Adjusted PB Ratio: 0.53 (As of Aug. 02, 2026) — 39% Above 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.

FRA:9B7 Aoyama Trading Co Ltd FRA:9B7
70 GF Score
Price €4.00
GF Value €3.41
! 3 Warning Signs
View Full Analysis

What is Aoyama Trading Co Cyclically Adjusted PB Ratio?

Aoyama Trading Co FRA:9B7 +1.01% 70 Cyclically Adjusted PB Ratio is 0.53 as of Aug. 02, 2026, which is 39% above its 10-year median of 0.38. GuruFocus rates FRA:9B7 with a GF Score™ of 70/100 and a GF Value™ of €3.41. The stock has 3 warning signs investors should review. Among 806 Retail - Cyclical companies, Aoyama Trading Co ranks better than 75.68% on this metric.

As of today (2026-08-02), Aoyama Trading Co's current share price is €4.00. Aoyama Trading Co's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was €7.52. Aoyama Trading Co's Cyclically Adjusted PB Ratio for today is 0.53.

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

FRA:9B7' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.11   Med: 0.38   Max: 1.11
Current: 0.52

During the past years, Aoyama Trading Co's highest Cyclically Adjusted PB Ratio was 1.11. The lowest was 0.11. And the median was 0.38.

FRA:9B7's Cyclically Adjusted PB Ratio is ranked better than
75.68% of 806 companies
in the Retail - Cyclical industry
Industry Median: 1.25 vs FRA:9B7: 0.52

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.

Aoyama Trading Co's adjusted book value per share data for the three months ended in Mar. 2026 was €6.801. 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 €7.52 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Aoyama Trading Co  (FRA:9B7) 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.


Aoyama Trading Co Cyclically Adjusted PB Ratio Related Terms


Aoyama Trading Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Aoyama Trading 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.

Aoyama Trading Co Cyclically Adjusted PB Ratio Chart

Aoyama Trading Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.16 0.22 0.41 0.48 0.58

Aoyama Trading 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 0.48 0.52 0.58 0.60 0.58

FRA:9B7 vs TJX, ROST, BURL: Cyclically Adjusted PB Ratio Comparison

For the Apparel Retail subindustry, Aoyama Trading 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.


Aoyama Trading Co Cyclically Adjusted PB Ratio vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Aoyama Trading Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


FRA:9B7
70GF Score
Aoyama Trading Co Ltd FRA:9B7
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aoyama Trading 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.

Aoyama Trading Co's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=4.00/7.52
=0.53

* 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.

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

For example, Aoyama Trading 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)
=6.801/112.7000*112.7000
=6.801

Current CPI (Mar. 2026) = 112.7000.

Aoyama Trading Co Quarterly Data

Book Value per Share CPI Adj_Book
201606 11.874 98.100 13.641
201609 12.152 98.000 13.975
201612 11.469 98.400 13.136
201703 12.265 98.100 14.090
201706 11.742 98.500 13.435
201709 11.092 98.800 12.653
201712 11.036 99.400 12.513
201803 11.485 99.200 13.048
201806 11.395 99.200 12.946
201809 11.106 99.900 12.529
201812 12.459 99.700 14.084
201903 11.728 99.700 13.257
201906 11.651 99.800 13.157
201909 11.893 100.100 13.390
201912 11.406 100.500 12.791
202003 11.018 100.300 12.380
202006 10.368 99.900 11.696
202009 9.707 99.900 10.951
202012 9.550 99.300 10.839
202103 8.324 99.900 9.391
202106 7.975 99.500 9.033
202109 7.914 100.100 8.910
202112 8.096 100.100 9.115
202203 8.256 101.100 9.203
202206 7.615 101.800 8.430
202209 7.497 103.100 8.195
202212 7.483 104.100 8.101
202303 7.778 104.400 8.396
202306 7.314 105.200 7.835
202309 7.085 106.200 7.519
202312 7.206 106.800 7.604
202403 7.271 107.200 7.644
202406 6.874 108.200 7.160
202409 7.281 108.900 7.535
202412 7.265 110.700 7.396
202503 7.577 111.100 7.686
202506 7.190 111.700 7.254
202509 6.859 112.000 6.902
202512 6.546 113.000 6.529
202603 6.801 112.700 6.801

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 0.53 mean?
Aoyama Trading Co (FRA:9B7) has a Cyclically Adjusted PB Ratio of 0.53 as of Aug. 02, 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 Aoyama Trading Co and its competitors. This is 39% above median its historical median of 0.38. Over the past decade, Aoyama Trading Co's Cyclically Adjusted PB Ratio has ranged from 0.11 to 1.11. According to the industry distribution chart, Aoyama Trading Co ranks #196 out of 806 companies in the Retail - Cyclical industry, placing it in the top 24.3%.
Is Aoyama Trading Co's Cyclically Adjusted PB Ratio too high?
Aoyama Trading Co's current Cyclically Adjusted PB Ratio of 0.53 is 39% above median its 10-year median of 0.38. Over the past 10 years, this metric has ranged from a low of 0.11 to a high of 1.11. The Retail - Cyclical industry median Cyclically Adjusted PB Ratio is 1.25. Aoyama Trading Co's value of 0.53 is 57.6% below this industry median. Based on the distribution chart, Aoyama Trading Co ranks #196 out of 806 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Aoyama Trading Co has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does Aoyama Trading Co's Cyclically Adjusted PB Ratio compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Aoyama Trading Co ranks #196 out of 806 companies for Cyclically Adjusted PB Ratio. This places Aoyama Trading Co in the top 24% of its industry — outperforming the majority of peers. The industry median Cyclically Adjusted PB Ratio is 1.25. Aoyama Trading Co's value of 0.53 is 57.6% below this benchmark. Historically, Aoyama Trading Co's own Cyclically Adjusted PB Ratio has ranged from 0.11 to 1.11 over the past decade. While the company's 10-year median is 0.38 vs. the industry median of 1.25, Aoyama Trading Co has consistently been below 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 Retail - Cyclical company?
The median Cyclically Adjusted PB Ratio among Retail - Cyclical companies is 1.25, based on 806 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. Aoyama Trading Co's current Cyclically Adjusted PB Ratio of 0.53 is 57.6% below 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 Aoyama Trading Co and its competitors. For the Retail - Cyclical industry, the median Cyclically Adjusted PB Ratio is 1.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aoyama Trading Co's current Cyclically Adjusted PB Ratio is 0.53, which is 39% above median its own 10-year median of 0.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aoyama Trading Co stock overvalued right now?
Aoyama Trading Co (FRA:9B7) has a current Cyclically Adjusted PB Ratio of 0.53. The stock's GF Value™ is €3.41, compared to a current price of €4.00 — trading 17.3% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.53, which is 39% above median its 10-year median of 0.38 and 57.6% below the Retail - Cyclical industry median of 1.25. Aoyama Trading Co's overall GF Score™ is 70/100 with 3 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 Aoyama Trading Co (FRA:9B7), the current Cyclically Adjusted PB Ratio is 0.53 as of Aug. 02, 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 Aoyama Trading Co (FRA:9B7) Overvalued in 2026?

Based on GuruFocus' analysis, Aoyama Trading Co stock appears to be overvalued. The current stock price of €4.00 is trading 17.3% above its estimated GF Value™ of €3.41.

Key valuation signals for FRA:9B7:

  • Cyclically Adjusted PB Ratio: 0.53 (39% above median its 10-year median of 0.38)
  • GF Value™: €3.41 vs. price of €4.00 (17.3% above fair value)
  • GF Score™: 70/100 with 3 warning signs
  • Industry Position: 57.6% below the Retail - Cyclical median (#196 of 806)

No single metric tells the full story. See the FRA:9B7 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Aoyama Trading Co Business Description

Other Exchanges 8219:Japan
Address 1-3-5 Ojimachi, Hiroshima Prefecture, Fukuyama, JPN, 721-8556
Aoyama Trading Co Ltd is an apparel retailer specializing in business wear. Men's business wear accounts for roughly two thirds of the company's total sales, while women's business wear accounts for roughly 10%. Business wear stores include Yofuku-no-Aoyama, which is the company's primary brand and has nearly 800 locations; The Suit Company; and Next Blue. Other business segments include casual wear, with store brands including Universal Language and Calaja; credit cards; printing and media; and total repair service, which includes the company's Mister Minit stores, providing repair services such as shoe repair and key duplication. Aoyama's sales are primarily in Japan, but the firm has business throughout the Asia-Pacific region.
70GF Score

Get the complete analysis for FRA:9B7

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

€4.00
Price
€3.41
GF Value