Metalpha Technology Holding (FRA:D92) Cyclically Adjusted PB Ratio: (As of Jul. 28, 2026)

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Director of Data and Quant Analytics at GuruFocus
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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:D92 Metalpha Technology Holding Ltd FRA:D92
42 GF Score
Price €0.66
GF Value €1.73
! 5 Warning Signs
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What is Metalpha Technology Holding Cyclically Adjusted PB Ratio?

Note: If the price history is too short, we do not calculate current Cyclically Adjusted PB Ratio for this stock. All the historical data is shown as the company's primary share's data instead.

Shiller PE for Stocks: The True Measure of Stock Valuation


Metalpha Technology Holding  (FRA:D92) 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.


Metalpha Technology Holding Cyclically Adjusted PB Ratio Related Terms


Metalpha Technology Holding Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Metalpha Technology Holding'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.

Metalpha Technology Holding Cyclically Adjusted PB Ratio Chart

Metalpha Technology Holding Annual Data
Trend Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 0.00 2.79 2.74

Metalpha Technology Holding Semi-Annual Data
Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
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 2.79 0.00 2.74 0.00

FRA:D92 vs GSIW, HGBL, USDE: Cyclically Adjusted PB Ratio Comparison

For the Capital Markets subindustry, Metalpha Technology Holding'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.


Metalpha Technology Holding Cyclically Adjusted PB Ratio vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Metalpha Technology Holding's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


FRA:D92
42GF Score
Metalpha Technology Holding Ltd FRA:D92
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Metalpha Technology Holding 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.

Metalpha Technology Holding's Cyclically Adjusted Book per Share for the fiscal year that ended in Mar25 is calculated as:

For example, Metalpha Technology Holding's adjusted Book Value per Share data for the fiscal year that ended in Mar25 was:

Adj_Book=Book Value per Share/CPI of Mar25 (Change)*Current CPI (Mar25)
=0.856/119.3844*119.3844
=0.856

Current CPI (Mar25) = 119.3844.

Metalpha Technology Holding Annual Data

Book Value per Share CPI Adj_Book
201603 0.112 102.785 0.130
201703 0.242 103.335 0.280
201803 0.786 105.973 0.885
201903 0.760 108.172 0.839
202003 0.627 110.920 0.675
202103 0.580 111.579 0.621
202203 0.492 113.558 0.517
202303 0.259 115.427 0.268
202403 0.416 117.735 0.422
202503 0.856 119.384 0.856

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 Metalpha Technology Holding (FRA:D92) Overvalued in 2026?

Based on GuruFocus' analysis, Metalpha Technology Holding stock appears to be undervalued. The current stock price of €0.66 is trading 62.1% below its estimated GF Value™ of €1.73.

Key valuation signals for FRA:D92:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €1.73 vs. price of €0.66 (62.1% below fair value)
  • GF Score™: 42/100 with 5 warning signs

No single metric tells the full story. See the FRA:D92 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Metalpha Technology Holding Business Description

Other Exchanges MATH:USA
Address 18 Harbour Road, Suite 6703-04, Central Plaza, Wan Chai, Hong Kong, HKG
Metalpha Technology Holding Ltd is a digital asset focused wealth management company. The company predominantly generates revenue from the execution of cryptocurrency-related transactions, which includes the issuance of derivative products to over-the-counter (OTC) clients and its proprietary trading activities. It has partnered with a crypto exchange to provide crypto derivative market-making services for its clients, facilitating the trading of crypto derivative products. In addition, the company also engages in providing traditional financial derivative products, and asset management services. It operates in a single segment which is the trading of proprietary digital assets and derivative contracts, and generates majority of its revenue from Hong Kong.
42GF Score

Get the complete analysis for FRA:D92

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

€0.66
Price
€1.73
GF Value