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Cellnex TelecomHAM:472 +4.55%81 Cyclically Adjusted PB Ratio is 1.87 as of Jul. 26, 2026, which is 32% below its 10-year median of 2.75. GuruFocus rates HAM:472 with a GF Score™ of 81/100 and a GF Value™ of €31.91 (Modestly Undervalued). The stock has 6 warning signs investors should review. Among 1,426 Real Estate companies, Cellnex Telecom ranks worse than 82.47% on this metric.
The historical rank and industry rank for Cellnex Telecom's Cyclically Adjusted PB Ratio or its related term are showing as below:
HAM:472'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.74 Med: 2.75 Max: 3.79
Current: 1.82
During the past years, Cellnex Telecom's highest Cyclically Adjusted PB Ratio was 3.79. The lowest was 1.74. And the median was 2.75.
HAM:472's Cyclically Adjusted PB Ratio is ranked worse than 82.47% of 1426
companies
in the Real Estate industry
Industry Median: 0.69
vs HAM:472: 1.82
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.
Cellnex Telecom's adjusted book value per share data for the three months ended in Mar. 2026 was €17.795. 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 €13.93 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Cellnex Telecom (HAM:472) 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.
Cellnex Telecom Cyclically Adjusted PB Ratio Related Terms
Cellnex Telecom Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Cellnex Telecom'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.
Cellnex Telecom Cyclically Adjusted PB Ratio Chart
HAM:472 vs CBRE, BEKE, JLL: Cyclically Adjusted PB Ratio Comparison
For the Real Estate Services subindustry, Cellnex Telecom'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.
Cellnex Telecom Cyclically Adjusted PB Ratio vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Cellnex Telecom's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Cellnex Telecom's Cyclically Adjusted PB Ratio falls into.
Cellnex Telecom 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.
Cellnex Telecom's Cyclically Adjusted PB Ratio for today is calculated as
* 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.
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 1.87 mean?
Cellnex Telecom (HAM:472) has a Cyclically Adjusted PB Ratio of 1.87 as of Jul. 26, 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 Cellnex Telecom and its competitors. This is 32% below median its historical median of 2.75. Over the past decade, Cellnex Telecom's Cyclically Adjusted PB Ratio has ranged from 1.74 to 3.79. According to the industry distribution chart, Cellnex Telecom ranks #1176 out of 1426 companies in the Real Estate industry, placing it in the top 82.5%.
Is Cellnex Telecom's Cyclically Adjusted PB Ratio too high?
Cellnex Telecom's current Cyclically Adjusted PB Ratio of 1.87 is 32% below median its 10-year median of 2.75. Over the past 10 years, this metric has ranged from a low of 1.74 to a high of 3.79. The Real Estate industry median Cyclically Adjusted PB Ratio is 0.69. Cellnex Telecom's value of 1.87 is 171% above this industry median. Based on the distribution chart, Cellnex Telecom ranks #1176 out of 1426 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Cellnex Telecom has a GF Score™ of 81/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cellnex Telecom's Cyclically Adjusted PB Ratio compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Cellnex Telecom ranks #1176 out of 1426 companies for Cyclically Adjusted PB Ratio. This places Cellnex Telecom in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 0.69. Cellnex Telecom's value of 1.87 is 171% above this benchmark. Historically, Cellnex Telecom's own Cyclically Adjusted PB Ratio has ranged from 1.74 to 3.79 over the past decade. While the company's 10-year median is 2.75 vs. the industry median of 0.69, Cellnex Telecom 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 Real Estate company?
The median Cyclically Adjusted PB Ratio among Real Estate companies is 0.69, based on 1,426 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. Cellnex Telecom's current Cyclically Adjusted PB Ratio of 1.87 is 171% 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 Cellnex Telecom and its competitors. For the Real Estate industry, the median Cyclically Adjusted PB Ratio is 0.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cellnex Telecom's current Cyclically Adjusted PB Ratio is 1.87, which is 32% below median its own 10-year median of 2.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cellnex Telecom stock overvalued right now?
Based on GuruFocus' analysis, Cellnex Telecom (HAM:472) is currently considered Modestly Undervalued. The stock's GF Value™ is €31.91, compared to a current price of €25.98 — trading 18.6% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 1.87, which is 32% below median its 10-year median of 2.75 and 171% above the Real Estate industry median of 0.69. Cellnex Telecom's overall GF Score™ is 81/100 with 6 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 Cellnex Telecom (HAM:472), the current Cyclically Adjusted PB Ratio is 1.87 as of Jul. 26, 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 Cellnex Telecom (HAM:472) Overvalued in 2026?
Based on GuruFocus' analysis, Cellnex Telecom stock appears to be undervalued.
The current stock price of €25.98 is trading 18.6% below its estimated GF Value™ of €31.91.
GuruFocus considers Cellnex Telecom to be Modestly Undervalued.
Key valuation signals for HAM:472:
Cyclically Adjusted PB Ratio: 1.87 (32% below median its 10-year median of 2.75)
GF Value™: €31.91 vs. price of €25.98 (18.6% below fair value)
Industry Position: 171% above the Real Estate median (#1176 of 1426)
No single metric tells the full story. See the HAM:472 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cellnex owns and operates more than 100,000 wireless towers in Europe, the result of continued merger and acquisition activity since its initial public offering in 2015. It has acquired towers from several European mobile network operators, including Telefonica, Iliad, CK Hutchison, Bouygues, and Altice. Cellnex is present in France, Italy, Spain, Poland, and the United Kingdom, among others.
81GF Score
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