Uniper SE (HAM:UN0) Cyclically Adjusted PB Ratio: (As of Aug. 12, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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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.

HAM:UN0 Uniper SE HAM:UN0
61 GF Score
Price €43.95
GF Value €27.41
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Uniper SE 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


Uniper SE  (HAM:UN0) 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.


Uniper SE Cyclically Adjusted PB Ratio Related Terms


Uniper SE Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Uniper SE'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.

Uniper SE Cyclically Adjusted PB Ratio Chart

Uniper SE 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 0.08 0.08

Uniper SE Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 0.08 0.08 0.08 0.09 0.00

HAM:UN0 vs ATO, NI, UGI: Cyclically Adjusted PB Ratio Comparison

For the Utilities - Regulated Gas subindustry, Uniper SE'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.


Uniper SE Cyclically Adjusted PB Ratio vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Uniper SE's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


HAM:UN0
61GF Score
Uniper SE HAM:UN0
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Uniper SE 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.

Uniper SE's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Uniper SE's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=29.613/131.3638*131.3638
=29.613

Current CPI (Jun. 2026) = 131.3638.

Uniper SE Quarterly Data

Book Value per Share CPI Adj_Book
201609 549.678 101.017 714.810
201612 667.887 101.217 866.813
201703 725.325 101.417 939.503
201706 701.935 102.117 902.973
201709 683.353 102.717 873.933
201712 661.165 102.617 846.381
201803 657.777 102.917 839.588
201806 602.580 104.017 761.000
201809 602.634 104.718 755.980
201812 601.377 104.217 758.023
201903 647.502 104.217 816.162
201906 632.692 105.718 786.178
201909 631.053 106.018 781.922
201912 622.254 105.818 772.477
202003 619.685 105.718 770.015
202006 609.083 106.618 750.451
202009 569.680 105.818 707.211
202012 587.551 105.518 731.470
202103 649.306 107.518 793.313
202106 581.266 108.486 703.846
202109 327.522 109.435 393.153
202112 343.589 110.384 408.894
202203 145.644 113.968 167.875
202206 -275.112 115.760 -312.194
202209 -76.879 118.818 -84.997
202212 10.063 119.345 11.076
202303 25.910 122.402 27.807
202306 32.292 123.140 34.448
202309 33.263 124.195 35.183
202312 24.510 123.773 26.013
202403 25.440 125.038 26.727
202406 26.837 125.882 28.006
202409 26.753 126.198 27.848
202412 24.928 127.041 25.776
202503 25.329 127.779 26.040
202506 25.536 128.412 26.123
202509 26.412 129.255 26.843
202512 28.542 129.361 28.984
202603 29.356 131.258 29.380
202606 29.613 131.364 29.613

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 Uniper SE (HAM:UN0) Overvalued in 2026?

Based on GuruFocus' analysis, Uniper SE stock appears to be overvalued. The current stock price of €43.95 is trading 60.3% above its estimated GF Value™ of €27.41. GuruFocus considers Uniper SE to be Significantly Overvalued.

Key valuation signals for HAM:UN0:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €27.41 vs. price of €43.95 (60.3% above fair value)
  • GF Score™: 61/100 with 4 warning signs

No single metric tells the full story. See the HAM:UN0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Uniper SE Business Description

Address Holzstrasse 6, Dusseldorf, DEU, 40221
Uniper SE is a Germany-based energy generation and energy trading company. The firm operates through three segments: Flexible Generation, Greener commodities, and Green Generation. The Green Generation segment comprises emission-free power generation plants that the Uniper Group operates in Europe. The Flexible Generation segment comprises the power and heat generation plants that the Uniper Group operates in Europe to flexibly meet grid operators' requirements. The Greener Commodities segment bundles the energy trading and optimization activities and forms the commercial interface between the Uniper Group and the globally traded markets for energy and the major customers. The majority of revenue is derived from the Greener Commodities segment.
61GF Score

Get the complete analysis for HAM:UN0

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

€43.95
Price
€27.41
GF Value