HLHLY (Holmen AB) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

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.
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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.

HLHLY Holmen AB HLHLY
79 GF Score
Price $16.18
GF Value $19.93
! 4 Warning Signs
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What is Holmen AB Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Holmen AB  (OTCPK:HLHLY) 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.


Holmen AB Cyclically Adjusted PB Ratio Related Terms


Holmen AB Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Holmen AB'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.

Holmen AB Cyclically Adjusted PB Ratio Chart

Holmen AB 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 0.72 0.62 0.57 0.54 0.50

Holmen AB 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 0.56 0.55 0.54 0.87 0.77

HLHLY vs SLVM: Cyclically Adjusted PB Ratio Comparison

For the Paper & Paper Products subindustry, Holmen AB'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.


Holmen AB Cyclically Adjusted PB Ratio vs Forest Products Industry

For the Forest Products industry and Basic Materials sector, Holmen AB's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


HLHLY
79GF Score
Holmen AB HLHLY
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Holmen AB 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.

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

For example, Holmen AB'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)
=26.611/134.6100*134.6100
=26.611

Current CPI (Jun. 2026) = 134.6100.

Holmen AB Quarterly Data

Book Value per Share CPI Adj_Book
201609 9.764 101.138 12.995
201612 9.525 102.022 12.568
201703 9.464 102.022 12.487
201706 10.207 102.752 13.372
201709 10.814 103.279 14.095
201712 10.963 103.793 14.218
201803 10.889 103.962 14.099
201806 10.125 104.875 12.996
201809 10.450 105.679 13.311
201812 10.776 105.912 13.696
201903 10.506 105.886 13.356
201906 10.152 106.742 12.803
201909 9.618 107.214 12.076
201912 18.362 107.766 22.936
202003 17.318 106.563 21.876
202006 18.745 107.498 23.473
202009 19.518 107.635 24.409
202012 22.185 108.296 27.576
202103 21.228 108.360 26.371
202106 21.177 108.928 26.170
202109 21.115 110.338 25.760
202112 22.242 112.486 26.617
202203 21.792 114.825 25.547
202206 21.420 118.384 24.356
202209 21.061 122.296 23.182
202212 23.407 126.365 24.934
202303 22.114 127.042 23.431
202306 21.464 129.407 22.327
202309 21.420 130.224 22.142
202312 24.779 131.912 25.286
202403 23.369 132.205 23.794
202406 23.274 132.716 23.606
202409 24.788 132.304 25.220
202412 23.093 132.987 23.375
202503 25.013 132.825 25.349
202506 26.713 133.699 26.895
202509 27.734 133.480 27.969
202512 27.776 133.380 28.032
202603 26.511 133.550 26.721
202606 26.611 134.610 26.611

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 Holmen AB (HLHLY) Overvalued in 2026?

Based on GuruFocus' analysis, Holmen AB stock appears to be undervalued. The current stock price of $16.18 is trading 18.8% below its estimated GF Value™ of $19.93.

Key valuation signals for HLHLY:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $19.93 vs. price of $16.18 (18.8% below fair value)
  • GF Score™: 79/100 with 4 warning signs

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


Holmen AB Business Description

Address Strandvagen 1, P.O. Box 5407, Stockholm, SWE, SE-114 84
Holmen AB produces and sells timber, wood products, a variety of paper products, and electricity generated through renewable energy sources. The company organizes itself into four segments based on product type: Forest, Board and Paper, Wood Products, and Renewable Energy. The company's product portfolio includes logs, biofuel, paperboard for consumer packaging, paper for books, construction timber, and renewable energy from hydro and wind power. The company's customer segment is composed of printing firms, sawmills, pulp mills, paper mills, the construction industry, and the packaging industry, among others. The vast majority of revenue comes from the company's Board and Paper segment.
79GF Score

Get the complete analysis for HLHLY

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

$16.18
Price
$19.93
GF Value