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Spear REITJSE:SEA +0.78%64 Cyclically Adjusted PB Ratio is 0.90 as of Jul. 26, 2026, which is 1% below its 10-year median of 0.91. GuruFocus rates JSE:SEA with a GF Score™ of 64/100 and a GF Value™ of R6.83 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 557 REITs companies, Spear REIT ranks worse than 54.76% on this metric.
The historical rank and industry rank for Spear REIT's Cyclically Adjusted PB Ratio or its related term are showing as below:
JSE:SEA'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.82 Med: 0.91 Max: 0.95
Current: 0.9
During the past 10 years, Spear REIT's highest Cyclically Adjusted PB Ratio was 0.95. The lowest was 0.82. And the median was 0.91.
JSE:SEA's Cyclically Adjusted PB Ratio is ranked worse than 54.76% of 557
companies
in the REITs industry
Industry Median: 0.83
vs JSE:SEA: 0.90
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.
Spear REIT's adjusted book value per share data of for the fiscal year that ended in Feb26 was R12.912. 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 R14.33 for the trailing ten years ended in Feb26.
Shiller PE for Stocks: The True Measure of Stock Valuation
Spear REIT (JSE:SEA) 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.
Spear REIT Cyclically Adjusted PB Ratio Related Terms
Spear REIT Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Spear REIT'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.
JSE:SEA vs VICI, WPC: Cyclically Adjusted PB Ratio Comparison
For the REIT - Diversified subindustry, Spear REIT'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.
Spear REIT Cyclically Adjusted PB Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Spear REIT's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Spear REIT's Cyclically Adjusted PB Ratio falls into.
Spear REIT 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.
Spear REIT'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 0.90 mean?
Spear REIT (JSE:SEA) has a Cyclically Adjusted PB Ratio of 0.90 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 Spear REIT and its competitors. This is near median its historical median of 0.91. Over the past decade, Spear REIT's Cyclically Adjusted PB Ratio has ranged from 0.82 to 0.95. According to the industry distribution chart, Spear REIT ranks #305 out of 557 companies in the REITs industry, placing it in the top 54.8%.
Is Spear REIT's Cyclically Adjusted PB Ratio too high?
Spear REIT's current Cyclically Adjusted PB Ratio of 0.90 is near median its 10-year median of 0.91. Over the past 10 years, this metric has ranged from a low of 0.82 to a high of 0.95. The REITs industry median Cyclically Adjusted PB Ratio is 0.83. Spear REIT's value of 0.90 is 8.4% above this industry median. Based on the distribution chart, Spear REIT ranks #305 out of 557 companies in the REITs industry, which is below the industry midpoint. Overall, Spear REIT has a GF Score™ of 64/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Spear REIT's Cyclically Adjusted PB Ratio compare to VICI and WPC?
According to the REITs industry distribution chart, Spear REIT ranks #305 out of 557 companies for Cyclically Adjusted PB Ratio. This places Spear REIT in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 0.83. Spear REIT's value of 0.90 is 8.4% above this benchmark. Historically, Spear REIT's own Cyclically Adjusted PB Ratio has ranged from 0.82 to 0.95 over the past decade. While the company's 10-year median is 0.91 vs. the industry median of 0.83, Spear REIT 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 REITs company?
The median Cyclically Adjusted PB Ratio among REITs companies is 0.83, based on 557 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. Spear REIT's current Cyclically Adjusted PB Ratio of 0.90 is 8.4% 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 Spear REIT and its competitors. For the REITs industry, the median Cyclically Adjusted PB Ratio is 0.83 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spear REIT's current Cyclically Adjusted PB Ratio is 0.90, which is near median its own 10-year median of 0.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spear REIT stock overvalued right now?
Based on GuruFocus' analysis, Spear REIT (JSE:SEA) is currently considered Significantly Overvalued. The stock's GF Value™ is R6.83, compared to a current price of R12.85 — trading 88.1% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.90, which is near median its 10-year median of 0.91 and 8.4% above the REITs industry median of 0.83. Spear REIT's overall GF Score™ is 64/100 with 12 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 Spear REIT (JSE:SEA), the current Cyclically Adjusted PB Ratio is 0.90 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 Spear REIT (JSE:SEA) Overvalued in 2026?
Based on GuruFocus' analysis, Spear REIT stock appears to be overvalued.
The current stock price of R12.85 is trading 88.1% above its estimated GF Value™ of R6.83.
GuruFocus considers Spear REIT to be Significantly Overvalued.
Key valuation signals for JSE:SEA:
Cyclically Adjusted PB Ratio: 0.90 (near median its 10-year median of 0.91)
GF Value™: R6.83 vs. price of R12.85 (88.1% above fair value)
Industry Position: 8.4% above the REITs median (#305 of 557)
No single metric tells the full story. See the JSE:SEA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spear REIT Ltd is a real estate investment trust. The company has five segments Industrial, Commercial, Retail, Development, and Non-property. The company generates majority of revenue from Industrial segment. The industrial portfolio comprises a diverse range of multi-let industrial properties, warehouses, logistics parks, and urban logistics facilities. The company has presence in Cape.
64GF Score
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