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Spar GroupJSE:SPP 50 Cyclically Adjusted PB Ratio is 0.94 as of Jul. 22, 2026, which is 84% below its 10-year median of 5.79. GuruFocus rates JSE:SPP with a GF Score™ of 50/100 and a GF Value™ of R108.02 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 233 Retail - Defensive companies, Spar Group ranks better than 72.53% on this metric.
The historical rank and industry rank for Spar Group's Cyclically Adjusted PB Ratio or its related term are showing as below:
JSE:SPP'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.92 Med: 5.79 Max: 13.39
Current: 0.95
During the past 13 years, Spar Group's highest Cyclically Adjusted PB Ratio was 13.39. The lowest was 0.92. And the median was 5.79.
JSE:SPP's Cyclically Adjusted PB Ratio is ranked better than 72.53% of 233
companies
in the Retail - Defensive industry
Industry Median: 1.63
vs JSE:SPP: 0.95
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.
Spar Group's adjusted book value per share data of for the fiscal year that ended in Sep25 was R27.584. 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 R49.77 for the trailing ten years ended in Sep25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Spar Group (JSE:SPP) 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.
Spar Group Cyclically Adjusted PB Ratio Related Terms
Spar Group Cyclically Adjusted PB Ratio Historical Data
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The historical data trend for Spar Group'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:SPP vs SYY, USFD, PFGC: Cyclically Adjusted PB Ratio Comparison
For the Food Distribution subindustry, Spar Group'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.
Spar Group Cyclically Adjusted PB Ratio vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Spar Group's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Spar Group's Cyclically Adjusted PB Ratio falls into.
Spar Group 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.
Spar Group'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 0.94 mean?
Spar Group (JSE:SPP) has a Cyclically Adjusted PB Ratio of 0.94 as of Jul. 22, 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 Spar Group and its competitors. This is 84% below median its historical median of 5.79. Over the past decade, Spar Group's Cyclically Adjusted PB Ratio has ranged from 0.92 to 13.39. According to the industry distribution chart, Spar Group ranks #64 out of 233 companies in the Retail - Defensive industry, placing it in the top 27.5%.
Is Spar Group's Cyclically Adjusted PB Ratio too high?
Spar Group's current Cyclically Adjusted PB Ratio of 0.94 is 84% below median its 10-year median of 5.79. Over the past 10 years, this metric has ranged from a low of 0.92 to a high of 13.39. The Retail - Defensive industry median Cyclically Adjusted PB Ratio is 1.63. Spar Group's value of 0.94 is 42.3% below this industry median. Based on the distribution chart, Spar Group ranks #64 out of 233 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, Spar Group has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Spar Group's Cyclically Adjusted PB Ratio compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Spar Group ranks #64 out of 233 companies for Cyclically Adjusted PB Ratio. This puts Spar Group in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.63. Spar Group's value of 0.94 is 42.3% below this benchmark. Historically, Spar Group's own Cyclically Adjusted PB Ratio has ranged from 0.92 to 13.39 over the past decade. While the company's 10-year median is 5.79 vs. the industry median of 1.63, Spar Group has consistently been below 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 Retail - Defensive company?
The median Cyclically Adjusted PB Ratio among Retail - Defensive companies is 1.63, based on 233 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. Spar Group's current Cyclically Adjusted PB Ratio of 0.94 is 42.3% below 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 Spar Group and its competitors. For the Retail - Defensive industry, the median Cyclically Adjusted PB Ratio is 1.63 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spar Group's current Cyclically Adjusted PB Ratio is 0.94, which is 84% below median its own 10-year median of 5.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spar Group stock overvalued right now?
Based on GuruFocus' analysis, Spar Group (JSE:SPP) is currently considered Significantly Undervalued. The stock's GF Value™ is R108.02, compared to a current price of R46.76 — trading 56.7% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.94, which is 84% below median its 10-year median of 5.79 and 42.3% below the Retail - Defensive industry median of 1.63. Spar Group's overall GF Score™ is 50/100 with 3 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 Spar Group (JSE:SPP), the current Cyclically Adjusted PB Ratio is 0.94 as of Jul. 22, 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 Spar Group (JSE:SPP) Overvalued in 2026?
Based on GuruFocus' analysis, Spar Group stock appears to be undervalued.
The current stock price of R46.76 is trading 56.7% below its estimated GF Value™ of R108.02.
GuruFocus considers Spar Group to be Significantly Undervalued.
Key valuation signals for JSE:SPP:
Cyclically Adjusted PB Ratio: 0.94 (84% below median its 10-year median of 5.79)
GF Value™: R108.02 vs. price of R46.76 (56.7% below fair value)
Industry Position: 42.3% below the Retail - Defensive median (#64 of 233)
No single metric tells the full story. See the JSE:SPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spar Group Ltd operates as a wholesaler and distributor of goods and services to SPAR grocery stores and multiple other branded group retail outlets across multiple regions. It supplies fresh produce and merchandise to a network of independent retailers who operate under its brands like TOPS at SPAR, Build it, SPAR Health, and Encore. The company's revenue mainly comprise the revenue from the sale of merchandise, marketing and promotional activities as well as franchise fees. Geographically, it has a presence in Southern Africa, Ireland and South West England, Switzerland, Poland and Sri Lanka, with the majority of revenue generated from South Africa.
50GF Score
Get the complete analysis for JSE:SPP
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