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.
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.
Merchants Trust (The)LSE:MRCH -0.44%33 Cyclically Adjusted PB Ratio is 1.04 as of Sep. 05, 2026, which is 9% above its 10-year median of 0.95. GuruFocus rates LSE:MRCH with a GF Score™ of 33/100. The stock has 6 warning signs investors should review. Among 972 Asset Management companies, Merchants Trust (The) ranks worse than 62.86% on this metric.
The historical rank and industry rank for Merchants Trust (The)'s Cyclically Adjusted PB Ratio or its related term are showing as below:
LSE:MRCH'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.63 Med: 0.95 Max: 1.11
Current: 1.05
During the past 13 years, Merchants Trust (The)'s highest Cyclically Adjusted PB Ratio was 1.11. The lowest was 0.63. And the median was 0.95.
LSE:MRCH's Cyclically Adjusted PB Ratio is ranked worse than 62.86% of 972
companies
in the Asset Management industry
Industry Median: 0.85
vs LSE:MRCH: 1.05
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.
Merchants Trust (The)'s adjusted book value per share data of for the fiscal year that ended in Jan26 was £6.533. 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 £6.52 for the trailing ten years ended in Jan26.
Shiller PE for Stocks: The True Measure of Stock Valuation
Merchants Trust (The) (LSE:MRCH) 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.
Merchants Trust (The) Cyclically Adjusted PB Ratio Related Terms
Merchants Trust (The) Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Merchants Trust (The)'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.
Merchants Trust (The) Cyclically Adjusted PB Ratio Chart
LSE:MRCH vs BLK, BX, KKR: Cyclically Adjusted PB Ratio Comparison
For the Asset Management subindustry, Merchants Trust (The)'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.
Merchants Trust (The) Cyclically Adjusted PB Ratio vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Merchants Trust (The)'s Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Merchants Trust (The)'s Cyclically Adjusted PB Ratio falls into.
Merchants Trust (The) 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.
* 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 1.04 mean?
Merchants Trust (The) (LSE:MRCH) has a Cyclically Adjusted PB Ratio of 1.04 as of Sep. 05, 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 Merchants Trust (The) and its competitors. This is near median its historical median of 0.95. Over the past decade, Merchants Trust (The)'s Cyclically Adjusted PB Ratio has ranged from 0.63 to 1.11. According to the industry distribution chart, Merchants Trust (The) ranks #611 out of 972 companies in the Asset Management industry, placing it in the top 62.9%.
Is Merchants Trust (The)'s Cyclically Adjusted PB Ratio too high?
Merchants Trust (The)'s current Cyclically Adjusted PB Ratio of 1.04 is near median its 10-year median of 0.95. Over the past 10 years, this metric has ranged from a low of 0.63 to a high of 1.11. The Asset Management industry median Cyclically Adjusted PB Ratio is 0.85. Merchants Trust (The)'s value of 1.04 is 22.4% above this industry median. Based on the distribution chart, Merchants Trust (The) ranks #611 out of 972 companies in the Asset Management industry, which is below the industry midpoint. Overall, Merchants Trust (The) has a GF Score™ of 33/100, reflecting its overall financial health beyond just this single metric.
How does Merchants Trust (The)'s Cyclically Adjusted PB Ratio compare to BLK and BX?
According to the Asset Management industry distribution chart, Merchants Trust (The) ranks #611 out of 972 companies for Cyclically Adjusted PB Ratio. This places Merchants Trust (The) in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 0.85. Merchants Trust (The)'s value of 1.04 is 22.4% above this benchmark. Historically, Merchants Trust (The)'s own Cyclically Adjusted PB Ratio has ranged from 0.63 to 1.11 over the past decade. While the company's 10-year median is 0.95 vs. the industry median of 0.85, Merchants Trust (The) 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 an Asset Management company?
The median Cyclically Adjusted PB Ratio among Asset Management companies is 0.85, based on 972 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. Merchants Trust (The)'s current Cyclically Adjusted PB Ratio of 1.04 is 22.4% 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 Merchants Trust (The) and its competitors. For the Asset Management industry, the median Cyclically Adjusted PB Ratio is 0.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Merchants Trust (The)'s current Cyclically Adjusted PB Ratio is 1.04, which is near median its own 10-year median of 0.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Merchants Trust (The) stock overvalued right now?
Merchants Trust (The) (LSE:MRCH) has a current Cyclically Adjusted PB Ratio of 1.04. The current Cyclically Adjusted PB Ratio is 1.04, which is near median its 10-year median of 0.95 and 22.4% above the Asset Management industry median of 0.85. Merchants Trust (The)'s overall GF Score™ is 33/100 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 Merchants Trust (The) (LSE:MRCH), the current Cyclically Adjusted PB Ratio is 1.04 as of Sep. 05, 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.
Merchants Trust (The) PLC is an investment trust. Its objective is to provide an above-average level of income and income growth together with long-term capital growth through a policy of investing mainly in higher-yielding large UK companies. Its performance is benchmarked against the FTSE All-Share Index.
33GF Score
Get the complete analysis for LSE:MRCH
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
LSE:MRCH has been successfully added to your 
