VRG (LTS:0LZF) Cyclically Adjusted PB Ratio: (As of Sep. 22, 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.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
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.

LTS:0LZF VRG SA LTS:0LZF
96 GF Score
Price zł4.08
GF Value zł3.24
! 5 Warning Signs
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What is VRG Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


VRG  (LTS:0LZF) 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.


VRG Cyclically Adjusted PB Ratio Related Terms


VRG Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for VRG'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.

VRG Cyclically Adjusted PB Ratio Chart

VRG 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 1.44 1.21 1.12 1.05 1.01

VRG 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 1.04 1.05 1.04 1.01 1.01

LTS:0LZF vs RL, LEVI, VFC: Cyclically Adjusted PB Ratio Comparison

For the Apparel Manufacturing subindustry, VRG'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.


VRG Cyclically Adjusted PB Ratio vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, VRG's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


LTS:0LZF
96GF Score
VRG SA LTS:0LZF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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VRG 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.

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

For example, VRG'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)
=5.096/162.2800*162.2800
=5.096

Current CPI (Jun. 2026) = 162.2800.

VRG Quarterly Data

Book Value per Share CPI Adj_Book
201609 2.680 99.064 4.390
201612 2.790 100.366 4.511
201703 2.787 101.018 4.477
201706 2.857 101.180 4.582
201709 2.893 101.343 4.633
201712 3.027 102.564 4.789
201803 3.028 102.564 4.791
201806 3.095 103.378 4.858
201809 3.133 103.378 4.918
201812 3.434 103.785 5.369
201903 3.425 104.274 5.330
201906 3.527 105.983 5.401
201909 3.495 105.983 5.352
201912 3.682 107.123 5.578
202003 3.546 109.076 5.276
202006 3.547 109.402 5.261
202009 3.571 109.320 5.301
202012 3.512 109.565 5.202
202103 3.433 112.658 4.945
202106 3.524 113.960 5.018
202109 3.625 115.588 5.089
202112 3.795 119.088 5.171
202203 3.782 125.031 4.909
202206 3.780 131.705 4.658
202209 3.819 135.531 4.573
202212 4.021 139.113 4.691
202303 4.035 145.950 4.486
202306 4.038 147.009 4.457
202309 4.042 146.113 4.489
202312 4.255 147.741 4.674
202403 4.264 149.044 4.643
202406 4.295 150.997 4.616
202409 4.338 153.439 4.588
202412 4.535 154.660 4.758
202503 4.560 157.021 4.713
202506 4.683 157.509 4.825
202509 4.736 158.000 4.864
202512 4.954 158.320 5.078
202603 4.954 163.070 4.930
202606 5.096 162.280 5.096

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 VRG (LTS:0LZF) Overvalued in 2026?

Based on GuruFocus' analysis, VRG stock appears to be overvalued. The current stock price of zł4.08 is trading 26% above its estimated GF Value™ of zł3.24.

Key valuation signals for LTS:0LZF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: zł3.24 vs. price of zł4.08 (26% above fair value)
  • GF Score™: 96/100 with 5 warning signs

No single metric tells the full story. See the LTS:0LZF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


VRG Business Description

Other Exchanges VRG:Poland1NL:Germany
Address 10 Pilotow Street, Cracow, POL, 31-462
VRG SA is a Poland-based holding that specializes in the design, manufacture, and distribution of men's clothing and accessories. The company's operating segment includes Apparel and Jewellery. It generates maximum revenue from the Apparel segment. Geographically, it derives a majority of revenue from Poland. The company's brands include Vistula, Vistula Red, Lantier, Vesari, Wolczanka, Lambert, and other brand names.
96GF Score

Get the complete analysis for LTS:0LZF

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

zł4.08
Price
zł3.24
GF Value