NNRHF (Neinor Homes) 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.
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.

NNRHF Neinor Homes SA NNRHF
71 GF Score
Price $16.01
GF Value $30.41
! 5 Warning Signs
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What is Neinor Homes Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Neinor Homes  (OTCPK:NNRHF) 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.


Neinor Homes Cyclically Adjusted PB Ratio Related Terms


Neinor Homes Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Neinor Homes'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.

Neinor Homes Cyclically Adjusted PB Ratio Chart

Neinor Homes 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 - - - - 1.54

Neinor Homes Semi-Annual Data
Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25 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 - - - 1.54 1.50

Neinor Homes Cyclically Adjusted PB Ratio Competitor Comparison

For the Real Estate - Development subindustry, Neinor Homes'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.


Neinor Homes Cyclically Adjusted PB Ratio vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Neinor Homes's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


NNRHF
71GF Score
Neinor Homes SA NNRHF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Neinor Homes 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.

Neinor Homes's Cyclically Adjusted Book per Share for the fiscal year that ended in Dec25 is calculated as:

For example, Neinor Homes's adjusted Book Value per Share data for the fiscal year that ended in Dec25 was:

Adj_Book=Book Value per Share/CPI of Dec25 (Change)*Current CPI (Dec25)
=16.4/128.4000*128.4000
=16.400

Current CPI (Dec25) = 128.4000.

Neinor Homes Annual Data

Book Value per Share CPI Adj_Book
201612 9.126 101.842 11.506
201712 11.013 102.975 13.732
201812 11.223 104.193 13.830
201912 11.921 105.015 14.576
202012 14.166 104.456 17.413
202112 14.065 111.298 16.226
202212 13.353 117.650 14.573
202312 14.502 121.300 15.351
202412 11.963 124.753 12.313
202512 16.400 128.400 16.400

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 Neinor Homes (NNRHF) Overvalued in 2026?

Based on GuruFocus' analysis, Neinor Homes stock appears to be undervalued. The current stock price of $16.01 is trading 47.4% below its estimated GF Value™ of $30.41.

Key valuation signals for NNRHF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $30.41 vs. price of $16.01 (47.4% below fair value)
  • GF Score™: 71/100 with 5 warning signs

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


Neinor Homes Business Description

Address Calle Henao 20, Bilbao, ESP, 48009
Neinor Homes SA is a residential property development company in Spain. The company is engaged in developing and selling property developments. Its operating segment includes Rentals, Development, Asset Management and others. The company generates maximum revenue from the Development segment.
71GF Score

Get the complete analysis for NNRHF

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

$16.01
Price
$30.41
GF Value