TKHCF (Koei Tecmo Holdings Co) Cyclically Adjusted PB Ratio: (As of Sep. 20, 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.

TKHCF Koei Tecmo Holdings Co Ltd TKHCF
78 GF Score
Price $9.95
GF Value $14.17
Valuation Significantly Undervalued
! 3 Warning Signs
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What is Koei Tecmo Holdings Co Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Koei Tecmo Holdings Co  (OTCPK:TKHCF) 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.


Koei Tecmo Holdings Co Cyclically Adjusted PB Ratio Related Terms


Koei Tecmo Holdings Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Koei Tecmo Holdings Co'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.

Koei Tecmo Holdings Co Cyclically Adjusted PB Ratio Chart

Koei Tecmo Holdings Co Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - 5.37 3.38 3.16 2.68

Koei Tecmo Holdings Co 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 3.11 3.39 3.31 2.68 2.62

TKHCF vs NTES, TTWO, RBLX: Cyclically Adjusted PB Ratio Comparison

For the Electronic Gaming & Multimedia subindustry, Koei Tecmo Holdings Co'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.


Koei Tecmo Holdings Co Cyclically Adjusted PB Ratio vs Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Koei Tecmo Holdings Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Koei Tecmo Holdings Co's Cyclically Adjusted PB Ratio falls into.


TKHCF
78GF Score
Koei Tecmo Holdings Co Ltd TKHCF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Koei Tecmo Holdings Co 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.

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

For example, Koei Tecmo Holdings Co'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)
=5.156/113.6000*113.6000
=5.156

Current CPI (Jun. 2026) = 113.6000.

Koei Tecmo Holdings Co Quarterly Data

Book Value per Share CPI Adj_Book
201609 2.814 98.000 3.262
201612 2.644 98.400 3.052
201703 2.904 98.100 3.363
201706 2.822 98.500 3.255
201709 2.939 98.800 3.379
201712 3.085 99.400 3.526
201803 3.311 99.200 3.792
201806 3.078 99.200 3.525
201809 3.123 99.900 3.551
201812 3.038 99.700 3.462
201903 3.279 99.700 3.736
201906 3.230 99.800 3.677
201909 8.624 100.100 9.787
201912 3.543 100.500 4.005
202003 3.432 100.300 3.887
202006 3.597 99.900 4.090
202009 3.939 99.900 4.479
202012 4.548 99.300 5.203
202103 4.498 99.900 5.115
202106 4.410 99.500 5.035
202109 4.444 100.100 5.043
202112 4.647 100.100 5.274
202203 3.612 101.100 4.059
202206 2.831 101.800 3.159
202209 2.762 103.100 3.043
202212 2.926 104.100 3.193
202303 3.399 104.400 3.699
202306 3.164 105.200 3.417
202309 3.198 106.200 3.421
202312 3.539 106.800 3.764
202403 3.673 107.200 3.892
202406 3.499 108.200 3.674
202409 3.799 108.900 3.963
202412 3.943 110.700 4.046
202503 4.010 111.100 4.100
202506 4.101 111.700 4.171
202509 5.041 112.000 5.113
202512 4.940 113.000 4.966
202603 5.128 112.700 5.169
202606 5.156 113.600 5.156

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 Koei Tecmo Holdings Co (TKHCF) Overvalued in 2026?

Based on GuruFocus' analysis, Koei Tecmo Holdings Co stock appears to be undervalued. The current stock price of $9.95 is trading 29.8% below its estimated GF Value™ of $14.17. GuruFocus considers Koei Tecmo Holdings Co to be Significantly Undervalued.

Key valuation signals for TKHCF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $14.17 vs. price of $9.95 (29.8% below fair value)
  • GF Score™: 78/100 with 3 warning signs

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


Koei Tecmo Holdings Co Business Description

Other Exchanges 3635:Japan85T:Germany
Address 1-18-12 Minowa-cho, Kouhoku-ku, Yokohama, JPN, 223-8503
Koei Tecmo Holdings is a Japanese video game, amusement, and anime company created in 2009 by the merger of Koei and Tecmo, best known for their Nobunaga's Ambition, Romance of the Three Kingdoms, Nioh, and Atelier game franchises. The company also creates games based on third-party franchises, such as Nintendo's The Legend of Zelda and Fire Emblem, and Kodansha's Attack on Titan.
78GF Score

Get the complete analysis for TKHCF

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

$9.95
Price
$14.17
GF Value