Kyodo Paper Holdings (TSE:9849) Cyclically Adjusted PB Ratio: 0.78 (As of Aug. 09, 2026) — 12% Below Median

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.

TSE:9849 Kyodo Paper Holdings TSE:9849
71 GF Score
Price 円4,510.00
GF Value 円4,524.32
Valuation Fairly Valued
! 4 Warning Signs
View Full Analysis

What is Kyodo Paper Holdings Cyclically Adjusted PB Ratio?

Kyodo Paper Holdings TSE:9849 71 Cyclically Adjusted PB Ratio is 0.78 as of Aug. 09, 2026, which is 12% below its 10-year median of 0.89. GuruFocus rates TSE:9849 with a GF Score™ of 71/100 and a GF Value™ of 円4,524.32 (Fairly Valued). The stock has 4 warning signs investors should review. Among 461 Conglomerates companies, Kyodo Paper Holdings ranks better than 60.95% on this metric.

As of today (2026-08-09), Kyodo Paper Holdings's current share price is 円4510.00. Kyodo Paper Holdings's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was 円5,818.83. Kyodo Paper Holdings's Cyclically Adjusted PB Ratio for today is 0.78.

The historical rank and industry rank for Kyodo Paper Holdings's Cyclically Adjusted PB Ratio or its related term are showing as below:

TSE:9849' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.75   Med: 0.89   Max: 1.02
Current: 0.78

During the past years, Kyodo Paper Holdings's highest Cyclically Adjusted PB Ratio was 1.02. The lowest was 0.75. And the median was 0.89.

TSE:9849's Cyclically Adjusted PB Ratio is ranked better than
60.95% of 461 companies
in the Conglomerates industry
Industry Median: 1.02 vs TSE:9849: 0.78

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.

Kyodo Paper Holdings's adjusted book value per share data for the three months ended in Mar. 2026 was 円5,877.630. 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 円5,818.83 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Kyodo Paper Holdings  (TSE:9849) 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.


Kyodo Paper Holdings Cyclically Adjusted PB Ratio Related Terms


Kyodo Paper Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Kyodo Paper Holdings'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.

Kyodo Paper Holdings Cyclically Adjusted PB Ratio Chart

Kyodo Paper Holdings 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 0.93 0.84 0.89 0.84 0.76

Kyodo Paper Holdings Quarterly Data
Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Sep24 Mar25 Jun25 Sep25 Dec25 Mar26
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 0.84 0.80 0.81 0.78 0.76

TSE:9849 vs MMM, HON: Cyclically Adjusted PB Ratio Comparison

For the Conglomerates subindustry, Kyodo Paper Holdings'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.


Kyodo Paper Holdings Cyclically Adjusted PB Ratio vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, Kyodo Paper Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


TSE:9849
71GF Score
Kyodo Paper Holdings TSE:9849
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kyodo Paper Holdings 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.

Kyodo Paper Holdings's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=4510.00/5818.83
=0.78

* 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.

Kyodo Paper Holdings's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Kyodo Paper Holdings's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Adj_Book=Book Value per Share/CPI of Mar. 2026 (Change)*Current CPI (Mar. 2026)
=5877.63/112.7000*112.7000
=5,877.630

Current CPI (Mar. 2026) = 112.7000.

Kyodo Paper Holdings Quarterly Data

Book Value per Share CPI Adj_Book
201512 4,714.980 98.100 5,416.700
201603 4,730.911 97.900 5,446.105
201606 4,685.336 98.100 5,382.644
201609 4,706.486 98.000 5,412.459
201612 4,780.861 98.400 5,475.641
201703 4,873.326 98.100 5,598.612
201706 4,895.276 98.500 5,600.991
201709 4,912.655 98.800 5,603.808
201712 4,919.149 99.400 5,577.345
201803 5,008.956 99.200 5,690.618
201806 5,139.244 99.200 5,838.637
201809 5,169.713 99.900 5,832.099
201812 5,075.241 99.700 5,737.008
201903 5,198.976 99.700 5,876.877
201906 5,156.774 99.800 5,823.331
201909 5,236.965 100.100 5,896.163
201912 5,240.781 100.500 5,876.975
202003 5,204.048 100.300 5,847.420
202006 5,143.763 99.900 5,802.824
202009 5,112.715 99.900 5,767.798
202012 5,021.869 99.300 5,699.543
202103 5,218.279 99.900 5,886.887
202106 5,136.958 99.500 5,818.444
202109 5,155.822 100.100 5,804.807
202112 5,077.975 100.100 5,717.161
202203 5,508.493 101.100 6,140.526
202206 5,487.582 101.800 6,075.152
202209 5,549.736 103.100 6,066.491
202212 5,606.609 104.100 6,069.787
202303 5,720.718 104.400 6,175.526
202306 5,747.969 105.200 6,157.758
202309 5,862.254 106.200 6,221.055
202312 5,821.234 106.800 6,142.819
202403 5,890.040 107.200 6,192.234
202409 5,794.121 108.900 5,996.303
202503 5,766.709 111.100 5,849.758
202506 5,740.001 111.700 5,791.389
202509 5,768.206 112.000 5,804.257
202512 5,777.083 113.000 5,761.746
202603 5,877.630 112.700 5,877.630

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.

What does a Cyclically Adjusted PB Ratio of 0.78 mean?
Kyodo Paper Holdings (TSE:9849) has a Cyclically Adjusted PB Ratio of 0.78 as of Aug. 09, 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 Kyodo Paper Holdings and its competitors. This is 12% below median its historical median of 0.89. Over the past decade, Kyodo Paper Holdings' Cyclically Adjusted PB Ratio has ranged from 0.75 to 1.02. According to the industry distribution chart, Kyodo Paper Holdings ranks #180 out of 461 companies in the Conglomerates industry, placing it in the top 39%.
Is Kyodo Paper Holdings' Cyclically Adjusted PB Ratio too high?
Kyodo Paper Holdings' current Cyclically Adjusted PB Ratio of 0.78 is 12% below median its 10-year median of 0.89. Over the past 10 years, this metric has ranged from a low of 0.75 to a high of 1.02. The Conglomerates industry median Cyclically Adjusted PB Ratio is 1.02. Kyodo Paper Holdings' value of 0.78 is 23.5% below this industry median. Based on the distribution chart, Kyodo Paper Holdings ranks #180 out of 461 companies in the Conglomerates industry, which is above the industry midpoint. Overall, Kyodo Paper Holdings has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Kyodo Paper Holdings' Cyclically Adjusted PB Ratio compare to MMM and HON?
According to the Conglomerates industry distribution chart, Kyodo Paper Holdings ranks #180 out of 461 companies for Cyclically Adjusted PB Ratio. This puts Kyodo Paper Holdings in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.02. Kyodo Paper Holdings' value of 0.78 is 23.5% below this benchmark. Historically, Kyodo Paper Holdings' own Cyclically Adjusted PB Ratio has ranged from 0.75 to 1.02 over the past decade. While the company's 10-year median is 0.89 vs. the industry median of 1.02, Kyodo Paper Holdings 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 Conglomerates company?
The median Cyclically Adjusted PB Ratio among Conglomerates companies is 1.02, based on 461 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. Kyodo Paper Holdings's current Cyclically Adjusted PB Ratio of 0.78 is 23.5% 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 Kyodo Paper Holdings and its competitors. For the Conglomerates industry, the median Cyclically Adjusted PB Ratio is 1.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kyodo Paper Holdings's current Cyclically Adjusted PB Ratio is 0.78, which is 12% below median its own 10-year median of 0.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kyodo Paper Holdings stock overvalued right now?
Based on GuruFocus' analysis, Kyodo Paper Holdings (TSE:9849) is currently considered Fairly Valued. The stock's GF Value™ is 円4,524.32, compared to a current price of 円4,510.00 — trading 0.3% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 0.78, which is 12% below median its 10-year median of 0.89 and 23.5% below the Conglomerates industry median of 1.02. Kyodo Paper Holdings' overall GF Score™ is 71/100 with 4 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 Kyodo Paper Holdings (TSE:9849), the current Cyclically Adjusted PB Ratio is 0.78 as of Aug. 09, 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 Kyodo Paper Holdings (TSE:9849) Overvalued in 2026?

Based on GuruFocus' analysis, Kyodo Paper Holdings stock appears to be undervalued. The current stock price of 円4,510.00 is trading 0.3% below its estimated GF Value™ of 円4,524.32. GuruFocus considers Kyodo Paper Holdings to be Fairly Valued.

Key valuation signals for TSE:9849:

  • Cyclically Adjusted PB Ratio: 0.78 (12% below median its 10-year median of 0.89)
  • GF Value™: 円4,524.32 vs. price of 円4,510.00 (0.3% below fair value)
  • GF Score™: 71/100 with 4 warning signs
  • Industry Position: 23.5% below the Conglomerates median (#180 of 461)

No single metric tells the full story. See the TSE:9849 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Kyodo Paper Holdings Business Description

Address Sumitomo Real Estate Ueno Building, 6th Floor, 1-9-12 Kitaueno, Taito-ku, Tokyo, JPN
Kyodo Paper Holdings is engaged in the sale of paper and paper products, warehousing, sale of chemical products, sale of industrial equipment, and leasing and management of real estate.
71GF Score

Get the complete analysis for TSE:9849

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

円4,510.00
Price
円4,524.32
GF Value