Aforti Holding (WAR:AFH) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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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.

WAR:AFH Aforti Holding SA WAR:AFH
8 GF Score
Price zł2.50
GF Value zł7.67
! 8 Warning Signs
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What is Aforti Holding Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Aforti Holding  (WAR:AFH) 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.


Aforti Holding Cyclically Adjusted PB Ratio Related Terms


Aforti Holding Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Aforti Holding'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.

Aforti Holding Cyclically Adjusted PB Ratio Chart

Aforti Holding Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 3.27 0.00 0.00 0.00

Aforti Holding Semi-Annual Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 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 0.00 0.00 0.00 0.00 0.00

WAR:AFH vs CTAS, GPN, ARMK: Cyclically Adjusted PB Ratio Comparison

For the Specialty Business Services subindustry, Aforti Holding'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.


Aforti Holding Cyclically Adjusted PB Ratio vs Business Services Industry

For the Business Services industry and Industrials sector, Aforti Holding's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


WAR:AFH
8GF Score
Aforti Holding SA WAR:AFH
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Aforti Holding 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.

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

For example, Aforti Holding'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)
=-24.176/158.3200*158.3200
=-24.176

Current CPI (Dec25) = 158.3200.

Aforti Holding Annual Data

Book Value per Share CPI Adj_Book
201512 0.504 99.471 0.802
201612 0.571 100.366 0.901
201712 0.561 102.564 0.866
201812 0.617 103.785 0.941
201912 7.227 107.123 10.681
202012 6.460 109.565 9.335
202112 -7.030 119.088 -9.346
202312 0.000 147.741 0.000
202412 -21.625 154.660 -22.137
202512 -24.176 158.320 -24.176

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 Aforti Holding (WAR:AFH) Overvalued in 2026?

Based on GuruFocus' analysis, Aforti Holding stock appears to be undervalued. The current stock price of zł2.50 is trading 67.4% below its estimated GF Value™ of zł7.67.

Key valuation signals for WAR:AFH:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: zł7.67 vs. price of zł2.50 (67.4% below fair value)
  • GF Score™: 8/100 with 8 warning signs

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


Aforti Holding Business Description

Address ulica Chalubinskiego 8, Warszawa, POL, 00-613
Aforti Holding SA is a financial group that offers services in private and corporate finance. The company addresses the needs of Entrepreneurs as well as companies of the SME sector by offering a wide range of financial services that support business development, such as financing the company operations, online foreign exchange, management of liabilities, or factoring. It operates in Warsaw, Szczecin, Poznan, Cracow, Rzeszow, Rybnik, and Katowice.
8GF Score

Get the complete analysis for WAR:AFH

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

zł2.50
Price
zł7.67
GF Value