BeLeaf (WAR:BLF) Cyclically Adjusted PB Ratio: (As of Jul. 25, 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.

WAR:BLF BeLeaf SA WAR:BLF
35 GF Score
Price zł2.30
GF Value zł8.19
Valuation Possible Value Trap
! 7 Warning Signs
View Full Analysis

What is BeLeaf Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


BeLeaf  (WAR:BLF) 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.


BeLeaf Cyclically Adjusted PB Ratio Related Terms


BeLeaf Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for BeLeaf'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.

BeLeaf Cyclically Adjusted PB Ratio Chart

BeLeaf 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 9.29 29.45 19.27 57.67 0.00

BeLeaf Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 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 82.36 854.27 0.00 0.00 0.00

WAR:BLF vs CTAS, CPRT, ULS: Cyclically Adjusted PB Ratio Comparison

For the Specialty Business Services subindustry, BeLeaf'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.


BeLeaf Cyclically Adjusted PB Ratio vs Business Services Industry

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

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


WAR:BLF
35GF Score
BeLeaf SA WAR:BLF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

BeLeaf 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.

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

For example, BeLeaf'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)
=-0.914/163.0700*163.0700
=-0.914

Current CPI (Mar. 2026) = 163.0700.

BeLeaf Quarterly Data

Book Value per Share CPI Adj_Book
201606 0.598 99.552 0.980
201609 0.552 99.064 0.909
201612 0.436 100.366 0.708
201703 0.493 101.018 0.796
201706 0.500 101.180 0.806
201709 0.413 101.343 0.665
201712 -0.086 102.564 -0.137
201803 -0.064 102.564 -0.102
201806 -0.079 103.378 -0.125
201809 -0.089 103.378 -0.140
201812 -0.201 103.785 -0.316
201903 -0.122 104.274 -0.191
201906 -0.122 105.983 -0.188
201909 -0.119 105.983 -0.183
201912 -0.145 107.123 -0.221
202003 -0.124 109.076 -0.185
202006 -0.105 109.402 -0.157
202009 -0.104 109.320 -0.155
202012 -0.135 109.565 -0.201
202103 -0.114 112.658 -0.165
202106 -0.112 113.960 -0.160
202109 -0.070 115.588 -0.099
202112 -0.069 119.088 -0.094
202203 -0.058 125.031 -0.076
202206 -0.044 131.705 -0.054
202209 -0.046 135.531 -0.055
202212 -0.086 139.113 -0.101
202303 -0.110 145.950 -0.123
202306 -0.141 147.009 -0.156
202309 -0.196 146.113 -0.219
202312 -0.276 147.741 -0.305
202403 -0.356 149.044 -0.390
202406 -0.424 150.997 -0.458
202409 -0.486 153.439 -0.517
202412 -0.606 154.660 -0.639
202503 -0.684 157.021 -0.710
202506 -0.809 157.509 -0.838
202509 -0.899 158.000 -0.928
202512 -0.895 158.320 -0.922
202603 -0.914 163.070 -0.914

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 BeLeaf (WAR:BLF) Overvalued in 2026?

Based on GuruFocus' analysis, BeLeaf stock appears to be undervalued. The current stock price of zł2.30 is trading 71.9% below its estimated GF Value™ of zł8.19. GuruFocus considers BeLeaf to be Possible Value Trap.

Key valuation signals for WAR:BLF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: zł8.19 vs. price of zł2.30 (71.9% below fair value)
  • GF Score™: 35/100 with 7 warning signs

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


BeLeaf Business Description

Address Opatkowicka 10A/9, Krakow, POL, 30-499
BeLeaf SA Formerly Blue Tax Group SA operates in the outsourcing market of financial and accounting services. Its services include tax, economic, legal and financial consultancy. The company provides consulting services for the preparation of applications and securing European union funds for businesses of various sizes. It also offers a package of comprehensive consultancy services, necessary for business owners.
35GF Score

Get the complete analysis for WAR:BLF

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

zł2.30
Price
zł8.19
GF Value