JRH ASI (WAR:JRH) Cyclically Adjusted PB Ratio: 0.59 (As of Sep. 15, 2026) — 42% Below Median

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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:JRH JRH ASI SA WAR:JRH
22 GF Score
Price zł3.98
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What is JRH ASI Cyclically Adjusted PB Ratio?

JRH ASI WAR:JRH -0.50% 22 Cyclically Adjusted PB Ratio is 0.59 as of Sep. 15, 2026, which is 42% below its 10-year median of 1.02. GuruFocus rates WAR:JRH with a GF Score™ of 22/100. Among 967 Asset Management companies, JRH ASI ranks better than 70.53% on this metric.

As of today (2026-09-15), JRH ASI's current share price is zł3.98. JRH ASI's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 was zł6.78. JRH ASI's Cyclically Adjusted PB Ratio for today is 0.59.

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

WAR:JRH' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.54   Med: 1.02   Max: 1.87
Current: 0.59

During the past years, JRH ASI's highest Cyclically Adjusted PB Ratio was 1.87. The lowest was 0.54. And the median was 1.02.

WAR:JRH's Cyclically Adjusted PB Ratio is ranked better than
70.53% of 967 companies
in the Asset Management industry
Industry Median: 0.84 vs WAR:JRH: 0.59

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.

JRH ASI's adjusted book value per share data for the three months ended in Mar. 2026 was zł3.822. 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 zł6.78 for the trailing ten years ended in Mar. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


JRH ASI  (WAR:JRH) 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.


JRH ASI Cyclically Adjusted PB Ratio Related Terms


JRH ASI Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for JRH ASI'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.

JRH ASI Cyclically Adjusted PB Ratio Chart

JRH ASI 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 0.00 0.00 1.02 1.43 0.77

JRH ASI Quarterly Data
Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 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 1.06 0.77 1.04 0.75 0.66

WAR:JRH vs BLK, BX, KKR: Cyclically Adjusted PB Ratio Comparison

For the Asset Management subindustry, JRH ASI'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.


JRH ASI Cyclically Adjusted PB Ratio vs Asset Management Industry

For the Asset Management industry and Financial Services sector, JRH ASI's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


WAR:JRH
22GF Score
JRH ASI SA WAR:JRH
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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JRH ASI 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.

JRH ASI's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=3.98/6.78
=0.59

* 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.

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

For example, JRH ASI'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)
=3.822/163.0700*163.0700
=3.822

Current CPI (Mar. 2026) = 163.0700.

JRH ASI Quarterly Data

Book Value per Share CPI Adj_Book
201603 1.116 98.983 1.839
201606 0.686 99.552 1.124
201609 1.102 99.064 1.814
201612 0.758 100.366 1.232
201703 0.781 101.018 1.261
201706 0.883 101.180 1.423
201709 0.903 101.343 1.453
201712 0.799 102.564 1.270
201803 0.799 102.564 1.270
201806 0.844 103.378 1.331
201809 0.844 103.378 1.331
201812 0.653 103.785 1.026
201903 0.672 104.274 1.051
201906 0.818 105.983 1.259
201909 0.816 105.983 1.256
201912 4.208 107.123 6.406
202003 4.517 109.076 6.753
202006 14.797 109.402 22.056
202009 23.446 109.320 34.974
202012 16.873 109.565 25.113
202103 15.555 112.658 22.516
202106 14.530 113.960 20.792
202109 12.331 115.588 17.396
202112 7.490 119.088 10.256
202203 6.473 125.031 8.442
202206 4.036 131.705 4.997
202209 4.485 135.531 5.396
202212 5.073 139.113 5.947
202306 5.142 147.009 5.704
202309 5.230 146.113 5.837
202312 4.517 147.741 4.986
202403 3.736 149.044 4.088
202406 3.266 150.997 3.527
202409 3.541 153.439 3.763
202412 3.006 154.660 3.169
202503 3.273 157.021 3.399
202506 3.278 157.509 3.394
202509 3.909 158.000 4.034
202512 3.682 158.320 3.792
202603 3.822 163.070 3.822

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 0.59 mean?
JRH ASI (WAR:JRH) has a Cyclically Adjusted PB Ratio of 0.59 as of Sep. 15, 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 JRH ASI and its competitors. This is 42% below median its historical median of 1.02. Over the past decade, JRH ASI's Cyclically Adjusted PB Ratio has ranged from 0.54 to 1.87. According to the industry distribution chart, JRH ASI ranks #285 out of 967 companies in the Asset Management industry, placing it in the top 29.5%.
Is JRH ASI's Cyclically Adjusted PB Ratio too high?
JRH ASI's current Cyclically Adjusted PB Ratio of 0.59 is 42% below median its 10-year median of 1.02. Over the past 10 years, this metric has ranged from a low of 0.54 to a high of 1.87. The Asset Management industry median Cyclically Adjusted PB Ratio is 0.84. JRH ASI's value of 0.59 is 29.8% below this industry median. Based on the distribution chart, JRH ASI ranks #285 out of 967 companies in the Asset Management industry, which is above the industry midpoint. Overall, JRH ASI has a GF Score™ of 22/100, reflecting its overall financial health beyond just this single metric.
How does JRH ASI's Cyclically Adjusted PB Ratio compare to BLK and BX?
According to the Asset Management industry distribution chart, JRH ASI ranks #285 out of 967 companies for Cyclically Adjusted PB Ratio. This puts JRH ASI in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 0.84. JRH ASI's value of 0.59 is 29.8% below this benchmark. Historically, JRH ASI's own Cyclically Adjusted PB Ratio has ranged from 0.54 to 1.87 over the past decade. While the company's 10-year median is 1.02 vs. the industry median of 0.84, JRH ASI 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 an Asset Management company?
The median Cyclically Adjusted PB Ratio among Asset Management companies is 0.84, based on 967 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. JRH ASI's current Cyclically Adjusted PB Ratio of 0.59 is 29.8% 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 JRH ASI and its competitors. For the Asset Management industry, the median Cyclically Adjusted PB Ratio is 0.84 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. JRH ASI's current Cyclically Adjusted PB Ratio is 0.59, which is 42% below median its own 10-year median of 1.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JRH ASI stock overvalued right now?
JRH ASI (WAR:JRH) has a current Cyclically Adjusted PB Ratio of 0.59. The current Cyclically Adjusted PB Ratio is 0.59, which is 42% below median its 10-year median of 1.02 and 29.8% below the Asset Management industry median of 0.84. JRH ASI's overall GF Score™ is 22/100. 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 JRH ASI (WAR:JRH), the current Cyclically Adjusted PB Ratio is 0.59 as of Sep. 15, 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.

JRH ASI Business Description

Other Exchanges 8JA:Germany
Address ul. Wielicka 30, Krakow, POL, 30-611
JRH ASI SA Formerly JR HOLDING S.A offers real estate services. It is engaged in the acquisition of commercial real estate and renting retail space, office and warehouse.
22GF Score

Get the complete analysis for WAR:JRH

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

zł3.98
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