Kogeneracja (WAR:KGN) Cyclically Adjusted PB Ratio: (As of Sep. 09, 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:KGN Kogeneracja SA WAR:KGN
82 GF Score
Price zł71.70
GF Value zł58.49
Valuation Modestly Overvalued
! 3 Warning Signs
View Full Analysis

What is Kogeneracja Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Kogeneracja  (WAR:KGN) 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.


Kogeneracja Cyclically Adjusted PB Ratio Related Terms


Kogeneracja Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Kogeneracja'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.

Kogeneracja Cyclically Adjusted PB Ratio Chart

Kogeneracja 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 0.25 0.18 0.46 0.33 0.41

Kogeneracja 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 0.37 0.37 0.41 0.43 0.00

WAR:KGN vs NEE, SO, DUK: Cyclically Adjusted PB Ratio Comparison

For the Utilities - Regulated Electric subindustry, Kogeneracja'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.


Kogeneracja Cyclically Adjusted PB Ratio vs Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, Kogeneracja's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


WAR:KGN
82GF Score
Kogeneracja SA WAR:KGN
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Kogeneracja 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.

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

For example, Kogeneracja'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)
=189.567/162.2800*162.2800
=189.567

Current CPI (Jun. 2026) = 162.2800.

Kogeneracja Quarterly Data

Book Value per Share CPI Adj_Book
201609 90.967 99.064 149.016
201612 97.944 100.366 158.363
201703 102.823 101.018 165.180
201706 97.110 101.180 155.752
201709 96.499 101.343 154.523
201712 101.192 102.564 160.109
201803 108.079 102.564 171.006
201806 99.292 103.378 155.866
201809 97.645 103.378 153.280
201812 98.956 103.785 154.729
201903 103.018 104.274 160.326
201906 102.400 105.983 156.794
201909 101.363 105.983 155.206
201912 104.488 107.123 158.289
202003 113.357 109.076 168.649
202006 113.448 109.402 168.282
202009 111.852 109.320 166.038
202012 112.721 109.565 166.955
202103 117.615 112.658 169.421
202106 118.328 113.960 168.500
202109 117.567 115.588 165.058
202112 116.754 119.088 159.099
202203 121.820 125.031 158.113
202206 121.678 131.705 149.925
202209 121.753 135.531 145.783
202212 126.358 139.113 147.401
202303 140.693 145.950 156.434
202306 141.627 147.009 156.339
202309 141.189 146.113 156.811
202312 142.298 147.741 156.301
202403 152.622 149.044 166.176
202406 154.686 150.997 166.245
202409 154.076 153.439 162.954
202412 155.799 154.660 163.475
202503 165.467 157.021 171.009
202506 166.951 157.509 172.008
202509 165.945 158.000 170.440
202512 174.349 158.320 178.710
202603 188.648 163.070 187.734
202606 189.567 162.280 189.567

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 Kogeneracja (WAR:KGN) Overvalued in 2026?

Based on GuruFocus' analysis, Kogeneracja stock appears to be overvalued. The current stock price of zł71.70 is trading 22.6% above its estimated GF Value™ of zł58.49. GuruFocus considers Kogeneracja to be Modestly Overvalued.

Key valuation signals for WAR:KGN:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: zł58.49 vs. price of zł71.70 (22.6% above fair value)
  • GF Score™: 82/100 with 3 warning signs

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


Kogeneracja Business Description

Other Exchanges 2ZO:Germany
Address ul. Lowiecka 24, Wroclaw, POL, 50-220
Kogeneracja SA through its subsidiaries is engaged in the production of electricity and heating. The products and services of the company include District heating, New-generation network heat, Electricity, and Energy Services. Its production plants include Elektrocieplownia Wroclaw, Elektrocieplownia Czechnica and Elektrocieplownia Zawidawie.
82GF Score

Get the complete analysis for WAR:KGN

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

zł71.70
Price
zł58.49
GF Value