Royal Unibrew AS (WBO:RBRE) Cyclically Adjusted PB Ratio: (As of Aug. 08, 2026)

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Director of Data and Quant Analytics at GuruFocus
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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.

WBO:RBRE Royal Unibrew AS WBO:RBRE
66 GF Score
Price €64.45
GF Value €78.27
Valuation Modestly Undervalued
! 5 Warning Signs
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What is Royal Unibrew AS Cyclically Adjusted PB Ratio?

Note: If the price history is too short, we do not calculate current Cyclically Adjusted PB Ratio for this stock. All the historical data is shown as the company's primary share's data instead.

Shiller PE for Stocks: The True Measure of Stock Valuation


Royal Unibrew AS  (WBO:RBRE) 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.


Royal Unibrew AS Cyclically Adjusted PB Ratio Related Terms


Royal Unibrew AS Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Royal Unibrew AS'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.

Royal Unibrew AS Cyclically Adjusted PB Ratio Chart

Royal Unibrew AS 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 12.47 7.01 5.77 5.84 6.49

Royal Unibrew AS 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 6.17 6.11 5.57 6.49 5.78

WBO:RBRE vs STZ, TAP: Cyclically Adjusted PB Ratio Comparison

For the Beverages - Brewers subindustry, Royal Unibrew AS'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.


Royal Unibrew AS Cyclically Adjusted PB Ratio vs Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Royal Unibrew AS's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


WBO:RBRE
66GF Score
Royal Unibrew AS WBO:RBRE
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Royal Unibrew AS 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.

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

For example, Royal Unibrew AS'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)
=18.942/330.2130*330.2130
=18.942

Current CPI (Mar. 2026) = 330.2130.

Royal Unibrew AS Quarterly Data

Book Value per Share CPI Adj_Book
201606 6.751 241.018 9.249
201609 7.401 241.428 10.123
201612 7.455 241.432 10.196
201703 7.523 243.801 10.189
201706 6.818 244.955 9.191
201709 7.287 246.819 9.749
201712 7.386 246.524 9.893
201803 7.383 249.554 9.769
201806 6.803 251.989 8.915
201809 7.390 252.439 9.667
201812 7.760 251.233 10.200
201903 8.024 254.202 10.423
201906 7.166 256.143 9.238
201909 7.958 256.759 10.235
201912 8.420 256.974 10.820
202003 8.631 258.115 11.042
202006 9.616 257.797 12.317
202009 9.215 260.280 11.691
202012 9.132 260.474 11.577
202103 9.138 264.877 11.392
202106 8.016 271.696 9.742
202109 9.137 274.310 10.999
202112 9.345 278.802 11.068
202203 9.662 287.504 11.097
202206 12.385 296.311 13.802
202209 13.319 296.808 14.818
202212 13.972 296.797 15.545
202303 14.029 301.836 15.348
202306 13.060 305.109 14.135
202309 14.834 307.789 15.915
202312 15.407 306.746 16.586
202403 15.565 312.332 16.456
202406 16.902 314.175 17.765
202409 16.537 315.301 17.319
202412 17.166 315.605 17.961
202503 17.607 319.799 18.180
202506 16.465 322.561 16.856
202509 17.735 324.800 18.031
202512 18.343 324.054 18.692
202603 18.942 330.213 18.942

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 Royal Unibrew AS (WBO:RBRE) Overvalued in 2026?

Based on GuruFocus' analysis, Royal Unibrew AS stock appears to be undervalued. The current stock price of €64.45 is trading 17.7% below its estimated GF Value™ of €78.27. GuruFocus considers Royal Unibrew AS to be Modestly Undervalued.

Key valuation signals for WBO:RBRE:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €78.27 vs. price of €64.45 (17.7% below fair value)
  • GF Score™: 66/100 with 5 warning signs

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


Royal Unibrew AS Business Description

Address Faxe Alle 1, Faxe, DNK, DK-4640
Royal Unibrew AS manufactures and sells beverages, including beer, malt beverages, cider, soft drinks, juice, and water. The company produces and distributes its own brands and partner brands, with its largest licensing agreements with PepsiCo and Heineken. Royal Unibrew was founded in 1989 and listed on the Copenhagen stock exchange in 1998.In 2024, Royal Unibrew took over PepsiCo's beverage business in Luxembourg and Belgium. In 2025, Royal Unibrew finalized its acquisition of Pernod Ricard's portfolio of Nordic brands, including spirits, liqueurs, and wines.
66GF Score

Get the complete analysis for WBO:RBRE

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

€64.45
Price
€78.27
GF Value