Institut IGH DD (ZAG:IGH) Cyclically Adjusted PB Ratio: (As of Aug. 03, 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.

ZAG:IGH Institut IGH DD ZAG:IGH
58 GF Score
Price €10.10
GF Value €12.49
Valuation Modestly Undervalued
! 3 Warning Signs
View Full Analysis

What is Institut IGH DD Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Institut IGH DD  (ZAG:IGH) 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.


Institut IGH DD Cyclically Adjusted PB Ratio Related Terms


Institut IGH DD Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Institut IGH DD'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.

Institut IGH DD Cyclically Adjusted PB Ratio Chart

Institut IGH DD 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 3.71 0.00 0.00 0.00 0.00

Institut IGH DD 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 0.00 0.00 0.00 0.00 0.00

ZAG:IGH vs PWR, FIX, EME: Cyclically Adjusted PB Ratio Comparison

For the Engineering & Construction subindustry, Institut IGH DD'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.


Institut IGH DD Cyclically Adjusted PB Ratio vs Construction Industry

For the Construction industry and Industrials sector, Institut IGH DD's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


ZAG:IGH
58GF Score
Institut IGH DD ZAG:IGH
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Institut IGH DD 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.

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

For example, Institut IGH DD'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)
=3.107/330.2130*330.2130
=3.107

Current CPI (Mar. 2026) = 330.2130.

Institut IGH DD Quarterly Data

Book Value per Share CPI Adj_Book
201606 4.356 241.018 5.968
201609 0.000 241.428 0.000
201612 -4.437 241.432 -6.069
201703 -3.701 243.801 -5.013
201706 -2.672 244.955 -3.602
201709 -3.456 246.819 -4.624
201712 -11.035 246.524 -14.781
201803 -11.466 249.554 -15.172
201806 -10.545 251.989 -13.818
201809 -10.344 252.439 -13.531
201812 -14.087 251.233 -18.516
201903 -11.292 254.202 -14.669
201906 -10.686 256.143 -13.776
201909 -10.881 256.759 -13.994
201912 -10.590 256.974 -13.608
202003 0.000 258.115 0.000
202006 -8.642 257.797 -11.070
202009 -9.213 260.280 -11.688
202012 -8.958 260.474 -11.356
202103 -24.233 264.877 -30.210
202106 -23.258 271.696 -28.267
202109 -23.754 274.310 -28.595
202112 -21.241 278.802 -25.158
202203 -21.758 287.504 -24.990
202206 -22.257 296.311 -24.804
202209 -22.349 296.808 -24.864
202212 -20.928 296.797 -23.284
202303 -11.616 301.836 -12.708
202306 -12.338 305.109 -13.353
202309 -4.586 307.789 -4.920
202312 0.000 306.746 0.000
202403 2.961 312.332 3.131
202406 2.929 314.175 3.079
202409 2.861 315.301 2.996
202412 2.793 315.605 2.922
202503 2.494 319.799 2.575
202506 2.856 322.561 2.924
202509 1.848 324.800 1.879
202512 3.108 324.054 3.167
202603 3.107 330.213 3.107

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 Institut IGH DD (ZAG:IGH) Overvalued in 2026?

Based on GuruFocus' analysis, Institut IGH DD stock appears to be undervalued. The current stock price of €10.10 is trading 19.1% below its estimated GF Value™ of €12.49. GuruFocus considers Institut IGH DD to be Modestly Undervalued.

Key valuation signals for ZAG:IGH:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €12.49 vs. price of €10.10 (19.1% below fair value)
  • GF Score™: 58/100 with 3 warning signs

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


Institut IGH DD Business Description

Address Janka Rakuse 1, Zagreb, HRV, 10000
Institut IGH DD is a consulting company for engineering services in the field of construction in Croatia and the region, providing support to infrastructure and investment projects and solutions in the field of construction in Croatia and international markets. Its services are management of holding companies, architectural and engineering activities, technical consulting, improvement of regulations in the field of construction, improvement of development programs and construction technologies, and protection, preservation, and improvement of space. Its segments include Department of Design, the Department of Professional Supervision and Project Management generate maximum revenue, Department of Materials and Structures, Branches, and Management and Support Services.
58GF Score

Get the complete analysis for ZAG:IGH

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

€10.10
Price
€12.49
GF Value