ValueCommerce Co (TSE:2491) Cyclically Adjusted Book per Share

: 円348.54 (As of Sep. 2023)

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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Book per Share and 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.

ValueCommerce Co's adjusted book value per share for the three months ended in Sep. 2023 was 円672.041. 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 円348.54 for the trailing ten years ended in Sep. 2023.

During the past 12 months, ValueCommerce Co's average Cyclically Adjusted Book Growth Rate was 20.70% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 18.20% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted Book Growth Rate using Cyclically Adjusted Book per Share data.

During the past 13 years, the highest 3-Year average Cyclically Adjusted Book Growth Rate of ValueCommerce Co was 18.20% per year. The lowest was 15.30% per year. And the median was 16.75% per year.

As of today (2023-11-30), ValueCommerce Co's current stock price is 円1396.00. ValueCommerce Co's Cyclically Adjusted Book per Share for the quarter that ended in Sep. 2023 was 円348.54. ValueCommerce Co's Cyclically Adjusted PB Ratio of today is 4.01.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of ValueCommerce Co was 21.95. The lowest was 3.44. And the median was 12.78.

ValueCommerce Co Cyclically Adjusted Book per Share Historical Data

The historical data trend for ValueCommerce Co's Cyclically Adjusted Book per Share 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.

* Premium members only.

ValueCommerce Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Cyclically Adjusted Book per Share

161.14

184.42

211.97

247.24

304.27

ValueCommerce Co Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Cyclically Adjusted Book per Share																288.84	304.27	317.71	333.12	348.54

Competitive Comparison

For the Advertising Agencies subindustry, ValueCommerce Co'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.

ValueCommerce Co Cyclically Adjusted PB Ratio Distribution

For the Media - Diversified industry and Communication Services sector, ValueCommerce Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

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

ValueCommerce Co Cyclically Adjusted Book per Share Calculation

What is Cyclically Adjusted Book per Share? How do we calculate Cyclically Adjusted Book per Share?

Cyclically Adjusted Book per Share is the average of the inflation adjusted Book Value per Share of a company over the past 10 years. Let's use an example to explain.

If we want to calculate the Cyclically Adjusted Book per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the book value per share from 2001 through 2010.

We adjusted the 2001 book value per share data with the total inflation from 2001 through 2010 to the equivalent book value in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's book value is $1 a share in 2001, then the 2001's equivalent book value in 2010 is $1.4 a share. If Wal-Mart's book value is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 book value in 2010 is $1.35. So on and so forth, you get the equivalent book value per share of past 10 years. Then you add them together and divided the sum by the count to get 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.

For example, ValueCommerce Co's adjusted Book Value per Share data for the three months ended in Sep. 2023 was:

Adj_Book	=	Book Value per Share	/	CPI of Sep. 2023 (Change)	*	Current CPI (Sep. 2023)
	=	672.041	/	106.2000	*	106.2000
	=	672.041

Current CPI (Sep. 2023) = 106.2000.

ValueCommerce Co Quarterly Data

	Book Value per Share	CPI	Adj_Book
201312	149.026	95.600	165.550
201403	151.996	95.700	168.673
201406	158.538	98.000	171.803
201409	161.227	98.500	173.831
201412	167.388	97.900	181.579
201503	171.672	97.900	186.226
201506	179.583	98.400	193.818
201509	181.423	98.500	195.605
201512	187.933	98.100	203.450
201603	187.155	97.900	203.022
201606	188.638	98.100	204.214
201609	189.549	98.000	205.409
201612	189.408	98.400	204.422
201703	195.672	98.100	211.828
201706	203.573	98.500	219.487
201709	202.288	98.800	217.439
201712	216.435	99.400	231.241
201803	227.702	99.200	243.770
201806	246.937	99.200	264.362
201809	260.407	99.900	276.829
201812	283.283	99.700	301.752
201903	290.789	99.700	309.747
201906	315.041	99.800	335.244
201909	326.199	100.100	346.077
201912	355.785	100.500	375.964
202003	370.031	100.300	391.798
202006	399.721	99.900	424.929
202009	416.246	99.900	442.496
202012	454.197	99.300	485.758
202103	401.033	99.900	426.323
202106	444.322	99.500	474.241
202109	470.633	100.100	499.313
202112	512.732	100.100	543.977
202203	538.207	101.100	565.357
202206	586.311	101.800	611.653
202209	603.583	103.100	621.731
202212	643.777	104.100	656.764
202303	645.416	104.400	656.544
202306	670.990	105.200	677.368
202309	672.041	106.200	672.041

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

ValueCommerce Co (TSE:2491) Cyclically Adjusted Book per Share Explanation

If a company grows much fast than inflation, Cyclically Adjusted Book per Share may underestimate the company's equity. Cyclically Adjusted PB Ratio can seem to be too high even the actual PB Ratio is low.

For the Cyclically Adjusted PB Ratio, the book value of the past 10 years are inflation-adjusted and averaged. The result is used for P/B calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted PB Ratio is also called CAPB Ratio.

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.

ValueCommerce Co's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio	=	Share Price	/	Cyclically Adjusted Book per Share
	=	1396.00	/	348.54
	=	4.01

During the past 13 years, the highest Cyclically Adjusted PB Ratio of ValueCommerce Co was 21.95. The lowest was 3.44. And the median was 12.78.

Be Aware

Cyclically Adjusted PB Ratio works better for cyclical companies. It gives you a better idea on the company's real book value.

ValueCommerce Co Cyclically Adjusted Book per Share Related Terms

Thank you for viewing the detailed overview of ValueCommerce Co's Cyclically Adjusted Book per Share provided by GuruFocus.com. Please click on the following links to see related term pages.

ValueCommerce Co (TSE:2491) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » ValueCommerce Co Ltd (TSE:2491) » Definitions » Cyclically Adjusted Book per Share

Comparable Companies

Traded in Other Exchanges

N/A

Address

Nihonseimei Akasaka Building 5F, 8-1-19 Akasaka, Minato, Tokyo, JPN, 107-0052

Website

http://www.valuecommerce.co.jp

ValueCommerce Co Ltd is a Japan-based information technology company engaged in the provision of internet advertising delivery services. The company's service portfolio comprises affiliate marketing service, StoreMatch service and Store's R8. The affiliate marketing service provides compensation based on the performances of advertising for e-commerce sites. The StoreMatch Service provides pay-per-click internet advertising for stores listing on online shopping malls. The Store's R8 service is a marketing automation system customized for Yahoo! shopping.

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