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Advantest (TSE:6857) Cyclically Adjusted Book per Share : 円291.36 (As of Dec. 2023)


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What is Advantest Cyclically Adjusted Book per Share?

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.

Advantest's adjusted book value per share for the three months ended in Dec. 2023 was 円544.831. 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291.36 for the trailing ten years ended in Dec. 2023.

During the past 12 months, Advantest's average Cyclically Adjusted Book Growth Rate was 15.00% per year. During the past 3 years, the average Cyclically Adjusted Book Growth Rate was 9.50% per year. During the past 5 years, the average Cyclically Adjusted Book Growth Rate was 5.60% per year. During the past 10 years, the average Cyclically Adjusted Book Growth Rate was -1.70% 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 Advantest was 9.50% per year. The lowest was -7.90% per year. And the median was -3.25% per year.

As of today (2024-04-27), Advantest's current stock price is 円5389.00. Advantest's Cyclically Adjusted Book per Share for the quarter that ended in Dec. 2023 was 円291.36. Advantest's Cyclically Adjusted PB Ratio of today is 18.50.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Advantest was 24.43. The lowest was 0.87. And the median was 3.13.


Advantest Cyclically Adjusted Book per Share Historical Data

The historical data trend for Advantest'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.

Advantest Cyclically Adjusted Book per Share Chart

Advantest Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Cyclically Adjusted Book per Share
Get a 7-Day Free Trial Premium Member Only Premium Member Only 192.72 198.76 208.22 228.05 260.91

Advantest Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Cyclically Adjusted Book per Share 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 253.30 260.91 270.24 280.97 291.36

Competitive Comparison of Advantest's Cyclically Adjusted Book per Share

For the Semiconductor Equipment & Materials subindustry, Advantest'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.


Advantest's Cyclically Adjusted PB Ratio Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Advantest's Cyclically Adjusted PB Ratio distribution charts can be found below:

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



Advantest Cyclically Adjusted Book per Share Calculation

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.

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, Advantest's adjusted Book Value per Share data for the three months ended in Dec. 2023 was:

Adj_Book= Book Value per Share /CPI of Dec. 2023 (Change)*Current CPI (Dec. 2023)
=544.831/106.8000*106.8000
=544.831

Current CPI (Dec. 2023) = 106.8000.

Advantest Quarterly Data

Book Value per Share CPI Adj_Book
201403 114.226 95.700 127.475
201406 164.576 98.000 179.354
201409 181.962 98.500 197.295
201412 204.799 97.900 223.417
201503 145.821 97.900 159.077
201506 207.744 98.400 225.478
201509 205.815 98.500 223.158
201512 203.780 98.100 221.852
201603 134.069 97.900 146.257
201606 125.784 98.100 136.939
201609 128.166 98.000 139.675
201612 142.163 98.400 154.299
201703 154.833 98.100 168.564
201706 154.551 98.500 167.574
201709 161.023 98.800 174.061
201712 165.721 99.400 178.058
201803 174.010 99.200 187.341
201806 199.042 99.200 214.291
201809 251.407 99.900 268.771
201812 262.725 99.700 281.435
201903 251.133 99.700 269.017
201906 251.977 99.800 269.651
201909 269.922 100.100 287.989
201912 278.347 100.500 295.796
202003 291.627 100.300 310.526
202006 295.142 99.900 315.527
202009 299.629 99.900 320.324
202012 304.108 99.300 327.077
202103 356.822 99.900 381.467
202106 362.698 99.500 389.308
202109 366.646 100.100 391.187
202112 365.899 100.100 390.390
202203 387.848 101.100 409.715
202206 431.630 101.800 452.830
202209 458.305 103.100 474.752
202212 449.194 104.100 460.845
202303 500.361 104.400 511.864
202306 520.621 105.200 528.539
202309 545.328 106.200 548.409
202312 544.831 106.800 544.831

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


Advantest  (TSE:6857) 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.

Advantest's Cyclically Adjusted PB Ratio of today is calculated as

Cyclically Adjusted PB Ratio=Share Price/Cyclically Adjusted Book per Share
=5389.00/291.36
=18.50

* 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.

During the past 13 years, the highest Cyclically Adjusted PB Ratio of Advantest was 24.43. The lowest was 0.87. And the median was 3.13.


Be Aware

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


Advantest Cyclically Adjusted Book per Share Related Terms

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


Advantest (TSE:6857) Business Description

Industry
Traded in Other Exchanges
Address
1-6-2, Marunouchi, Shin-Marunouchi Center Building, Chiyoda-ku, Tokyo, JPN, 100-0005
Advantest Corp is a Japan-based company that manufactures and distributes semiconductor test systems and mechatronic products for applications in testing and measurement, healthcare, nanotechnology and other end markets. The firm's product portfolio includes integrated circuit test systems, e-beam lithography, scanning electron microscopy metrology, solid state drive test systems, terahertz spectroscopy, and other electronic measuring instruments. The firm has operations in Japan, the United States, Europe, Singapore, China, Taiwan, and Korea.

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