Thorney OpportunitiesASX:TOP 28 Graham Number is A$1.38 as of Dec. 2025, which is 100% below its 10-year median of 0.50. GuruFocus rates ASX:TOP with a GF Score™ of 28/100 and a GF Value™ of A$0.96 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,168 Asset Management companies, Thorney Opportunities ranks better than 88.7% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
The historical rank and industry rank for Thorney Opportunities's Graham Number or its related term are showing as below:
ASX:TOP'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.36 Med: 0.5 Max: 0.7
Current: 0.39
During the past 13 years, the highest Price to Graham Number ratio of Thorney Opportunities was 0.70. The lowest was 0.36. And the median was 0.50.
ASX:TOP's Price-to-Graham-Number is ranked better than 88.7% of 1168
companies
in the Asset Management industry
Industry Median: 0.71
vs ASX:TOP: 0.39
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Thorney Opportunities (ASX:TOP) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Thorney Opportunities's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
0.54
/
1.38
=
0.39
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Thorney Opportunities Graham Number Related Terms
Thorney Opportunities Graham Number Historical Data
* Premium members only.
The historical data trend for Thorney Opportunities's Graham Number 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.
For the Asset Management subindustry, Thorney Opportunities's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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.
Thorney Opportunities Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Thorney Opportunities's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Thorney Opportunities's Price-to-Graham-Number falls into.
* 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.
Thorney Opportunities (ASX:TOP) has a Graham Number of A$1.38 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Thorney Opportunities and its competitors. This is 176% above median its historical median of 0.50. Over the past decade, Thorney Opportunities' Graham Number has ranged from 0.36 to 0.70. According to the industry distribution chart, Thorney Opportunities ranks #132 out of 1168 companies in the Asset Management industry, placing it in the top 11.3%.
Is Thorney Opportunities' Graham Number too high?
Thorney Opportunities' current Graham Number of A$1.38 is 176% above median its 10-year median of 0.50. Over the past 10 years, this metric has ranged from a low of 0.36 to a high of 0.70. Based on the distribution chart, Thorney Opportunities ranks #132 out of 1168 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Thorney Opportunities has a GF Score™ of 28/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thorney Opportunities' Graham Number compare to BLK and BX?
According to the Asset Management industry distribution chart, Thorney Opportunities ranks #132 out of 1168 companies for Graham Number. This places Thorney Opportunities in the top 11% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.71. Historically, Thorney Opportunities' own Graham Number has ranged from 0.36 to 0.70 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for an Asset Management company?
The median Graham Number among Asset Management companies is 0.71, based on 1,168 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Thorney Opportunities and its competitors. For the Asset Management industry, the median Graham Number is 0.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thorney Opportunities's current Graham Number is A$1.38, which is 176% above median its own 10-year median of 0.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thorney Opportunities stock overvalued right now?
Based on GuruFocus' analysis, Thorney Opportunities (ASX:TOP) is currently considered Significantly Undervalued. The stock's GF Value™ is A$0.96, compared to a current price of A$0.54 — trading 43.8% below its estimated fair value. The current Graham Number is A$1.38, which is 176% above median its 10-year median of 0.50. Thorney Opportunities' overall GF Score™ is 28/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Thorney Opportunities (ASX:TOP), the current Graham Number is A$1.38 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Thorney Opportunities (ASX:TOP) Overvalued in 2026?
Based on GuruFocus' analysis, Thorney Opportunities stock appears to be undervalued.
The current stock price of A$0.54 is trading 43.8% below its estimated GF Value™ of A$0.96.
GuruFocus considers Thorney Opportunities to be Significantly Undervalued.
Key valuation signals for ASX:TOP:
Graham Number: A$1.38 (176% above median its 10-year median of 0.50)
GF Value™: A$0.96 vs. price of A$0.54 (43.8% below fair value)
No single metric tells the full story. See the ASX:TOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thorney Opportunities Ltd is an investment company that concentrates on producing absolute returns for shareholders over the medium to long term. Its principal activity is making investments in listed and unlisted securities in a variety of sectors, including media, automotive, energy, and pharmaceutical.
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