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.
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.
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.
BSP:PMLL11's Price-to-Graham-Number is ranked worse than 96.72% of 731
companies
in the REITs industry
Industry Median: 0.74
vs BSP:PMLL11: 4.58
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade (BSP:PMLL11) 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.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
101.50
/
22.16
=
4.58
* 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.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Graham Number Related Terms
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Graham Number Historical Data
* 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.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Graham Number Chart
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Annual Data
* 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.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Price-to-Graham-Number vs REITs Industry
* 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.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade (BSP:PMLL11) has a Graham Number of R$22.16 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Patria Malls Fundo de Investimento Imobiliario Responsabilidade and its competitors. This is 2507% above median its historical median of 0.85. Over the past decade, Patria Malls Fundo de Investimento Imobiliario Responsabilidade's Graham Number has ranged from 0.40 to 4.75. According to the industry distribution chart, Patria Malls Fundo de Investimento Imobiliario Responsabilidade ranks #707 out of 731 companies in the REITs industry, placing it in the top 96.7%.
Is Patria Malls Fundo de Investimento Imobiliario Responsabilidade's Graham Number too high?
Patria Malls Fundo de Investimento Imobiliario Responsabilidade's current Graham Number of R$22.16 is 2507% above median its 10-year median of 0.85. Over the past 10 years, this metric has ranged from a low of 0.40 to a high of 4.75. Based on the distribution chart, Patria Malls Fundo de Investimento Imobiliario Responsabilidade ranks #707 out of 731 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Patria Malls Fundo de Investimento Imobiliario Responsabilidade has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Patria Malls Fundo de Investimento Imobiliario Responsabilidade's Graham Number compare to SPG and O?
According to the REITs industry distribution chart, Patria Malls Fundo de Investimento Imobiliario Responsabilidade ranks #707 out of 731 companies for Graham Number. This places Patria Malls Fundo de Investimento Imobiliario Responsabilidade in the lower half of its industry. The industry median Graham Number is 0.74. Historically, Patria Malls Fundo de Investimento Imobiliario Responsabilidade's own Graham Number has ranged from 0.40 to 4.75 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 a REITs company?
The median Graham Number among REITs companies is 0.74, based on 731 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 Patria Malls Fundo de Investimento Imobiliario Responsabilidade and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Patria Malls Fundo de Investimento Imobiliario Responsabilidade's current Graham Number is R$22.16, which is 2507% above median its own 10-year median of 0.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Patria Malls Fundo de Investimento Imobiliario Responsabilidade stock overvalued right now?
Based on GuruFocus' analysis, Patria Malls Fundo de Investimento Imobiliario Responsabilidade (BSP:PMLL11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$126.02, compared to a current price of R$101.50 — trading 19.5% below its estimated fair value. The current Graham Number is R$22.16, which is 2507% above median its 10-year median of 0.85. Patria Malls Fundo de Investimento Imobiliario Responsabilidade's overall GF Score™ is 80/100 with 2 warning signs 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 Patria Malls Fundo de Investimento Imobiliario Responsabilidade (BSP:PMLL11), the current Graham Number is R$22.16 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 Patria Malls Fundo de Investimento Imobiliario Responsabilidade (BSP:PMLL11) Overvalued in 2026?
Based on GuruFocus' analysis, Patria Malls Fundo de Investimento Imobiliario Responsabilidade stock appears to be undervalued.
The current stock price of R$101.50 is trading 19.5% below its estimated GF Value™ of R$126.02.
GuruFocus considers Patria Malls Fundo de Investimento Imobiliario Responsabilidade to be Modestly Undervalued.
Key valuation signals for BSP:PMLL11:
Graham Number: R$22.16 (2507% above median its 10-year median of 0.85)
GF Value™: R$126.02 vs. price of R$101.50 (19.5% below fair value)
No single metric tells the full story. See the BSP:PMLL11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Business Description
Patria Malls Fundo de Investimento Imobiliario Responsabilidade Ltd Formerly Malls Brasil Fundo Investimento Imobiliario, formerly Malls Brasil Plural Fundo De Investimento Imobiliario is a Brazalian real estate investment firm. The company is engaged in investing in malls and shopping centres including Maceio Shopping.
80GF Score
Get the complete analysis for BSP:PMLL11
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:PMLL11 has been successfully added to your 
