Exxaro ResourcesEXXAF 85 Graham Number is $23.88 as of Dec. 2025, which is 5327% above its 10-year median of 0.44. GuruFocus rates EXXAF with a GF Score™ of 85/100 and a GF Value™ of $11.55 (Fairly Valued). The stock has 5 warning signs investors should review. Among 82 Other Energy Sources companies, Exxaro Resources ranks better than 90.24% 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.
As of today (2026-07-09), the stock price of Exxaro Resources is $12.45. Exxaro Resources's graham number for the quarter that ended in Dec. 2025 was $23.88. Therefore, Exxaro Resources's Price to Graham Number ratio for today is 0.52.
The historical rank and industry rank for Exxaro Resources's Graham Number or its related term are showing as below:
EXXAF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.38 Med: 0.44 Max: 1.1
Current: 0.49
During the past 13 years, the highest Price to Graham Number ratio of Exxaro Resources was 1.10. The lowest was 0.38. And the median was 0.44.
EXXAF's Price-to-Graham-Number is ranked better than 90.24% of 82
companies
in the Other Energy Sources industry
Industry Median: 1.085
vs EXXAF: 0.49
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Exxaro Resources (OTCPK:EXXAF) 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.
Exxaro Resources's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
12.45
/
23.88
=
0.52
* 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.
Exxaro Resources Graham Number Related Terms
Exxaro Resources Graham Number Historical Data
* Premium members only.
The historical data trend for Exxaro Resources'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 Thermal Coal subindustry, Exxaro Resources'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.
Exxaro Resources Price-to-Graham-Number vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Exxaro Resources's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Exxaro Resources'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.
Exxaro Resources (EXXAF) has a Graham Number of $23.88 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Exxaro Resources and its competitors. This is 5327% above median its historical median of 0.44. Over the past decade, Exxaro Resources' Graham Number has ranged from 0.38 to 1.10. According to the industry distribution chart, Exxaro Resources ranks #8 out of 82 companies in the Other Energy Sources industry, placing it in the top 9.8%.
Is Exxaro Resources' Graham Number too high?
Exxaro Resources' current Graham Number of $23.88 is 5327% above median its 10-year median of 0.44. Over the past 10 years, this metric has ranged from a low of 0.38 to a high of 1.10. The Other Energy Sources industry median Graham Number is 1.09. Exxaro Resources' value of $23.88 is 2100.9% above this industry median. Based on the distribution chart, Exxaro Resources ranks #8 out of 82 companies in the Other Energy Sources industry, which is in the top quartile — a strong position relative to peers. Overall, Exxaro Resources has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Exxaro Resources' Graham Number compare to CNR?
According to the Other Energy Sources industry distribution chart, Exxaro Resources ranks #8 out of 82 companies for Graham Number. This places Exxaro Resources in the top 10% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.09. Exxaro Resources' value of $23.88 is 2100.9% above this benchmark. Historically, Exxaro Resources' own Graham Number has ranged from 0.38 to 1.10 over the past decade. While the company's 10-year median is 0.44 vs. the industry median of 1.09, Exxaro Resources has consistently been above the industry average. 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 Other Energy Sources company?
The median Graham Number among Other Energy Sources companies is 1.09, based on 82 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. Exxaro Resources's current Graham Number of $23.88 is 2100.9% above the industry median. 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 Exxaro Resources and its competitors. For the Other Energy Sources industry, the median Graham Number is 1.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Exxaro Resources's current Graham Number is $23.88, which is 5327% above median its own 10-year median of 0.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exxaro Resources stock overvalued right now?
Based on GuruFocus' analysis, Exxaro Resources (EXXAF) is currently considered Fairly Valued. The stock's GF Value™ is $11.55, compared to a current price of $12.45 — trading 7.8% above its estimated fair value. The current Graham Number is $23.88, which is 5327% above median its 10-year median of 0.44 and 2100.9% above the Other Energy Sources industry median of 1.09. Exxaro Resources' overall GF Score™ is 85/100 with 5 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 Exxaro Resources (EXXAF), the current Graham Number is $23.88 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 Exxaro Resources (EXXAF) Overvalued in 2026?
Based on GuruFocus' analysis, Exxaro Resources stock appears to be overvalued.
The current stock price of $12.45 is trading 7.8% above its estimated GF Value™ of $11.55.
GuruFocus considers Exxaro Resources to be Fairly Valued.
Key valuation signals for EXXAF:
Graham Number: $23.88 (5327% above median its 10-year median of 0.44)
GF Value™: $11.55 vs. price of $12.45 (7.8% above fair value)
Industry Position: 2100.9% above the Other Energy Sources median (#8 of 82)
No single metric tells the full story. See the EXXAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exxaro Resources Ltd is one of the South Africa-based diversified resources companies. The company's operating segments are: Coal, Energy, Metals, and Others. The majority of its revenue comes from the coal segment, whose operations are located in the Waterberg and Mpumalanga regions and are split between coal commercial operations and coal-tied operations and produce thermal and metallurgical coal, Commercial Waterberg is comprised mainly of the Grootegeluk operation, Commercial Mpumalanga comprising the Belfast and Leeuwpan operations, and Tied comprising of the Matla mine supplying its entire coal supply to Eskom; and Others comprises of the other coal affiliated operation. Geographically, the company derives majority of its revenue from the RSA region ( Republic of South Africa).
85GF Score
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