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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.
FRA:2ES's Price-to-Graham-Number is ranked worse than 75% of 736
companies
in the REITs industry
Industry Median: 0.745
vs FRA:2ES: 1.14
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Industrial & Infrastructure Fund Investment (FRA:2ES) 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.
Industrial & Infrastructure Fund Investment's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jan. 2026 )
=
775.00
/
703.11
=
1.10
* 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.
Industrial & Infrastructure Fund Investment Graham Number Related Terms
Industrial & Infrastructure Fund Investment 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.
Industrial & Infrastructure Fund Investment Graham Number Chart
Industrial & Infrastructure Fund Investment Annual Data
FRA:2ES vs PLD, PSA, EXR: Graham Number Comparison
For the REIT - Industrial subindustry, Industrial & Infrastructure Fund Investment'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.
Industrial & Infrastructure Fund Investment 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.
Industrial & Infrastructure Fund Investment (FRA:2ES) has a Graham Number of €703.11 as of Jan. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Industrial & Infrastructure Fund Investment and its competitors. This is 43844% above median its historical median of 1.60. Over the past decade, Industrial & Infrastructure Fund Investment's Graham Number has ranged from 0.98 to 2.11. According to the industry distribution chart, Industrial & Infrastructure Fund Investment ranks #552 out of 736 companies in the REITs industry, placing it in the top 75%.
Is Industrial & Infrastructure Fund Investment's Graham Number too high?
Industrial & Infrastructure Fund Investment's current Graham Number of €703.11 is 43844% above median its 10-year median of 1.60. Over the past 10 years, this metric has ranged from a low of 0.98 to a high of 2.11. Based on the distribution chart, Industrial & Infrastructure Fund Investment ranks #552 out of 736 companies in the REITs industry, which is below the industry midpoint. Overall, Industrial & Infrastructure Fund Investment has a GF Score™ of 76/100, reflecting its overall financial health beyond just this single metric.
How does Industrial & Infrastructure Fund Investment's Graham Number compare to PLD and PSA?
According to the REITs industry distribution chart, Industrial & Infrastructure Fund Investment ranks #552 out of 736 companies for Graham Number. This places Industrial & Infrastructure Fund Investment in the lower half of its industry. The industry median Graham Number is 0.75. Historically, Industrial & Infrastructure Fund Investment's own Graham Number has ranged from 0.98 to 2.11 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 0.75, based on 736 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 Industrial & Infrastructure Fund Investment and its competitors. For the REITs industry, the median Graham Number is 0.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Industrial & Infrastructure Fund Investment's current Graham Number is €703.11, which is 43844% above median its own 10-year median of 1.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Industrial & Infrastructure Fund Investment stock overvalued right now?
Industrial & Infrastructure Fund Investment (FRA:2ES) has a current Graham Number of €703.11. The stock's GF Value™ is €750.53, compared to a current price of €775.00 — trading 3.3% above its estimated fair value. The current Graham Number is €703.11, which is 43844% above median its 10-year median of 1.60. Industrial & Infrastructure Fund Investment's overall GF Score™ is 76/100 with 11 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 Industrial & Infrastructure Fund Investment (FRA:2ES), the current Graham Number is €703.11 as of Jan. 2026. 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 Industrial & Infrastructure Fund Investment (FRA:2ES) Overvalued in 2026?
Based on GuruFocus' analysis, Industrial & Infrastructure Fund Investment stock appears to be overvalued.
The current stock price of €775.00 is trading 3.3% above its estimated GF Value™ of €750.53.
Key valuation signals for FRA:2ES:
Graham Number: €703.11 (43844% above median its 10-year median of 1.60)
GF Value™: €750.53 vs. price of €775.00 (3.3% above fair value)
No single metric tells the full story. See the FRA:2ES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Industrial & Infrastructure Fund Investment Business Description
Industrial & Infrastructure Fund Investment Corp operates as a J-REIT specializing in industrial properties. The company focuses on industrial properties including logistic facilities, manufacturing and R&D facilities, and infrastructures.
76GF Score
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