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Bangkok Airways PCLFRA:8BA -1.38%68 Graham Number is €0.45 as of Mar. 2026, which is 100% below its 10-year median of 1.16. GuruFocus rates FRA:8BA with a GF Score™ of 68/100 and a GF Value™ of €0.47. The stock has 8 warning signs investors should review. Among 743 Transportation companies, Bangkok Airways PCL ranks worse than 51.55% 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 (2026-07-26), the stock price of Bangkok Airways PCL is €0.43. Bangkok Airways PCL's graham number for the quarter that ended in Mar. 2026 was €0.45. Therefore, Bangkok Airways PCL's Price to Graham Number ratio for today is 0.96.
The historical rank and industry rank for Bangkok Airways PCL's Graham Number or its related term are showing as below:
FRA:8BA'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.8 Med: 1.16 Max: 3.03
Current: 1.05
During the past 13 years, the highest Price to Graham Number ratio of Bangkok Airways PCL was 3.03. The lowest was 0.80. And the median was 1.16.
FRA:8BA's Price-to-Graham-Number is ranked worse than 51.55% of 743
companies
in the Transportation industry
Industry Median: 1.01
vs FRA:8BA: 1.05
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Bangkok Airways PCL (FRA:8BA) 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.
Bangkok Airways PCL's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
0.43
/
0.45
=
0.96
* 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.
Bangkok Airways PCL Graham Number Related Terms
Bangkok Airways PCL Graham Number Historical Data
* Premium members only.
The historical data trend for Bangkok Airways PCL'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.
FRA:8BA vs DAL, UAL, LUV: Graham Number Comparison
For the Airlines subindustry, Bangkok Airways PCL'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.
Bangkok Airways PCL Price-to-Graham-Number vs Transportation Industry
For the Transportation industry and Industrials sector, Bangkok Airways PCL's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Bangkok Airways PCL'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.
Bangkok Airways PCL (FRA:8BA) has a Graham Number of €0.45 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Bangkok Airways PCL and its competitors. This is 61% below median its historical median of 1.16. Over the past decade, Bangkok Airways PCL's Graham Number has ranged from 0.80 to 3.03. According to the industry distribution chart, Bangkok Airways PCL ranks #383 out of 743 companies in the Transportation industry, placing it in the top 51.5%.
Is Bangkok Airways PCL's Graham Number too high?
Bangkok Airways PCL's current Graham Number of €0.45 is 61% below median its 10-year median of 1.16. Over the past 10 years, this metric has ranged from a low of 0.80 to a high of 3.03. Based on the distribution chart, Bangkok Airways PCL ranks #383 out of 743 companies in the Transportation industry, which is below the industry midpoint. Overall, Bangkok Airways PCL has a GF Score™ of 68/100, reflecting its overall financial health beyond just this single metric.
How does Bangkok Airways PCL's Graham Number compare to DAL and UAL?
According to the Transportation industry distribution chart, Bangkok Airways PCL ranks #383 out of 743 companies for Graham Number. This places Bangkok Airways PCL in the lower half of its industry. The industry median Graham Number is 1.01. Historically, Bangkok Airways PCL's own Graham Number has ranged from 0.80 to 3.03 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 Transportation company?
The median Graham Number among Transportation companies is 1.01, based on 743 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 Bangkok Airways PCL and its competitors. For the Transportation industry, the median Graham Number is 1.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bangkok Airways PCL's current Graham Number is €0.45, which is 61% below median its own 10-year median of 1.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bangkok Airways PCL stock overvalued right now?
Bangkok Airways PCL (FRA:8BA) has a current Graham Number of €0.45. The stock's GF Value™ is €0.47, compared to a current price of €0.43 — trading 8.5% below its estimated fair value. The current Graham Number is €0.45, which is 61% below median its 10-year median of 1.16. Bangkok Airways PCL's overall GF Score™ is 68/100 with 8 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 Bangkok Airways PCL (FRA:8BA), the current Graham Number is €0.45 as of Mar. 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 Bangkok Airways PCL (FRA:8BA) Overvalued in 2026?
Based on GuruFocus' analysis, Bangkok Airways PCL stock appears to be undervalued.
The current stock price of €0.43 is trading 8.5% below its estimated GF Value™ of €0.47.
Key valuation signals for FRA:8BA:
Graham Number: €0.45 (61% below median its 10-year median of 1.16)
GF Value™: €0.47 vs. price of €0.43 (8.5% below fair value)
No single metric tells the full story. See the FRA:8BA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bangkok Airways PCL is principally engaged in the provision of air transportation and airport services. It operates in three segments; The airline segment sells tickets and provides services to passengers, the airport segment provides location services for passengers and airlines, and the supporting airline business segment, which provides ground handling, cargo, and catering services for airlines and customers. The majority of its revenue is from the Airline segment. It mainly operates in Thailand.
68GF Score
Get the complete analysis for FRA:8BA
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