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.
Instone Real Estate Group SEFRA:INS -0.51%79 Graham Number is €19.52 as of Mar. 2026, which is 100% below its 10-year median of 0.75. GuruFocus rates FRA:INS with a GF Score™ of 79/100 and a GF Value™ of €7.65 (Fairly Valued). The stock has 9 warning signs investors should review. Among 1,171 Real Estate companies, Instone Real Estate Group SE ranks better than 81.81% 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 Instone Real Estate Group SE's Graham Number or its related term are showing as below:
FRA:INS'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.35 Med: 0.75 Max: 4.81
Current: 0.4
During the past 12 years, the highest Price to Graham Number ratio of Instone Real Estate Group SE was 4.81. The lowest was 0.35. And the median was 0.75.
FRA:INS's Price-to-Graham-Number is ranked better than 81.81% of 1171
companies
in the Real Estate industry
Industry Median: 0.75
vs FRA:INS: 0.40
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Instone Real Estate Group SE (FRA:INS) 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.
Instone Real Estate Group SE's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
7.78
/
19.52
=
0.40
* 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.
Instone Real Estate Group SE Graham Number Related Terms
Instone Real Estate Group SE 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.
Instone Real Estate Group SE Graham Number Competitor Comparison
For the Real Estate - Development subindustry, Instone Real Estate Group SE'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.
Instone Real Estate Group SE Price-to-Graham-Number vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Instone Real Estate Group SE's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Instone Real Estate Group SE'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.
Instone Real Estate Group SE (FRA:INS) has a Graham Number of €19.52 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Instone Real Estate Group SE and its competitors. This is 2503% above median its historical median of 0.75. Over the past decade, Instone Real Estate Group SE's Graham Number has ranged from 0.35 to 4.81. According to the industry distribution chart, Instone Real Estate Group SE ranks #213 out of 1171 companies in the Real Estate industry, placing it in the top 18.2%.
Is Instone Real Estate Group SE's Graham Number too high?
Instone Real Estate Group SE's current Graham Number of €19.52 is 2503% above median its 10-year median of 0.75. Over the past 10 years, this metric has ranged from a low of 0.35 to a high of 4.81. Based on the distribution chart, Instone Real Estate Group SE ranks #213 out of 1171 companies in the Real Estate industry, which is in the top quartile — a strong position relative to peers. Overall, Instone Real Estate Group SE has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Instone Real Estate Group SE's Graham Number compare to competitors?
According to the Real Estate industry distribution chart, Instone Real Estate Group SE ranks #213 out of 1171 companies for Graham Number. This places Instone Real Estate Group SE in the top 18% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.75. Historically, Instone Real Estate Group SE's own Graham Number has ranged from 0.35 to 4.81 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 Real Estate company?
The median Graham Number among Real Estate companies is 0.75, based on 1,171 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 Instone Real Estate Group SE and its competitors. For the Real Estate 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. Instone Real Estate Group SE's current Graham Number is €19.52, which is 2503% above median its own 10-year median of 0.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Instone Real Estate Group SE stock overvalued right now?
Based on GuruFocus' analysis, Instone Real Estate Group SE (FRA:INS) is currently considered Fairly Valued. The stock's GF Value™ is €7.65, compared to a current price of €7.78 — trading 1.7% above its estimated fair value. The current Graham Number is €19.52, which is 2503% above median its 10-year median of 0.75. Instone Real Estate Group SE's overall GF Score™ is 79/100 with 9 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 Instone Real Estate Group SE (FRA:INS), the current Graham Number is €19.52 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 Instone Real Estate Group SE (FRA:INS) Overvalued in 2026?
Based on GuruFocus' analysis, Instone Real Estate Group SE stock appears to be overvalued.
The current stock price of €7.78 is trading 1.7% above its estimated GF Value™ of €7.65.
GuruFocus considers Instone Real Estate Group SE to be Fairly Valued.
Key valuation signals for FRA:INS:
Graham Number: €19.52 (2503% above median its 10-year median of 0.75)
GF Value™: €7.65 vs. price of €7.78 (1.7% above fair value)
No single metric tells the full story. See the FRA:INS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Instone Real Estate Group SE is a real estate development company. The company is engaged in the development of modern, urban, multi-family homes and the redevelopment of listed buildings for residential use. The company constructs apartment buildings and residential quarters, refurbishment of monument-protected properties, and new buildings of real estate properties and other related activities. The company operates only in one business segment and one geographical segment and generates revenue and holds majority assets in Germany.
79GF Score
Get the complete analysis for FRA:INS
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
FRA:INS has been successfully added to your 
