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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.
The historical rank and industry rank for Millicom International Cellular's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Millicom International Cellular was 15.92. The lowest was 2.37. And the median was 4.64.
FRA:M4M1's Price-to-Graham-Number is not ranked *
in the Telecommunication Services industry.
Industry Median: 1.585 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Millicom International Cellular (FRA:M4M1) 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.
Millicom International Cellular's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
77.00
/
N/A
=
N/A
* 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.
Millicom International Cellular Graham Number Related Terms
Millicom International Cellular 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.
Millicom International Cellular Graham Number Chart
FRA:M4M1 vs CHTR, GSAT, LUMN: Graham Number Comparison
For the Telecom Services subindustry, Millicom International Cellular'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.
Millicom International Cellular Price-to-Graham-Number vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Millicom International Cellular's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Millicom International Cellular'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.
Millicom International Cellular (FRA:M4M1) has a Graham Number of €N/A as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Millicom International Cellular and its competitors. According to the industry distribution chart, Millicom International Cellular ranks #999999 out of 192 companies in the Telecommunication Services industry.
Is Millicom International Cellular's Graham Number too high?
Millicom International Cellular's current Graham Number is €N/A. Based on the distribution chart, Millicom International Cellular ranks #999999 out of 192 companies in the Telecommunication Services industry, which is in the bottom quartile relative to peers. Overall, Millicom International Cellular has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Millicom International Cellular's Graham Number compare to CHTR and GSAT?
According to the Telecommunication Services industry distribution chart, Millicom International Cellular ranks #999999 out of 192 companies for Graham Number. This places Millicom International Cellular in the lower half of its industry. The industry median Graham Number is 1.59. 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 Telecommunication Services company?
The median Graham Number among Telecommunication Services companies is 1.59, based on 192 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 Millicom International Cellular and its competitors. For the Telecommunication Services industry, the median Graham Number is 1.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Millicom International Cellular's current Graham Number is €N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Millicom International Cellular stock overvalued right now?
Based on GuruFocus' analysis, Millicom International Cellular (FRA:M4M1) is currently considered Significantly Overvalued. The stock's GF Value™ is €30.64, compared to a current price of €77.00 — trading 151.3% above its estimated fair value. The current Graham Number is €N/A. Millicom International Cellular's overall GF Score™ is 59/100 with 10 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 Millicom International Cellular (FRA:M4M1), the current Graham Number is €N/A as of Jun. 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 Millicom International Cellular (FRA:M4M1) Overvalued in 2026?
Based on GuruFocus' analysis, Millicom International Cellular stock appears to be overvalued.
The current stock price of €77.00 is trading 151.3% above its estimated GF Value™ of €30.64.
GuruFocus considers Millicom International Cellular to be Significantly Overvalued.
Key valuation signals for FRA:M4M1:
Graham Number: €N/A
GF Value™: €30.64 vs. price of €77.00 (151.3% above fair value)
No single metric tells the full story. See the FRA:M4M1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, Ecuador, Uruguay, and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm's wireless networks cover about 145 million people, serving nearly 60 million customers. Its fixed-line networks reach 22 million homes, serving about 5.6 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm also formed a joint venture to acquire Telefónica's operations in Chile.
59GF Score
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