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Budapest Stock ExchangeFRA:R0R +0.64%27 Graham Number is €46.44 as of Mar. 2026, which is 100% below its 10-year median of 0.63. GuruFocus rates FRA:R0R with a GF Score™ of 27/100. The stock has 4 warning signs investors should review. Among 526 Capital Markets companies, Budapest Stock Exchange ranks better than 68.82% 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.
Budapest Stock Exchange (FRA:R0R) 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.
Budapest Stock Exchange's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
31.60
/
46.44
=
0.68
* 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.
Budapest Stock Exchange Graham Number Related Terms
Budapest Stock Exchange 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.
FRA:R0R vs SPGI, CME, ICE: Graham Number Comparison
For the Financial Data & Stock Exchanges subindustry, Budapest Stock Exchange'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.
Budapest Stock Exchange Price-to-Graham-Number vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Budapest Stock Exchange's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Budapest Stock Exchange'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.
Budapest Stock Exchange (FRA:R0R) has a Graham Number of €46.44 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Budapest Stock Exchange and its competitors. This is 7271% above median its historical median of 0.63. Over the past decade, Budapest Stock Exchange's Graham Number has ranged from 0.41 to 0.75. According to the industry distribution chart, Budapest Stock Exchange ranks #164 out of 526 companies in the Capital Markets industry, placing it in the top 31.2%.
Is Budapest Stock Exchange's Graham Number too high?
Budapest Stock Exchange's current Graham Number of €46.44 is 7271% above median its 10-year median of 0.63. Over the past 10 years, this metric has ranged from a low of 0.41 to a high of 0.75. Based on the distribution chart, Budapest Stock Exchange ranks #164 out of 526 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Budapest Stock Exchange has a GF Score™ of 27/100, reflecting its overall financial health beyond just this single metric.
How does Budapest Stock Exchange's Graham Number compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Budapest Stock Exchange ranks #164 out of 526 companies for Graham Number. This puts Budapest Stock Exchange in the upper half of its industry. The industry median Graham Number is 1.11. Historically, Budapest Stock Exchange's own Graham Number has ranged from 0.41 to 0.75 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 Capital Markets company?
The median Graham Number among Capital Markets companies is 1.11, based on 526 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 Budapest Stock Exchange and its competitors. For the Capital Markets industry, the median Graham Number is 1.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Budapest Stock Exchange's current Graham Number is €46.44, which is 7271% above median its own 10-year median of 0.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Budapest Stock Exchange stock overvalued right now?
Budapest Stock Exchange (FRA:R0R) has a current Graham Number of €46.44. The current Graham Number is €46.44, which is 7271% above median its 10-year median of 0.63. Budapest Stock Exchange's overall GF Score™ is 27/100 with 4 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 Budapest Stock Exchange (FRA:R0R), the current Graham Number is €46.44 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.
Budapest Stock Exchange PLC is engaged in the money and capital markets in Hungary. The Company provides corporations with opportunities to raise capital and offers investors a wide range of investment instruments. Its activities include listing services, trading services, dissemination of market information, and product development. The Company is a central player in the domestic money and capital market, providing financial resources to companies and promoting their development through financing via the capital sector, while enabling investors to participate in the growth of Hungarian companies and the domestic economy.
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