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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.
The historical rank and industry rank for Nuernberger Beteiligungs AG's Graham Number or its related term are showing as below:
HAM:NBG6'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.61 Med: 0.75 Max: 1.36
Current: 1.36
During the past 13 years, the highest Price to Graham Number ratio of Nuernberger Beteiligungs AG was 1.36. The lowest was 0.61. And the median was 0.75.
HAM:NBG6's Price-to-Graham-Number is ranked worse than 72.75% of 422
companies
in the Insurance industry
Industry Median: 0.93
vs HAM:NBG6: 1.36
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nuernberger Beteiligungs AG (HAM:NBG6) 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.
Nuernberger Beteiligungs AG's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
123.50
/
92.00
=
1.34
* 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.
Nuernberger Beteiligungs AG Graham Number Related Terms
Nuernberger Beteiligungs AG 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.
HAM:NBG6 vs BRK.A, AIG, HIG: Graham Number Comparison
For the Insurance - Diversified subindustry, Nuernberger Beteiligungs AG'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.
Nuernberger Beteiligungs AG Price-to-Graham-Number vs Insurance Industry
For the Insurance industry and Financial Services sector, Nuernberger Beteiligungs AG's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nuernberger Beteiligungs AG'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.
Nuernberger Beteiligungs AG (HAM:NBG6) has a Graham Number of €92.00 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nuernberger Beteiligungs AG and its competitors. According to the industry distribution chart, Nuernberger Beteiligungs AG ranks #307 out of 422 companies in the Insurance industry, placing it in the top 72.7%.
Is Nuernberger Beteiligungs AG's Graham Number too high?
Nuernberger Beteiligungs AG's current Graham Number is €92.00. Based on the distribution chart, Nuernberger Beteiligungs AG ranks #307 out of 422 companies in the Insurance industry, which is below the industry midpoint. Overall, Nuernberger Beteiligungs AG has a GF Score™ of 58/100, reflecting its overall financial health beyond just this single metric.
How does Nuernberger Beteiligungs AG's Graham Number compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Nuernberger Beteiligungs AG ranks #307 out of 422 companies for Graham Number. This places Nuernberger Beteiligungs AG in the lower half of its industry. The industry median Graham Number is 0.93. 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 an Insurance company?
The median Graham Number among Insurance companies is 0.93, based on 422 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 Nuernberger Beteiligungs AG and its competitors. For the Insurance industry, the median Graham Number is 0.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nuernberger Beteiligungs AG's current Graham Number is €92.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nuernberger Beteiligungs AG stock overvalued right now?
Nuernberger Beteiligungs AG (HAM:NBG6) has a current Graham Number of €92.00. The stock's GF Value™ is €66.66, compared to a current price of €123.50 — trading 85.3% above its estimated fair value. The current Graham Number is €92.00. Nuernberger Beteiligungs AG's overall GF Score™ is 58/100 with 5 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 Nuernberger Beteiligungs AG (HAM:NBG6), the current Graham Number is €92.00 as of Dec. 2025. 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 Nuernberger Beteiligungs AG (HAM:NBG6) Overvalued in 2026?
Based on GuruFocus' analysis, Nuernberger Beteiligungs AG stock appears to be overvalued.
The current stock price of €123.50 is trading 85.3% above its estimated GF Value™ of €66.66.
Key valuation signals for HAM:NBG6:
Graham Number: €92.00
GF Value™: €66.66 vs. price of €123.50 (85.3% above fair value)
No single metric tells the full story. See the HAM:NBG6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nuernberger Beteiligungs AG operates in the German financial services domain. Its prime focus is on offering insurance products that span the life, health, and property insurance products. The Life business area comprises of the company's subsidiaries engaged in the provision of life insurances, disability insurance, occupational pensions and various forms of risk insurance, and pension funds. The Health segment is concerned with the provision of health and supplementary insurance and the property insurance segment is responsible for the activities related to in property, casualty, accident insurance, as well as reinsurance. In addition, it provides banking services encompassing financial products, asset management, and investment services.
58GF Score
Get the complete analysis for HAM:NBG6
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