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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.
Afine InvestmentsJSE:ANI 65 Graham Number is R7.53 as of Feb. 2026, which is 100% below its 10-year median of 0.54. GuruFocus rates JSE:ANI with a GF Score™ of 65/100 and a GF Value™ of R4.97 (Fairly Valued). The stock has 3 warning signs investors should review. Among 724 REITs companies, Afine Investments ranks better than 58.15% 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 (2026-08-06), the stock price of Afine Investments is R5.00. Afine Investments's graham number for the quarter that ended in Feb. 2026 was R7.53. Therefore, Afine Investments's Price to Graham Number ratio for today is 0.66.
The historical rank and industry rank for Afine Investments's Graham Number or its related term are showing as below:
JSE:ANI'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.23 Med: 0.54 Max: 0.95
Current: 0.66
During the past 6 years, the highest Price to Graham Number ratio of Afine Investments was 0.95. The lowest was 0.23. And the median was 0.54.
JSE:ANI's Price-to-Graham-Number is ranked better than 58.15% of 724
companies
in the REITs industry
Industry Median: 0.74
vs JSE:ANI: 0.66
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Afine Investments (JSE:ANI) 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.
Afine Investments's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
5.00
/
7.53
=
0.66
* 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.
Afine Investments Graham Number Related Terms
Afine Investments Graham Number Historical Data
* Premium members only.
The historical data trend for Afine Investments'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.
JSE:ANI vs EQIX, AMT, DLR: Graham Number Comparison
For the REIT - Specialty subindustry, Afine Investments'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.
Afine Investments Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Afine Investments's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Afine Investments'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.
Afine Investments (JSE:ANI) has a Graham Number of R7.53 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Afine Investments and its competitors. This is 1294% above median its historical median of 0.54. Over the past decade, Afine Investments' Graham Number has ranged from 0.23 to 0.95. According to the industry distribution chart, Afine Investments ranks #303 out of 724 companies in the REITs industry, placing it in the top 41.9%.
Is Afine Investments' Graham Number too high?
Afine Investments' current Graham Number of R7.53 is 1294% above median its 10-year median of 0.54. Over the past 10 years, this metric has ranged from a low of 0.23 to a high of 0.95. Based on the distribution chart, Afine Investments ranks #303 out of 724 companies in the REITs industry, which is above the industry midpoint. Overall, Afine Investments has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Afine Investments' Graham Number compare to EQIX and AMT?
According to the REITs industry distribution chart, Afine Investments ranks #303 out of 724 companies for Graham Number. This puts Afine Investments in the upper half of its industry. The industry median Graham Number is 0.74. Historically, Afine Investments' own Graham Number has ranged from 0.23 to 0.95 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 REITs company?
The median Graham Number among REITs companies is 0.74, based on 724 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 Afine Investments and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Afine Investments's current Graham Number is R7.53, which is 1294% above median its own 10-year median of 0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Afine Investments stock overvalued right now?
Based on GuruFocus' analysis, Afine Investments (JSE:ANI) is currently considered Fairly Valued. The stock's GF Value™ is R4.97, compared to a current price of R5.00 — trading 0.6% above its estimated fair value. The current Graham Number is R7.53, which is 1294% above median its 10-year median of 0.54. Afine Investments' overall GF Score™ is 65/100 with 3 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 Afine Investments (JSE:ANI), the current Graham Number is R7.53 as of Feb. 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 Afine Investments (JSE:ANI) Overvalued in 2026?
Based on GuruFocus' analysis, Afine Investments stock appears to be overvalued.
The current stock price of R5.00 is trading 0.6% above its estimated GF Value™ of R4.97.
GuruFocus considers Afine Investments to be Fairly Valued.
Key valuation signals for JSE:ANI:
Graham Number: R7.53 (1294% above median its 10-year median of 0.54)
GF Value™: R4.97 vs. price of R5.00 (0.6% above fair value)
No single metric tells the full story. See the JSE:ANI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Afine Investments Ltd is a specialized commercial real estate. It holds a portfolio of income-generating immovable properties focused mainly on the petroleum sector. geographically company operates in Gauteng and North-West, Mpumalanga, and Western Cape Segment. Out of these geographical segments, the majority of revenue is generated from Gauteng and North-West.
65GF Score
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