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Combined Motor HoldingsJSE:CMH 93 Graham Number is R49.66 as of Feb. 2026, which is 100% below its 10-year median of 0.76. GuruFocus rates JSE:CMH with a GF Score™ of 93/100 and a GF Value™ of R39.35 (Fairly Valued). The stock has 3 warning signs investors should review. Among 986 Vehicles & Parts companies, Combined Motor Holdings ranks better than 67.75% 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.
Combined Motor Holdings (JSE:CMH) 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.
Combined Motor Holdings's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
38.00
/
49.66
=
0.77
* 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.
Combined Motor Holdings Graham Number Related Terms
Combined Motor Holdings 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.
JSE:CMH vs CVNA, PAG, KMX: Graham Number Comparison
For the Auto & Truck Dealerships subindustry, Combined Motor Holdings'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.
Combined Motor Holdings Price-to-Graham-Number vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Combined Motor Holdings's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Combined Motor Holdings'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.
Combined Motor Holdings (JSE:CMH) has a Graham Number of R49.66 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Combined Motor Holdings and its competitors. This is 6434% above median its historical median of 0.76. Over the past decade, Combined Motor Holdings' Graham Number has ranged from 0.57 to 1.01. According to the industry distribution chart, Combined Motor Holdings ranks #318 out of 986 companies in the Vehicles & Parts industry, placing it in the top 32.3%.
Is Combined Motor Holdings' Graham Number too high?
Combined Motor Holdings' current Graham Number of R49.66 is 6434% above median its 10-year median of 0.76. Over the past 10 years, this metric has ranged from a low of 0.57 to a high of 1.01. Based on the distribution chart, Combined Motor Holdings ranks #318 out of 986 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Combined Motor Holdings has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Combined Motor Holdings' Graham Number compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Combined Motor Holdings ranks #318 out of 986 companies for Graham Number. This puts Combined Motor Holdings in the upper half of its industry. The industry median Graham Number is 1.15. Historically, Combined Motor Holdings' own Graham Number has ranged from 0.57 to 1.01 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 Vehicles & Parts company?
The median Graham Number among Vehicles & Parts companies is 1.15, based on 986 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 Combined Motor Holdings and its competitors. For the Vehicles & Parts industry, the median Graham Number is 1.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Combined Motor Holdings's current Graham Number is R49.66, which is 6434% above median its own 10-year median of 0.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Combined Motor Holdings stock overvalued right now?
Based on GuruFocus' analysis, Combined Motor Holdings (JSE:CMH) is currently considered Fairly Valued. The stock's GF Value™ is R39.35, compared to a current price of R38.00 — trading 3.4% below its estimated fair value. The current Graham Number is R49.66, which is 6434% above median its 10-year median of 0.76. Combined Motor Holdings' overall GF Score™ is 93/100 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 Combined Motor Holdings (JSE:CMH), the current Graham Number is R49.66 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 Combined Motor Holdings (JSE:CMH) Overvalued in 2026?
Based on GuruFocus' analysis, Combined Motor Holdings stock appears to be undervalued.
The current stock price of R38.00 is trading 3.4% below its estimated GF Value™ of R39.35.
GuruFocus considers Combined Motor Holdings to be Fairly Valued.
Key valuation signals for JSE:CMH:
Graham Number: R49.66 (6434% above median its 10-year median of 0.76)
GF Value™: R39.35 vs. price of R38.00 (3.4% below fair value)
No single metric tells the full story. See the JSE:CMH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Combined Motor Holdings Ltd is a South Africa-based investment holding company engaged in motor retail and distribution, car hire, and financial services. The Company operates through four business segments: Motor Retail and Distribution, which generates maximum revenue and covers passenger, light commercial, and heavy commercial vehicles in both the volume and luxury categories; Car Hire, which offers a range of well-maintained vehicles for short- and long-term hire; Financial Services, which provides insurance underwriting facilities for products sold with new and used vehicles, including coverage for death, disability, dread disease, retrenchment, vehicle and component warranties, and vehicle financing through joint ventures with two finance houses; and Corporate Services and Other.
93GF Score
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