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Redefine PropertiesJSE:RDF +0.15%55 Graham Number is R9.74 as of Feb. 2026, which is 100% below its 10-year median of 0.70. GuruFocus rates JSE:RDF with a GF Score™ of 55/100 and a GF Value™ of R3.78 (Significantly Overvalued). The stock has 12 warning signs investors should review. Among 736 REITs companies, Redefine Properties ranks better than 59.24% 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 (2026-07-19), the stock price of Redefine Properties is R6.47. Redefine Properties's graham number for the quarter that ended in Feb. 2026 was R9.74. Therefore, Redefine Properties's Price to Graham Number ratio for today is 0.66.
The historical rank and industry rank for Redefine Properties's Graham Number or its related term are showing as below:
JSE:RDF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.33 Med: 0.7 Max: 0.95
Current: 0.66
During the past 13 years, the highest Price to Graham Number ratio of Redefine Properties was 0.95. The lowest was 0.33. And the median was 0.70.
JSE:RDF's Price-to-Graham-Number is ranked better than 59.24% of 736
companies
in the REITs industry
Industry Median: 0.745
vs JSE:RDF: 0.66
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Redefine Properties (JSE:RDF) 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.
Redefine Properties's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Feb. 2026 )
=
6.47
/
9.74
=
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.
Redefine Properties Graham Number Related Terms
Redefine Properties Graham Number Historical Data
* Premium members only.
The historical data trend for Redefine Properties'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.
For the REIT - Diversified subindustry, Redefine Properties'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.
Redefine Properties Price-to-Graham-Number vs REITs Industry
For the REITs industry and Real Estate sector, Redefine Properties's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Redefine Properties'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.
Redefine Properties (JSE:RDF) has a Graham Number of R9.74 as of Feb. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Redefine Properties and its competitors. This is 1291% above median its historical median of 0.70. Over the past decade, Redefine Properties' Graham Number has ranged from 0.33 to 0.95. According to the industry distribution chart, Redefine Properties ranks #300 out of 736 companies in the REITs industry, placing it in the top 40.8%.
Is Redefine Properties' Graham Number too high?
Redefine Properties' current Graham Number of R9.74 is 1291% above median its 10-year median of 0.70. Over the past 10 years, this metric has ranged from a low of 0.33 to a high of 0.95. Based on the distribution chart, Redefine Properties ranks #300 out of 736 companies in the REITs industry, which is above the industry midpoint. Overall, Redefine Properties has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Redefine Properties' Graham Number compare to VICI and WPC?
According to the REITs industry distribution chart, Redefine Properties ranks #300 out of 736 companies for Graham Number. This puts Redefine Properties in the upper half of its industry. The industry median Graham Number is 0.75. Historically, Redefine Properties' own Graham Number has ranged from 0.33 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 0.75, based on 736 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 Redefine Properties and its competitors. For the REITs industry, the median Graham Number is 0.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Redefine Properties's current Graham Number is R9.74, which is 1291% above median its own 10-year median of 0.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Redefine Properties stock overvalued right now?
Based on GuruFocus' analysis, Redefine Properties (JSE:RDF) is currently considered Significantly Overvalued. The stock's GF Value™ is R3.78, compared to a current price of R6.47 — trading 71.2% above its estimated fair value. The current Graham Number is R9.74, which is 1291% above median its 10-year median of 0.70. Redefine Properties' overall GF Score™ is 55/100 with 12 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 Redefine Properties (JSE:RDF), the current Graham Number is R9.74 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 Redefine Properties (JSE:RDF) Overvalued in 2026?
Based on GuruFocus' analysis, Redefine Properties stock appears to be overvalued.
The current stock price of R6.47 is trading 71.2% above its estimated GF Value™ of R3.78.
GuruFocus considers Redefine Properties to be Significantly Overvalued.
Key valuation signals for JSE:RDF:
Graham Number: R9.74 (1291% above median its 10-year median of 0.70)
GF Value™: R3.78 vs. price of R6.47 (71.2% above fair value)
No single metric tells the full story. See the JSE:RDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Redefine Properties Ltd is a South African real estate investment trust involved in the ownership of office, retail, and industrial properties. The vast majority of Redefine's real estate portfolio is located in South Africa and Poland. Within South Africa, over half of the Company's properties by total value are situated in the province of Gauteng. The Group comprises the South Africa portfolio segment, including office, retail, industrial, specialised, and head office. Its international portfolio includes EPP, which is mainly retail; Redefine Europe, which is mainly industrial; Self Storage Investments, which is mainly self-storage; and Lango Real Estate, which represents the head office, along with head office funding related to international investments.
55GF Score
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