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Spar GroupJSE:SPP -0.19%50 Graham Number is RN/A as of Mar. 2026. GuruFocus rates JSE:SPP with a GF Score™ of 50/100 and a GF Value™ of R108.04 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 237 Retail - Defensive companies, Spar Group ranks worse than 421940.51% 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 (2026-07-28), the stock price of Spar Group is R47.50. Spar Group's graham number for the quarter that ended in Mar. 2026 was RN/A. Therefore, Spar Group's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Spar Group's Graham Number or its related term are showing as below:
During the past 13 years, the highest Price to Graham Number ratio of Spar Group was 15.61. The lowest was 2.59. And the median was 3.62.
JSE:SPP's Price-to-Graham-Number is not ranked *
in the Retail - Defensive industry.
Industry Median: 1.28 * Ranked among companies with meaningful Price-to-Graham-Number only.
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Spar Group (JSE:SPP) 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.
Spar Group's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
47.50
/
N/A
=
N/A
* 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.
Spar Group Graham Number Related Terms
Spar Group Graham Number Historical Data
* Premium members only.
The historical data trend for Spar Group'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:SPP vs SYY, USFD, PFGC: Graham Number Comparison
For the Food Distribution subindustry, Spar Group'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.
Spar Group Price-to-Graham-Number vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Spar Group's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Spar Group'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.
Spar Group (JSE:SPP) has a Graham Number of RN/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Spar Group and its competitors. Over the past decade, Spar Group's Graham Number has ranged from 2.59 to 15.61. According to the industry distribution chart, Spar Group ranks #999999 out of 237 companies in the Retail - Defensive industry.
Is Spar Group's Graham Number too high?
Spar Group's current Graham Number is RN/A. Over the past 10 years, this metric has ranged from a low of 2.59 to a high of 15.61. Based on the distribution chart, Spar Group ranks #999999 out of 237 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Spar Group has a GF Score™ of 50/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Spar Group's Graham Number compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Spar Group ranks #999999 out of 237 companies for Graham Number. This places Spar Group in the lower half of its industry. The industry median Graham Number is 1.28. Historically, Spar Group's own Graham Number has ranged from 2.59 to 15.61 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 Retail - Defensive company?
The median Graham Number among Retail - Defensive companies is 1.28, based on 237 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 Spar Group and its competitors. For the Retail - Defensive industry, the median Graham Number is 1.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spar Group's current Graham Number is RN/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spar Group stock overvalued right now?
Based on GuruFocus' analysis, Spar Group (JSE:SPP) is currently considered Significantly Undervalued. The stock's GF Value™ is R108.04, compared to a current price of R47.50 — trading 56% below its estimated fair value. The current Graham Number is RN/A. Spar Group's overall GF Score™ is 50/100 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 Spar Group (JSE:SPP), the current Graham Number is RN/A 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.
Is Spar Group (JSE:SPP) Overvalued in 2026?
Based on GuruFocus' analysis, Spar Group stock appears to be undervalued.
The current stock price of R47.50 is trading 56% below its estimated GF Value™ of R108.04.
GuruFocus considers Spar Group to be Significantly Undervalued.
Key valuation signals for JSE:SPP:
Graham Number: RN/A
GF Value™: R108.04 vs. price of R47.50 (56% below fair value)
No single metric tells the full story. See the JSE:SPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spar Group Ltd operates as a wholesaler and distributor of goods and services to SPAR grocery stores and multiple other branded group retail outlets across multiple regions. It supplies fresh produce and merchandise to a network of independent retailers who operate under its brands like TOPS at SPAR, Build it, SPAR Health, and Encore. The company's revenue mainly comprise the revenue from the sale of merchandise, marketing and promotional activities as well as franchise fees. Geographically, it has a presence in Southern Africa, Ireland and South West England, Switzerland, Poland and Sri Lanka, with the majority of revenue generated from South Africa.
50GF Score
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