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Gabelli Merchant PartnersLSE:GMPP 47 Graham Number is $12.69 as of Dec. 2025, which is 1411% above its 10-year median of 0.84. GuruFocus rates LSE:GMPP with a GF Score™ of 47/100 and a GF Value™ of $17.58 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 1,170 Asset Management companies, Gabelli Merchant Partners ranks better than 64.44% 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.
The historical rank and industry rank for Gabelli Merchant Partners's Graham Number or its related term are showing as below:
LSE:GMPP'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.48 Med: 0.84 Max: 2.17
Current: 0.58
During the past 8 years, the highest Price to Graham Number ratio of Gabelli Merchant Partners was 2.17. The lowest was 0.48. And the median was 0.84.
LSE:GMPP's Price-to-Graham-Number is ranked better than 64.44% of 1170
companies
in the Asset Management industry
Industry Median: 0.705
vs LSE:GMPP: 0.58
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Gabelli Merchant Partners (LSE:GMPP) 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.
Gabelli Merchant Partners's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
7.30
/
12.69
=
0.58
* 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.
Gabelli Merchant Partners Graham Number Related Terms
Gabelli Merchant Partners 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.
LSE:GMPP vs BLK, BX, KKR: Graham Number Comparison
For the Asset Management subindustry, Gabelli Merchant Partners'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.
Gabelli Merchant Partners Price-to-Graham-Number vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Gabelli Merchant Partners's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Gabelli Merchant Partners'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.
Gabelli Merchant Partners (LSE:GMPP) has a Graham Number of $12.69 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Gabelli Merchant Partners and its competitors. This is 1411% above median its historical median of 0.84. Over the past decade, Gabelli Merchant Partners' Graham Number has ranged from 0.48 to 2.17. According to the industry distribution chart, Gabelli Merchant Partners ranks #416 out of 1170 companies in the Asset Management industry, placing it in the top 35.6%.
Is Gabelli Merchant Partners' Graham Number too high?
Gabelli Merchant Partners' current Graham Number of $12.69 is 1411% above median its 10-year median of 0.84. Over the past 10 years, this metric has ranged from a low of 0.48 to a high of 2.17. The Asset Management industry median Graham Number is 0.71. Gabelli Merchant Partners' value of $12.69 is 1700% above this industry median. Based on the distribution chart, Gabelli Merchant Partners ranks #416 out of 1170 companies in the Asset Management industry, which is above the industry midpoint. Overall, Gabelli Merchant Partners has a GF Score™ of 47/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Gabelli Merchant Partners' Graham Number compare to BLK and BX?
According to the Asset Management industry distribution chart, Gabelli Merchant Partners ranks #416 out of 1170 companies for Graham Number. This puts Gabelli Merchant Partners in the upper half of its industry. The industry median Graham Number is 0.71. Gabelli Merchant Partners' value of $12.69 is 1700% above this benchmark. Historically, Gabelli Merchant Partners' own Graham Number has ranged from 0.48 to 2.17 over the past decade. While the company's 10-year median is 0.84 vs. the industry median of 0.71, Gabelli Merchant Partners has consistently been above the industry average. 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 Asset Management company?
The median Graham Number among Asset Management companies is 0.71, based on 1,170 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. Gabelli Merchant Partners's current Graham Number of $12.69 is 1700% above the industry median. 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 Gabelli Merchant Partners and its competitors. For the Asset Management industry, the median Graham Number is 0.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gabelli Merchant Partners's current Graham Number is $12.69, which is 1411% above median its own 10-year median of 0.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gabelli Merchant Partners stock overvalued right now?
Based on GuruFocus' analysis, Gabelli Merchant Partners (LSE:GMPP) is currently considered Possible Value Trap. The stock's GF Value™ is $17.58, compared to a current price of $7.30 — trading 58.5% below its estimated fair value. The current Graham Number is $12.69, which is 1411% above median its 10-year median of 0.84 and 1700% above the Asset Management industry median of 0.71. Gabelli Merchant Partners' overall GF Score™ is 47/100 with 2 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 Gabelli Merchant Partners (LSE:GMPP), the current Graham Number is $12.69 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 Gabelli Merchant Partners (LSE:GMPP) Overvalued in 2026?
Based on GuruFocus' analysis, Gabelli Merchant Partners stock appears to be undervalued.
The current stock price of $7.30 is trading 58.5% below its estimated GF Value™ of $17.58.
GuruFocus considers Gabelli Merchant Partners to be Possible Value Trap.
Key valuation signals for LSE:GMPP:
Graham Number: $12.69 (1411% above median its 10-year median of 0.84)
GF Value™: $17.58 vs. price of $7.30 (58.5% below fair value)
Industry Position: 1700% above the Asset Management median (#416 of 1170)
No single metric tells the full story. See the LSE:GMPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gabelli Merchant Partners PLC is an investment company based in the United Kingdom. Its investment objective is to seek to generate total return, consisting of capital appreciation and current income. The Company will seek a secondary objective of the protection of capital, uncorrelated with equity and fixed income markets.
47GF Score
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