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High Quality Food SpAMIL:HQF +3.06%30 Graham Number is €0.47 as of Dec. 2025, which is 100% below its 10-year median of 1.44. GuruFocus rates MIL:HQF with a GF Score™ of 30/100. The stock has 7 warning signs investors should review. Among 233 Retail - Defensive companies, High Quality Food SpA ranks better than 58.8% 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 High Quality Food SpA's Graham Number or its related term are showing as below:
MIL:HQF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.97 Med: 1.44 Max: 1.81
Current: 1.07
During the past 5 years, the highest Price to Graham Number ratio of High Quality Food SpA was 1.81. The lowest was 0.97. And the median was 1.44.
MIL:HQF's Price-to-Graham-Number is ranked better than 58.8% of 233
companies
in the Retail - Defensive industry
Industry Median: 1.26
vs MIL:HQF: 1.07
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
High Quality Food SpA (MIL:HQF) 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.
High Quality Food SpA's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
0.505
/
0.47
=
1.06
* 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.
High Quality Food SpA Graham Number Related Terms
High Quality Food SpA Graham Number Historical Data
* Premium members only.
The historical data trend for High Quality Food SpA'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.
MIL:HQF vs SYY, USFD, PFGC: Graham Number Comparison
For the Food Distribution subindustry, High Quality Food SpA'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.
High Quality Food SpA Price-to-Graham-Number vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, High Quality Food SpA's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where High Quality Food SpA'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.
High Quality Food SpA (MIL:HQF) has a Graham Number of €0.47 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on High Quality Food SpA and its competitors. This is 67% below median its historical median of 1.44. Over the past decade, High Quality Food SpA's Graham Number has ranged from 0.97 to 1.81. According to the industry distribution chart, High Quality Food SpA ranks #96 out of 233 companies in the Retail - Defensive industry, placing it in the top 41.2%.
Is High Quality Food SpA's Graham Number too high?
High Quality Food SpA's current Graham Number of €0.47 is 67% below median its 10-year median of 1.44. Over the past 10 years, this metric has ranged from a low of 0.97 to a high of 1.81. Based on the distribution chart, High Quality Food SpA ranks #96 out of 233 companies in the Retail - Defensive industry, which is above the industry midpoint. Overall, High Quality Food SpA has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does High Quality Food SpA's Graham Number compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, High Quality Food SpA ranks #96 out of 233 companies for Graham Number. This puts High Quality Food SpA in the upper half of its industry. The industry median Graham Number is 1.26. Historically, High Quality Food SpA's own Graham Number has ranged from 0.97 to 1.81 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 1.26, based on 233 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 High Quality Food SpA and its competitors. For the Retail - Defensive industry, the median Graham Number is 1.26 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. High Quality Food SpA's current Graham Number is €0.47, which is 67% below median its own 10-year median of 1.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is High Quality Food SpA stock overvalued right now?
High Quality Food SpA (MIL:HQF) has a current Graham Number of €0.47. The current Graham Number is €0.47, which is 67% below median its 10-year median of 1.44. High Quality Food SpA's overall GF Score™ is 30/100 with 7 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 High Quality Food SpA (MIL:HQF), the current Graham Number is €0.47 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.
High Quality Food SpA specializes in producing and marketing food products mainly for the hotel and restaurant sectors. It offers meats, charcuterie products, cheese products, fish and seafood products, fresh fruits and vegetables, bakery products, pasta, rice and cereals, oil, sauces and condiments, canned and tinned products, etc. The company also sells accessories for the catering industry such as vacuum packing, bamboo skewers, packaging, etc. Geographically, the company derives a majority of its revenue from Italy and the rest from other parts of Europe, and other countries.
30GF Score
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