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Italgas SpAMIL:IG -0.16%75 Graham Number is €N/A as of Mar. 2026. GuruFocus rates MIL:IG with a GF Score™ of 75/100 and a GF Value™ of €7.90 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 416 Utilities - Regulated companies, Italgas SpA ranks worse than 240384.38% 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 (2026-07-17), the stock price of Italgas SpA is €9.984. Italgas SpA's graham number for the quarter that ended in Mar. 2026 was €N/A. Therefore, Italgas SpA's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Italgas SpA's Graham Number or its related term are showing as below:
MIL:IG's Price-to-Graham-Number is not ranked *
in the Utilities - Regulated industry.
Industry Median: 1.12 * 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.
Italgas SpA (MIL:IG) 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.
Italgas SpA's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
9.984
/
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.
Italgas SpA Graham Number Related Terms
Italgas SpA Graham Number Historical Data
* Premium members only.
The historical data trend for Italgas 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.
For the Utilities - Regulated Gas subindustry, Italgas 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.
Italgas SpA Price-to-Graham-Number vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Italgas SpA's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Italgas 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.
Italgas SpA (MIL:IG) has a Graham Number of €N/A as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Italgas SpA and its competitors. According to the industry distribution chart, Italgas SpA ranks #999999 out of 416 companies in the Utilities - Regulated industry.
Is Italgas SpA's Graham Number too high?
Italgas SpA's current Graham Number is €N/A. Based on the distribution chart, Italgas SpA ranks #999999 out of 416 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Italgas SpA has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Italgas SpA's Graham Number compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Italgas SpA ranks #999999 out of 416 companies for Graham Number. This places Italgas SpA in the lower half of its industry. The industry median Graham Number is 1.12. 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 Utilities - Regulated company?
The median Graham Number among Utilities - Regulated companies is 1.12, based on 416 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 Italgas SpA and its competitors. For the Utilities - Regulated industry, the median Graham Number is 1.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Italgas SpA's current Graham Number is €N/A. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Italgas SpA stock overvalued right now?
Based on GuruFocus' analysis, Italgas SpA (MIL:IG) is currently considered Modestly Overvalued. The stock's GF Value™ is €7.90, compared to a current price of €9.98 — trading 26.4% above its estimated fair value. The current Graham Number is €N/A. Italgas SpA's overall GF Score™ is 75/100 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 Italgas SpA (MIL:IG), the current Graham Number is €N/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 Italgas SpA (MIL:IG) Overvalued in 2026?
Based on GuruFocus' analysis, Italgas SpA stock appears to be overvalued.
The current stock price of €9.98 is trading 26.4% above its estimated GF Value™ of €7.90.
GuruFocus considers Italgas SpA to be Modestly Overvalued.
Key valuation signals for MIL:IG:
Graham Number: €N/A
GF Value™: €7.90 vs. price of €9.98 (26.4% above fair value)
No single metric tells the full story. See the MIL:IG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Italgas SpA is an Italy-based company engaged in the business of natural gas distribution. The distribution service consists of transporting gas through local pipeline networks, from points of delivery at the reduction and measurement stations interconnected with the transport networks up to the final delivery points to customers. In addition, the company is also engaged in metering activities, which consist of determining, gathering, making available, and archiving metering data on natural gas withdrawn over the distribution networks. It derives a majority of its revenue from natural gas distribution activity. The other activities of the company are the distribution and sale of water and providing technical, engineering, IT assistance, and other services.
75GF Score
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