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What is Nine Dragons Paper (Holdings) Graham Number?
Nine Dragons Paper (Holdings)NDGPF 47 Graham Number is $1.88 as of Dec. 2025, which is 276% above its 10-year median of 0.50. GuruFocus rates NDGPF with a GF Score™ of 47/100 and a GF Value™ of $0.62 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 171 Forest Products companies, Nine Dragons Paper (Holdings) ranks better than 77.78% 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 Nine Dragons Paper (Holdings)'s Graham Number or its related term are showing as below:
NDGPF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.31 Med: 0.5 Max: 0.9
Current: 0.52
During the past 13 years, the highest Price to Graham Number ratio of Nine Dragons Paper (Holdings) was 0.90. The lowest was 0.31. And the median was 0.50.
NDGPF's Price-to-Graham-Number is ranked better than 77.78% of 171
companies
in the Forest Products industry
Industry Median: 0.89
vs NDGPF: 0.52
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Nine Dragons Paper (Holdings) (OTCPK:NDGPF) 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.
Nine Dragons Paper (Holdings)'s Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
0.95
/
1.88
=
0.51
* 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.
Nine Dragons Paper (Holdings) Graham Number Related Terms
Nine Dragons Paper (Holdings) 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.
Nine Dragons Paper (Holdings) Graham Number Competitor Comparison
For the Paper & Paper Products subindustry, Nine Dragons Paper (Holdings)'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.
Nine Dragons Paper (Holdings) Price-to-Graham-Number vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Nine Dragons Paper (Holdings)'s Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Nine Dragons Paper (Holdings)'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.
Nine Dragons Paper (Holdings) (NDGPF) has a Graham Number of $1.88 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Nine Dragons Paper (Holdings) and its competitors. This is 276% above median its historical median of 0.50. Over the past decade, Nine Dragons Paper (Holdings)'s Graham Number has ranged from 0.31 to 0.90. According to the industry distribution chart, Nine Dragons Paper (Holdings) ranks #38 out of 171 companies in the Forest Products industry, placing it in the top 22.2%.
Is Nine Dragons Paper (Holdings)'s Graham Number too high?
Nine Dragons Paper (Holdings)'s current Graham Number of $1.88 is 276% above median its 10-year median of 0.50. Over the past 10 years, this metric has ranged from a low of 0.31 to a high of 0.90. The Forest Products industry median Graham Number is 0.89. Nine Dragons Paper (Holdings)'s value of $1.88 is 111.2% above this industry median. Based on the distribution chart, Nine Dragons Paper (Holdings) ranks #38 out of 171 companies in the Forest Products industry, which is in the top quartile — a strong position relative to peers. Overall, Nine Dragons Paper (Holdings) has a GF Score™ of 47/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nine Dragons Paper (Holdings)'s Graham Number compare to competitors?
According to the Forest Products industry distribution chart, Nine Dragons Paper (Holdings) ranks #38 out of 171 companies for Graham Number. This places Nine Dragons Paper (Holdings) in the top 22% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.89. Nine Dragons Paper (Holdings)'s value of $1.88 is 111.2% above this benchmark. Historically, Nine Dragons Paper (Holdings)'s own Graham Number has ranged from 0.31 to 0.90 over the past decade. While the company's 10-year median is 0.50 vs. the industry median of 0.89, Nine Dragons Paper (Holdings) 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 a Forest Products company?
The median Graham Number among Forest Products companies is 0.89, based on 171 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. Nine Dragons Paper (Holdings)'s current Graham Number of $1.88 is 111.2% 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 Nine Dragons Paper (Holdings) and its competitors. For the Forest Products industry, the median Graham Number is 0.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nine Dragons Paper (Holdings)'s current Graham Number is $1.88, which is 276% above median its own 10-year median of 0.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nine Dragons Paper (Holdings) stock overvalued right now?
Based on GuruFocus' analysis, Nine Dragons Paper (Holdings) (NDGPF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.62, compared to a current price of $0.95 — trading 53.2% above its estimated fair value. The current Graham Number is $1.88, which is 276% above median its 10-year median of 0.50 and 111.2% above the Forest Products industry median of 0.89. Nine Dragons Paper (Holdings)'s overall GF Score™ is 47/100 with 6 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 Nine Dragons Paper (Holdings) (NDGPF), the current Graham Number is $1.88 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 Nine Dragons Paper (Holdings) (NDGPF) Overvalued in 2026?
Based on GuruFocus' analysis, Nine Dragons Paper (Holdings) stock appears to be overvalued.
The current stock price of $0.95 is trading 53.2% above its estimated GF Value™ of $0.62.
GuruFocus considers Nine Dragons Paper (Holdings) to be Significantly Overvalued.
Key valuation signals for NDGPF:
Graham Number: $1.88 (276% above median its 10-year median of 0.50)
GF Value™: $0.62 vs. price of $0.95 (53.2% above fair value)
Industry Position: 111.2% above the Forest Products median (#38 of 171)
No single metric tells the full story. See the NDGPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nine Dragons Paper (Holdings) Business Description
Nine Dragons Paper (Holdings) Ltd operates as a paper products manufacturer. The company is a pulp and paper manufacturing group specializing in the integrated production of pulp and paper, with main products including various kinds of environmentally friendly packaging paper, printing and writing paper, high-end virgin paper, and products from the entire upstream and downstream production chain. Covering the full industry spectrum, it offers kraftlinerboard, testlinerboard, white top linerboard, coated linerboard, bleached folding boxboard, high-performance corrugating medium, coated duplex board, gypsum board cover paper, and more.
47GF Score
Get the complete analysis for NDGPF
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