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United Bank for AfricaNSA:UBA +0.24%77 Graham Number is ₦143.73 as of Dec. 2025, which is 100% below its 10-year median of 0.22. GuruFocus rates NSA:UBA with a GF Score™ of 77/100 and a GF Value™ of ₦36.18 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 1,435 Banks companies, United Bank for Africa ranks better than 95.4% 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 United Bank for Africa's Graham Number or its related term are showing as below:
NSA:UBA'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.14 Med: 0.22 Max: 0.38
Current: 0.29
During the past 13 years, the highest Price to Graham Number ratio of United Bank for Africa was 0.38. The lowest was 0.14. And the median was 0.22.
NSA:UBA's Price-to-Graham-Number is ranked better than 95.4% of 1435
companies
in the Banks industry
Industry Median: 0.81
vs NSA:UBA: 0.29
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
United Bank for Africa (NSA:UBA) 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.
United Bank for Africa's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
41.00
/
143.73
=
0.29
* 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.
United Bank for Africa Graham Number Related Terms
United Bank for Africa 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.
NSA:UBA vs JPM, BAC, WFC: Graham Number Comparison
For the Banks - Diversified subindustry, United Bank for Africa'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.
United Bank for Africa Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, United Bank for Africa's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where United Bank for Africa'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.
United Bank for Africa (NSA:UBA) has a Graham Number of ₦143.73 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on United Bank for Africa and its competitors. This is 65232% above median its historical median of 0.22. Over the past decade, United Bank for Africa's Graham Number has ranged from 0.14 to 0.38. According to the industry distribution chart, United Bank for Africa ranks #66 out of 1435 companies in the Banks industry, placing it in the top 4.6%.
Is United Bank for Africa's Graham Number too high?
United Bank for Africa's current Graham Number of ₦143.73 is 65232% above median its 10-year median of 0.22. Over the past 10 years, this metric has ranged from a low of 0.14 to a high of 0.38. Based on the distribution chart, United Bank for Africa ranks #66 out of 1435 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, United Bank for Africa has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does United Bank for Africa's Graham Number compare to JPM and BAC?
According to the Banks industry distribution chart, United Bank for Africa ranks #66 out of 1435 companies for Graham Number. This places United Bank for Africa in the top 5% of its industry — outperforming the majority of peers. The industry median Graham Number is 0.81. Historically, United Bank for Africa's own Graham Number has ranged from 0.14 to 0.38 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 Banks company?
The median Graham Number among Banks companies is 0.81, based on 1,435 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 United Bank for Africa and its competitors. For the Banks industry, the median Graham Number is 0.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. United Bank for Africa's current Graham Number is ₦143.73, which is 65232% above median its own 10-year median of 0.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is United Bank for Africa stock overvalued right now?
Based on GuruFocus' analysis, United Bank for Africa (NSA:UBA) is currently considered Modestly Overvalued. The stock's GF Value™ is ₦36.18, compared to a current price of ₦41.00 — trading 13.3% above its estimated fair value. The current Graham Number is ₦143.73, which is 65232% above median its 10-year median of 0.22. United Bank for Africa's overall GF Score™ is 77/100 with 4 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 United Bank for Africa (NSA:UBA), the current Graham Number is ₦143.73 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 United Bank for Africa (NSA:UBA) Overvalued in 2026?
Based on GuruFocus' analysis, United Bank for Africa stock appears to be overvalued.
The current stock price of ₦41.00 is trading 13.3% above its estimated GF Value™ of ₦36.18.
GuruFocus considers United Bank for Africa to be Modestly Overvalued.
Key valuation signals for NSA:UBA:
Graham Number: ₦143.73 (65232% above median its 10-year median of 0.22)
GF Value™: ₦36.18 vs. price of ₦41.00 (13.3% above fair value)
No single metric tells the full story. See the NSA:UBA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
United Bank for Africa PLC is a financial services institution. It offers banking and other financial and pension fund custody services. The geographical segments are Nigeria, the Rest of Africa and the Rest of the world. The business segments of the company are 1) Corporate Banking, which provides financial solutions to multinationals, regional companies, state-owned companies, non-governmental organizations, international and multinational organizations and financial institutions. 2) Retail/ Commercial banking segment products and services to the middle and retail segments of the market. 3) Treasury and Financial Markets segment provide financing and risk management solutions and advisory services to the company's corporate and institutional customers.
77GF Score
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