Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Channel Infrastructure NZNZRFF 56 Graham Number is $0.85 as of Dec. 2025, which is 20% below its 10-year median of 1.06. GuruFocus rates NZRFF with a GF Score™ of 56/100 and a GF Value™ of $0.88. The stock has 12 warning signs investors should review. Among 611 Oil & Gas companies, Channel Infrastructure NZ ranks worse than 82.82% 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 Channel Infrastructure NZ's Graham Number or its related term are showing as below:
NZRFF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.7 Med: 1.06 Max: 2.33
Current: 2.31
During the past 13 years, the highest Price to Graham Number ratio of Channel Infrastructure NZ was 2.33. The lowest was 0.70. And the median was 1.06.
NZRFF's Price-to-Graham-Number is ranked worse than 82.82% of 611
companies
in the Oil & Gas industry
Industry Median: 1.1
vs NZRFF: 2.31
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Channel Infrastructure NZ (OTCPK:NZRFF) 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.
Channel Infrastructure NZ's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
1.62
/
0.85
=
1.90
* 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.
Channel Infrastructure NZ Graham Number Related Terms
Channel Infrastructure NZ 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.
For the Oil & Gas Refining & Marketing subindustry, Channel Infrastructure NZ'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.
Channel Infrastructure NZ Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Channel Infrastructure NZ's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Channel Infrastructure NZ'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.
Channel Infrastructure NZ (NZRFF) has a Graham Number of $0.85 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Channel Infrastructure NZ and its competitors. This is 20% below median its historical median of 1.06. Over the past decade, Channel Infrastructure NZ's Graham Number has ranged from 0.70 to 2.33. According to the industry distribution chart, Channel Infrastructure NZ ranks #506 out of 611 companies in the Oil & Gas industry, placing it in the top 82.8%.
Is Channel Infrastructure NZ's Graham Number too high?
Channel Infrastructure NZ's current Graham Number of $0.85 is 20% below median its 10-year median of 1.06. Over the past 10 years, this metric has ranged from a low of 0.70 to a high of 2.33. The Oil & Gas industry median Graham Number is 1.10. Channel Infrastructure NZ's value of $0.85 is 22.7% below this industry median. Based on the distribution chart, Channel Infrastructure NZ ranks #506 out of 611 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Channel Infrastructure NZ has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Channel Infrastructure NZ's Graham Number compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Channel Infrastructure NZ ranks #506 out of 611 companies for Graham Number. This places Channel Infrastructure NZ in the lower half of its industry. The industry median Graham Number is 1.10. Channel Infrastructure NZ's value of $0.85 is 22.7% below this benchmark. Historically, Channel Infrastructure NZ's own Graham Number has ranged from 0.70 to 2.33 over the past decade. While the company's 10-year median is 1.06 vs. the industry median of 1.10, Channel Infrastructure NZ has consistently been below 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 Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.10, based on 611 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. Channel Infrastructure NZ's current Graham Number of $0.85 is 22.7% below 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 Channel Infrastructure NZ and its competitors. For the Oil & Gas industry, the median Graham Number is 1.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Channel Infrastructure NZ's current Graham Number is $0.85, which is 20% below median its own 10-year median of 1.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Channel Infrastructure NZ stock overvalued right now?
Channel Infrastructure NZ (NZRFF) has a current Graham Number of $0.85. The stock's GF Value™ is $0.88, compared to a current price of $1.62 — trading 84.1% above its estimated fair value. The current Graham Number is $0.85, which is 20% below median its 10-year median of 1.06 and 22.7% below the Oil & Gas industry median of 1.10. Channel Infrastructure NZ's overall GF Score™ is 56/100 with 12 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 Channel Infrastructure NZ (NZRFF), the current Graham Number is $0.85 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 Channel Infrastructure NZ (NZRFF) Overvalued in 2026?
Based on GuruFocus' analysis, Channel Infrastructure NZ stock appears to be overvalued.
The current stock price of $1.62 is trading 84.1% above its estimated GF Value™ of $0.88.
Key valuation signals for NZRFF:
Graham Number: $0.85 (20% below median its 10-year median of 1.06)
GF Value™: $0.88 vs. price of $1.62 (84.1% above fair value)
Industry Position: 22.7% below the Oil & Gas median (#506 of 611)
No single metric tells the full story. See the NZRFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Channel Infrastructure NZ Ltd is an independent fuel infrastructure company. The company utilizes the deep-water harbour and jetty infrastructure at Marsden Point to receive, store and distribute imported refined fuel, which is owned by customers. The company operates in one reportable segment, Infrastructure, which comprises of fuels import terminal system (including jetty infrastructure at Marsden Point, storage tanks, and the Marsden Point to Auckland pipeline), the Wiri land and terminal leases, and the fuel testing laboratories.
56GF Score
Get the complete analysis for NZRFF
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NZRFF has been successfully added to your 
