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.
Baltic Sea Properties ASOSL:BALT +0.42%72 Graham Number is kr91.70 as of Mar. 2026, which is 100% below its 10-year median of 0.60. GuruFocus rates OSL:BALT with a GF Score™ of 72/100 and a GF Value™ of kr49.49 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,164 Real Estate companies, Baltic Sea Properties AS ranks better than 71.13% 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.
Baltic Sea Properties AS (OSL:BALT) 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.
Baltic Sea Properties AS's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
47.80
/
91.70
=
0.52
* 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.
Baltic Sea Properties AS Graham Number Related Terms
Baltic Sea Properties AS 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.
OSL:BALT vs CBRE, BEKE, JLL: Graham Number Comparison
For the Real Estate Services subindustry, Baltic Sea Properties AS'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.
Baltic Sea Properties AS Price-to-Graham-Number vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Baltic Sea Properties AS's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Baltic Sea Properties AS'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.
Baltic Sea Properties AS (OSL:BALT) has a Graham Number of kr91.70 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Baltic Sea Properties AS and its competitors. This is 15183% above median its historical median of 0.60. Over the past decade, Baltic Sea Properties AS's Graham Number has ranged from 0.44 to 2.01. According to the industry distribution chart, Baltic Sea Properties AS ranks #336 out of 1164 companies in the Real Estate industry, placing it in the top 28.9%.
Is Baltic Sea Properties AS's Graham Number too high?
Baltic Sea Properties AS's current Graham Number of kr91.70 is 15183% above median its 10-year median of 0.60. Over the past 10 years, this metric has ranged from a low of 0.44 to a high of 2.01. Based on the distribution chart, Baltic Sea Properties AS ranks #336 out of 1164 companies in the Real Estate industry, which is above the industry midpoint. Overall, Baltic Sea Properties AS has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Baltic Sea Properties AS's Graham Number compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Baltic Sea Properties AS ranks #336 out of 1164 companies for Graham Number. This puts Baltic Sea Properties AS in the upper half of its industry. The industry median Graham Number is 0.75. Historically, Baltic Sea Properties AS's own Graham Number has ranged from 0.44 to 2.01 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 Real Estate company?
The median Graham Number among Real Estate companies is 0.75, based on 1,164 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 Baltic Sea Properties AS and its competitors. For the Real Estate industry, the median Graham Number is 0.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Baltic Sea Properties AS's current Graham Number is kr91.70, which is 15183% above median its own 10-year median of 0.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baltic Sea Properties AS stock overvalued right now?
Based on GuruFocus' analysis, Baltic Sea Properties AS (OSL:BALT) is currently considered Fairly Valued. The stock's GF Value™ is kr49.49, compared to a current price of kr47.80 — trading 3.4% below its estimated fair value. The current Graham Number is kr91.70, which is 15183% above median its 10-year median of 0.60. Baltic Sea Properties AS's overall GF Score™ is 72/100 with 3 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 Baltic Sea Properties AS (OSL:BALT), the current Graham Number is kr91.70 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 Baltic Sea Properties AS (OSL:BALT) Overvalued in 2026?
Based on GuruFocus' analysis, Baltic Sea Properties AS stock appears to be undervalued.
The current stock price of kr47.80 is trading 3.4% below its estimated GF Value™ of kr49.49.
GuruFocus considers Baltic Sea Properties AS to be Fairly Valued.
Key valuation signals for OSL:BALT:
Graham Number: kr91.70 (15183% above median its 10-year median of 0.60)
GF Value™: kr49.49 vs. price of kr47.80 (3.4% below fair value)
No single metric tells the full story. See the OSL:BALT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Baltic Sea Properties AS is a Norwegian based open-ended and fully integrated investment company. The company acquires, invests, develops, rents, and realizes commercial real estate properties focusing on logistics, industrial, and retail segments. The company's operations consist of the acquisition, development, and letting of investment properties in Lithuania and some related businesses. It owns, develops, and manages commercial real estate in the Baltics.
72GF Score
Get the complete analysis for OSL:BALT
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
OSL:BALT has been successfully added to your 
