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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.
SHSE:600648's Price-to-Graham-Number is ranked better than 78.06% of 702
companies
in the Business Services industry
Industry Median: 1.165
vs SHSE:600648: 0.69
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Shanghai Wai Gaoqia Free Trade Zone Group Co (SHSE:600648) 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.
Shanghai Wai Gaoqia Free Trade Zone Group Co's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Jun. 2026 )
=
9.34
/
13.54
=
0.69
* 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.
Shanghai Wai Gaoqia Free Trade Zone Group Co Graham Number Related Terms
Shanghai Wai Gaoqia Free Trade Zone Group Co 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.
Shanghai Wai Gaoqia Free Trade Zone Group Co Graham Number Chart
Shanghai Wai Gaoqia Free Trade Zone Group Co Annual Data
SHSE:600648 vs CTAS, CPRT, GPN: Graham Number Comparison
For the Specialty Business Services subindustry, Shanghai Wai Gaoqia Free Trade Zone Group Co'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.
Shanghai Wai Gaoqia Free Trade Zone Group Co Price-to-Graham-Number vs Business Services Industry
* 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.
Shanghai Wai Gaoqia Free Trade Zone Group Co (SHSE:600648) has a Graham Number of ¥13.54 as of Jun. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Shanghai Wai Gaoqia Free Trade Zone Group Co and its competitors. According to the industry distribution chart, Shanghai Wai Gaoqia Free Trade Zone Group Co ranks #154 out of 702 companies in the Business Services industry, placing it in the top 21.9%.
Is Shanghai Wai Gaoqia Free Trade Zone Group Co's Graham Number too high?
Shanghai Wai Gaoqia Free Trade Zone Group Co's current Graham Number is ¥13.54. Based on the distribution chart, Shanghai Wai Gaoqia Free Trade Zone Group Co ranks #154 out of 702 companies in the Business Services industry, which is in the top quartile — a strong position relative to peers. Overall, Shanghai Wai Gaoqia Free Trade Zone Group Co has a GF Score™ of 49/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Shanghai Wai Gaoqia Free Trade Zone Group Co's Graham Number compare to CTAS and CPRT?
According to the Business Services industry distribution chart, Shanghai Wai Gaoqia Free Trade Zone Group Co ranks #154 out of 702 companies for Graham Number. This places Shanghai Wai Gaoqia Free Trade Zone Group Co in the top 22% of its industry — outperforming the majority of peers. The industry median Graham Number is 1.17. 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 Business Services company?
The median Graham Number among Business Services companies is 1.17, based on 702 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 Shanghai Wai Gaoqia Free Trade Zone Group Co and its competitors. For the Business Services industry, the median Graham Number is 1.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Shanghai Wai Gaoqia Free Trade Zone Group Co's current Graham Number is ¥13.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shanghai Wai Gaoqia Free Trade Zone Group Co stock overvalued right now?
Based on GuruFocus' analysis, Shanghai Wai Gaoqia Free Trade Zone Group Co (SHSE:600648) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥8.24, compared to a current price of ¥9.34 — trading 13.3% above its estimated fair value. The current Graham Number is ¥13.54. Shanghai Wai Gaoqia Free Trade Zone Group Co's overall GF Score™ is 49/100 with 8 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 Shanghai Wai Gaoqia Free Trade Zone Group Co (SHSE:600648), the current Graham Number is ¥13.54 as of Jun. 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 Shanghai Wai Gaoqia Free Trade Zone Group Co (SHSE:600648) Overvalued in 2026?
Based on GuruFocus' analysis, Shanghai Wai Gaoqia Free Trade Zone Group Co stock appears to be overvalued.
The current stock price of ¥9.34 is trading 13.3% above its estimated GF Value™ of ¥8.24.
GuruFocus considers Shanghai Wai Gaoqia Free Trade Zone Group Co to be Modestly Overvalued.
Key valuation signals for SHSE:600648:
Graham Number: ¥13.54
GF Value™: ¥8.24 vs. price of ¥9.34 (13.3% above fair value)
No single metric tells the full story. See the SHSE:600648 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shanghai Wai Gaoqia Free Trade Zone Group Co Ltd, formerly Shanghai Wai Gaoqiao Free Trade Zone Development Co., Ltd. provides a multi-functional free trade zone in China. Its developments include office and factory buildings & public warehouse services.
49GF Score
Get the complete analysis for SHSE:600648
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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