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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.
Taiwan CogenerationTPE:8926 -1.76%67 Graham Number is NT$41.03 as of Mar. 2026, which is 100% below its 10-year median of 1.30. GuruFocus rates TPE:8926 with a GF Score™ of 67/100 and a GF Value™ of NT$110.24 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,218 Construction companies, Taiwan Cogeneration ranks worse than 64.12% 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.
As of today (2026-08-14), the stock price of Taiwan Cogeneration is NT$55.80. Taiwan Cogeneration's graham number for the quarter that ended in Mar. 2026 was NT$41.03. Therefore, Taiwan Cogeneration's Price to Graham Number ratio for today is 1.36.
The historical rank and industry rank for Taiwan Cogeneration's Graham Number or its related term are showing as below:
TPE:8926'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.78 Med: 1.3 Max: 2.19
Current: 1.36
During the past 13 years, the highest Price to Graham Number ratio of Taiwan Cogeneration was 2.19. The lowest was 0.78. And the median was 1.30.
TPE:8926's Price-to-Graham-Number is ranked worse than 64.12% of 1218
companies
in the Construction industry
Industry Median: 1.01
vs TPE:8926: 1.36
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Taiwan Cogeneration (TPE:8926) 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.
Taiwan Cogeneration's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
55.80
/
41.03
=
1.36
* 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.
Taiwan Cogeneration Graham Number Related Terms
Taiwan Cogeneration Graham Number Historical Data
* Premium members only.
The historical data trend for Taiwan Cogeneration's Graham Number can be seen below:
* 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.
TPE:8926 vs PWR, FIX, EME: Graham Number Comparison
For the Engineering & Construction subindustry, Taiwan Cogeneration'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.
Taiwan Cogeneration Price-to-Graham-Number vs Construction Industry
For the Construction industry and Industrials sector, Taiwan Cogeneration's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Taiwan Cogeneration'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.
Taiwan Cogeneration (TPE:8926) has a Graham Number of NT$41.03 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Taiwan Cogeneration and its competitors. This is 3056% above median its historical median of 1.30. Over the past decade, Taiwan Cogeneration's Graham Number has ranged from 0.78 to 2.19. According to the industry distribution chart, Taiwan Cogeneration ranks #781 out of 1218 companies in the Construction industry, placing it in the top 64.1%.
Is Taiwan Cogeneration's Graham Number too high?
Taiwan Cogeneration's current Graham Number of NT$41.03 is 3056% above median its 10-year median of 1.30. Over the past 10 years, this metric has ranged from a low of 0.78 to a high of 2.19. Based on the distribution chart, Taiwan Cogeneration ranks #781 out of 1218 companies in the Construction industry, which is below the industry midpoint. Overall, Taiwan Cogeneration has a GF Score™ of 67/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Cogeneration's Graham Number compare to PWR and FIX?
According to the Construction industry distribution chart, Taiwan Cogeneration ranks #781 out of 1218 companies for Graham Number. This places Taiwan Cogeneration in the lower half of its industry. The industry median Graham Number is 1.01. Historically, Taiwan Cogeneration's own Graham Number has ranged from 0.78 to 2.19 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 Construction company?
The median Graham Number among Construction companies is 1.01, based on 1,218 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 Taiwan Cogeneration and its competitors. For the Construction industry, the median Graham Number is 1.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Cogeneration's current Graham Number is NT$41.03, which is 3056% above median its own 10-year median of 1.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Cogeneration stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Cogeneration (TPE:8926) is currently considered Possible Value Trap. The stock's GF Value™ is NT$110.24, compared to a current price of NT$55.80 — trading 49.4% below its estimated fair value. The current Graham Number is NT$41.03, which is 3056% above median its 10-year median of 1.30. Taiwan Cogeneration's overall GF Score™ is 67/100 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 Taiwan Cogeneration (TPE:8926), the current Graham Number is NT$41.03 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 Taiwan Cogeneration (TPE:8926) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Cogeneration stock appears to be undervalued.
The current stock price of NT$55.80 is trading 49.4% below its estimated GF Value™ of NT$110.24.
GuruFocus considers Taiwan Cogeneration to be Possible Value Trap.
Key valuation signals for TPE:8926:
Graham Number: NT$41.03 (3056% above median its 10-year median of 1.30)
GF Value™: NT$110.24 vs. price of NT$55.80 (49.4% below fair value)
No single metric tells the full story. See the TPE:8926 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Cogeneration Corp is engaged in engineering, planning, design, procurement, installation, construction and financial planning of cogeneration systems, environmental protection and fuel procurement for cogeneration systems and related businesses. The Corporation also operates and manages cogeneration plants, provides research and development, technical and consultation services related to cogeneration, and manufactures, assembles, sells, leases, installs and repairs cogeneration equipment. In addition, it invests in cogeneration plants, trades related equipment, engages in power generation businesses other than utility, and performs electric equipment installation. Its revenues are generated from sales from cogeneration plants and revenue from consulting and construction services.
67GF Score
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