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M4B Spolka AkcyjnaWAR:M4B 82 Graham Number is zł2.87 as of Dec. 2025, which is 100% below its 10-year median of 5.27. GuruFocus rates WAR:M4B with a GF Score™ of 82/100 and a GF Value™ of zł14.89 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 2,214 Industrial Products companies, M4B Spolka Akcyjna ranks worse than 80.49% 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 M4B Spolka Akcyjna is zł11.90. M4B Spolka Akcyjna's graham number for the quarter that ended in Dec. 2025 was zł2.87. Therefore, M4B Spolka Akcyjna's Price to Graham Number ratio for today is 4.14.
The historical rank and industry rank for M4B Spolka Akcyjna's Graham Number or its related term are showing as below:
WAR:M4B'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.93 Med: 5.27 Max: 14.77
Current: 4.15
During the past 13 years, the highest Price to Graham Number ratio of M4B Spolka Akcyjna was 14.77. The lowest was 0.93. And the median was 5.27.
WAR:M4B's Price-to-Graham-Number is ranked worse than 80.49% of 2214
companies
in the Industrial Products industry
Industry Median: 1.81
vs WAR:M4B: 4.15
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
M4B Spolka Akcyjna (WAR:M4B) 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.
M4B Spolka Akcyjna's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
11.90
/
2.87
=
4.14
* 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.
M4B Spolka Akcyjna Graham Number Related Terms
M4B Spolka Akcyjna Graham Number Historical Data
* Premium members only.
The historical data trend for M4B Spolka Akcyjna'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.
M4B Spolka Akcyjna Graham Number Competitor Comparison
For the Business Equipment & Supplies subindustry, M4B Spolka Akcyjna'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.
M4B Spolka Akcyjna Price-to-Graham-Number vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, M4B Spolka Akcyjna's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where M4B Spolka Akcyjna'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.
M4B Spolka Akcyjna (WAR:M4B) has a Graham Number of zł2.87 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on M4B Spolka Akcyjna and its competitors. This is 46% below median its historical median of 5.27. Over the past decade, M4B Spolka Akcyjna's Graham Number has ranged from 0.93 to 14.77. According to the industry distribution chart, M4B Spolka Akcyjna ranks #1782 out of 2214 companies in the Industrial Products industry, placing it in the top 80.5%.
Is M4B Spolka Akcyjna's Graham Number too high?
M4B Spolka Akcyjna's current Graham Number of zł2.87 is 46% below median its 10-year median of 5.27. Over the past 10 years, this metric has ranged from a low of 0.93 to a high of 14.77. Based on the distribution chart, M4B Spolka Akcyjna ranks #1782 out of 2214 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, M4B Spolka Akcyjna has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does M4B Spolka Akcyjna's Graham Number compare to competitors?
According to the Industrial Products industry distribution chart, M4B Spolka Akcyjna ranks #1782 out of 2214 companies for Graham Number. This places M4B Spolka Akcyjna in the lower half of its industry. The industry median Graham Number is 1.81. Historically, M4B Spolka Akcyjna's own Graham Number has ranged from 0.93 to 14.77 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 an Industrial Products company?
The median Graham Number among Industrial Products companies is 1.81, based on 2,214 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 M4B Spolka Akcyjna and its competitors. For the Industrial Products industry, the median Graham Number is 1.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. M4B Spolka Akcyjna's current Graham Number is zł2.87, which is 46% below median its own 10-year median of 5.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is M4B Spolka Akcyjna stock overvalued right now?
Based on GuruFocus' analysis, M4B Spolka Akcyjna (WAR:M4B) is currently considered Modestly Undervalued. The stock's GF Value™ is zł14.89, compared to a current price of zł11.90 — trading 20.1% below its estimated fair value. The current Graham Number is zł2.87, which is 46% below median its 10-year median of 5.27. M4B Spolka Akcyjna's overall GF Score™ is 82/100 with 1 warning sign 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 M4B Spolka Akcyjna (WAR:M4B), the current Graham Number is zł2.87 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 M4B Spolka Akcyjna (WAR:M4B) Overvalued in 2026?
Based on GuruFocus' analysis, M4B Spolka Akcyjna stock appears to be undervalued.
The current stock price of zł11.90 is trading 20.1% below its estimated GF Value™ of zł14.89.
GuruFocus considers M4B Spolka Akcyjna to be Modestly Undervalued.
Key valuation signals for WAR:M4B:
Graham Number: zł2.87 (46% below median its 10-year median of 5.27)
GF Value™: zł14.89 vs. price of zł11.90 (20.1% below fair value)
No single metric tells the full story. See the WAR:M4B stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
M4B Spolka Akcyjna is involved in designing and creating digital signage solutions in the data communications industry in Poland. Its principal product, WAVE Multimedia Everywhere, is a software product to manage wide screen networks online.
82GF Score
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