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Hrvatski Telekom DDZAG:HT -0.25%100 Graham Number is €26.14 as of Mar. 2026, which is 100% below its 10-year median of 6.75. GuruFocus rates ZAG:HT with a GF Score™ of 100/100 and a GF Value™ of €39.90 (Fairly Valued). The stock has 2 warning signs investors should review. Among 193 Telecommunication Services companies, Hrvatski Telekom DD ranks better than 51.81% 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 (2026-07-20), the stock price of Hrvatski Telekom DD is €40.50. Hrvatski Telekom DD's graham number for the quarter that ended in Mar. 2026 was €26.14. Therefore, Hrvatski Telekom DD's Price to Graham Number ratio for today is 1.55.
The historical rank and industry rank for Hrvatski Telekom DD's Graham Number or its related term are showing as below:
ZAG:HT'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.07 Med: 6.75 Max: 11.11
Current: 1.55
During the past 13 years, the highest Price to Graham Number ratio of Hrvatski Telekom DD was 11.11. The lowest was 1.07. And the median was 6.75.
ZAG:HT's Price-to-Graham-Number is ranked better than 51.81% of 193
companies
in the Telecommunication Services industry
Industry Median: 1.59
vs ZAG:HT: 1.55
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Hrvatski Telekom DD (ZAG:HT) 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.
Hrvatski Telekom DD's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
40.50
/
26.14
=
1.55
* 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.
Hrvatski Telekom DD Graham Number Related Terms
Hrvatski Telekom DD Graham Number Historical Data
* Premium members only.
The historical data trend for Hrvatski Telekom DD'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.
For the Telecom Services subindustry, Hrvatski Telekom DD'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.
Hrvatski Telekom DD Price-to-Graham-Number vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Hrvatski Telekom DD's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Hrvatski Telekom DD'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.
Hrvatski Telekom DD (ZAG:HT) has a Graham Number of €26.14 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Hrvatski Telekom DD and its competitors. This is 287% above median its historical median of 6.75. Over the past decade, Hrvatski Telekom DD's Graham Number has ranged from 1.07 to 11.11. According to the industry distribution chart, Hrvatski Telekom DD ranks #93 out of 193 companies in the Telecommunication Services industry, placing it in the top 48.2%.
Is Hrvatski Telekom DD's Graham Number too high?
Hrvatski Telekom DD's current Graham Number of €26.14 is 287% above median its 10-year median of 6.75. Over the past 10 years, this metric has ranged from a low of 1.07 to a high of 11.11. Based on the distribution chart, Hrvatski Telekom DD ranks #93 out of 193 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, Hrvatski Telekom DD has a GF Score™ of 100/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hrvatski Telekom DD's Graham Number compare to TMUS and VZ?
According to the Telecommunication Services industry distribution chart, Hrvatski Telekom DD ranks #93 out of 193 companies for Graham Number. This puts Hrvatski Telekom DD in the upper half of its industry. The industry median Graham Number is 1.59. Historically, Hrvatski Telekom DD's own Graham Number has ranged from 1.07 to 11.11 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 Telecommunication Services company?
The median Graham Number among Telecommunication Services companies is 1.59, based on 193 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 Hrvatski Telekom DD and its competitors. For the Telecommunication Services industry, the median Graham Number is 1.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hrvatski Telekom DD's current Graham Number is €26.14, which is 287% above median its own 10-year median of 6.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hrvatski Telekom DD stock overvalued right now?
Based on GuruFocus' analysis, Hrvatski Telekom DD (ZAG:HT) is currently considered Fairly Valued. The stock's GF Value™ is €39.90, compared to a current price of €40.50 — trading 1.5% above its estimated fair value. The current Graham Number is €26.14, which is 287% above median its 10-year median of 6.75. Hrvatski Telekom DD's overall GF Score™ is 100/100 with 2 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 Hrvatski Telekom DD (ZAG:HT), the current Graham Number is €26.14 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 Hrvatski Telekom DD (ZAG:HT) Overvalued in 2026?
Based on GuruFocus' analysis, Hrvatski Telekom DD stock appears to be overvalued.
The current stock price of €40.50 is trading 1.5% above its estimated GF Value™ of €39.90.
GuruFocus considers Hrvatski Telekom DD to be Fairly Valued.
Key valuation signals for ZAG:HT:
Graham Number: €26.14 (287% above median its 10-year median of 6.75)
GF Value™: €39.90 vs. price of €40.50 (1.5% above fair value)
No single metric tells the full story. See the ZAG:HT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hrvatski Telekom DD is a provider of telecommunication and digital services in the Republic of Croatia. It offers fixed and mobile telephony services as well as wholesale, Internet, and data. The company's business segments are Residential, Business, Other and Crnogorski Telekom. The majority of its revenue is derived from the Residential unit segment that includes marketing, sales, and customer services, focused on providing mobile, fixed-line telecommunications, electricity, and TV distribution and services to residential customers. Geographically, the company generates the majority of its revenue from the Republic of Croatia.
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