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Delaware Investments Natl Muniome Graham Number

: $21.36 (As of Sep. 2021)
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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.

As of today (2022-01-20), the stock price of Delaware Investments Natl Muniome is $13.75. Delaware Investments Natl Muniome's graham number for the quarter that ended in Sep. 2021 was $21.36. Therefore, Delaware Investments Natl Muniome's Price to Graham Number ratio for today is 0.64.

The historical rank and industry rank for Delaware Investments Natl Muniome's Graham Number or its related term are showing as below:

AMEX:VFL' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.49   Med: 0.66   Max: 4.94
Current: 0.64

0.49
4.94

During the past 11 years, the highest Price to Graham Number ratio of Delaware Investments Natl Muniome was 4.94. The lowest was 0.49. And the median was 0.66.

AMEX:VFL's Price-to-Graham-Number is ranked lower than
63% of the 1426 Companies
in the Asset Management industry.

( Industry Median: 0.52 vs. AMEX:VFL: 0.64 )

Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.


Delaware Investments Natl Muniome Graham Number Historical Data

The historical data trend for Delaware Investments Natl Muniome'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.

* Premium members only.

Delaware Investments Natl Muniome Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Graham Number
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - 14.26 15.08 - 23.82

Delaware Investments Natl Muniome Semi-Annual Data
Mar12 Sep12 Mar13 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21
Graham Number Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 21.90 - 5.74 23.82 21.36

Competitive Comparison

For the Asset Management subindustry, Delaware Investments Natl Muniome's Graham Number, along with its competitors' market caps and 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.

   

Delaware Investments Natl Muniome Graham Number Distribution

For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Graham Number distribution charts can be found below:

* The bar in red indicates where Delaware Investments Natl Muniome's Graham Number falls into.



Delaware Investments Natl Muniome Graham Number Calculation

Graham Number is a concept based on Ben Graham's conservative valuation of companies.

Delaware Investments Natl Muniome's Graham Number for the fiscal year that ended in Mar. 2021 is calculated as

Graham Number
=sqrt of (22.5* Tangible Book per Share *EPS without NRI)
=sqrt of (22.5*14.836*1.7)
=23.82

Delaware Investments Natl Muniome's Graham Number for the quarter that ended in Sep. 2021 is calculated as

Graham Number
=sqrt of (22.5*Tangible Book per Share*EPS without NRI (TTM))
=sqrt of (22.5*15.137*1.34)
=21.36

* 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.


Delaware Investments Natl Muniome  (AMEX:VFL) 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.

Delaware Investments Natl Muniome's Price to Graham number Ratio for today is calculated as

Price to Graham number=Share Price (Today)/Graham number (Q: Sep. 2021 )
=13.75/21.36
=0.64

* 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.


Delaware Investments Natl Muniome Graham Number Related Terms

Thank you for viewing the detailed overview of Delaware Investments Natl Muniome's Graham Number provided by GuruFocus.com. Please click on the following links to see related term pages.


Delaware Investments Natl Muniome Business Description

Delaware Investments Natl Muniome logo
Industry
Financial Services » Asset Management NAICS : 523920 SIC : 6799
Traded in Other Exchanges
N/A
Address
610 Market Street, Philadelphia, PA, USA, 19106
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund seeks to provide current income exempt from regular federal income tax consistent with the preservation of capital.
Executives
Wells Fargo Bank N A 10 percent owner 101 NORTH PHILLIPS AVENUE SIOUX FALLS SD 57104
Toronto Dominion Holdings Usa Inc 10 percent owner 40 WALL STREET NEW YORK NY 10003
Toronto Dominion Bank 10 percent owner 66 WELLINGTON STREET WEST 15TH FLOOR, TD TOWER TORONTO, ONTARIO A6 M5K 1A2
Toronto Dominion Investments, Inc. 10 percent owner 909 FANIN SUITE 1950 HOUSTON TX 77010
Td Group Us Holdings Llc 10 percent owner 251 LITTLE FALLS DRIVE WILMINGTON DE 19808
Van Roden Jake officer: SVP/Portfolio Manager 2005 MARKET STREET PHILADELPHIA PA 19103
Wood Christianna director 330 OLD Y ROAD GOLDEN CO 80401
Abernathy Jerome director 2005 MARKET STREET PHILADELPHIA PA 19103
Lytle Shawn director, officer: Trustee C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Borowiec Ann Dully director, officer: Board Member C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Chow Joseph W director STATE STREET CORP 225 FRANKLIN ST BOSTON MA 02110
Whitford Thomas K director 249 FIFTH AVE P1-POPP-30-1 PITTSBURGH PA 15222
Gizzi Gregory A. officer: VP/Portfolio Manager C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Sevilla-sacasa Frances Aldrich director 3 GREENWAY PLAZA SUITE 1300 HOUSTON TX 77046
Zecher Richard director 2 SUTTON PLACE SOUTH, 19A NEW YORK NY 10022

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