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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 (2024-04-25), the stock price of Gleacher is $0.805. Gleacher's graham number for the quarter that ended in Mar. 2014 was $N/A. Therefore, Gleacher's Price to Graham Number ratio for today is N/A.
The historical rank and industry rank for Gleacher's Graham Number or its related term are showing as below:
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
The historical data trend for Gleacher'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.
Gleacher Annual Data | |||||||||||||||||||||
Trend | Dec04 | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | |||||||||||
Graham Number | Get a 7-Day Free Trial | 88.46 | - | - | - | - |
Gleacher Quarterly Data | ||||||||||||||||||||
Jun09 | Sep09 | Dec09 | Mar10 | Jun10 | Sep10 | Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | |
Graham Number | Get a 7-Day Free Trial | - | - | - | - | - |
For the Asset Management subindustry, Gleacher'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.
For the Asset Management industry and Financial Services sector, Gleacher's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Gleacher's Price-to-Graham-Number falls into.
Graham Number is a concept based on Ben Graham's conservative valuation of companies.
Gleacher's Graham Number for the fiscal year that ended in Dec. 2013 is calculated as
Graham Number | |||||
= | sqrt of (22.5 | * | Tangible Book per Share | * | EPS without NRI) |
= | sqrt of (22.5 | * | 13.58 | * | -4.33) |
= | N/A |
Gleacher's Graham Number for the quarter that ended in Mar. 2014 is calculated as
Graham Number | |||||
= | sqrt of (22.5 | * | Tangible Book per Share | * | EPS without NRI (TTM)) |
= | sqrt of (22.5 | * | 12.768 | * | -3.97) |
= | N/A |
* 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.
Gleacher (OTCPK:GLCH) 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.
Gleacher's Price to Graham number Ratio for today is calculated as
Price to Graham number | = | Share Price (Today) | / | Graham number (Q: Mar. 2014 ) |
= | 0.805 | / | N/A | |
= | N/A |
* 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.
Thank you for viewing the detailed overview of Gleacher's Graham Number provided by GuruFocus.com. Please click on the following links to see related term pages.
Bryan Edmiston | officer: Controller | 250 WEST 34TH STREET, 3RD FLOOR, C/O WISDOMTREE, INC., NEW YORK NY 10119 |
Alan J. Mintz | 10 percent owner | 555 FIFTH AVENUE, 18TH FLOOR, NEW YORK NY 10017 |
Matlinpatterson Llc | 10 percent owner | 520 MADISON AVE, NEW YORK NY 10022 |
David J Matlin | 10 percent owner | |
Mark R Patterson | 10 percent owner | |
Matlinpatterson Asset Management Llc | 10 percent owner | 520 MADISON AVENUE, NEW YORK NY 10022 |
Bruce Rohde | director | 843 SOUTH 96 STREET, OMAHA NE 68114 |
Robert A Gerard | director | 161 DUANE ST, NEW YORK NY 10013 |
Henry S Bienen | director | C/O NORTHWESTERN UNIVERSITY, 375 E CHICAGO AVE, ROOM 11-410, CHICAGO IL 60611 |
Marshall A Cohen | director | 1700 E PUTNAM AVE, SUITE 400, OLD GREENWICH CT 06870 |
Victor E Mandel | director | PO BOX 5962, WASHINGTON DC 20016 |
Frank Plimpton | director | MATLINPATTERSON GLOBAL ADVISERS LLC, 520 MADISON AVE, NEW YORK NY 10022-4213 |
Mast Capital Management, Llc | 10 percent owner | 31 ST. JAMES AVENUE, 6TH FLOOR, BOSTON MA 02116 |
David J. Steinberg | 10 percent owner | C/O MAST CAPITAL MANAGEMENT, LLC, 31 ST. JAMES AVENUE, 6TH FLOOR, BOSTON MA 02116 |
George C Mcnamee | director | FIRST ALBANY COMPANIES INC., 677 BROADWAY, ALBANY NY 12207-2990 |
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