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RiverNorth Flexible Municipalome Fund Graham Number

: $49.65 (As of Jun. 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 (2021-10-17), the stock price of RiverNorth Flexible Municipalome Fund is $23.6398. RiverNorth Flexible Municipalome Fund's graham number for the quarter that ended in Jun. 2021 was $49.65. Therefore, RiverNorth Flexible Municipalome Fund's Price to Graham Number ratio for today is 0.48.

The historical rank and industry rank for RiverNorth Flexible Municipalome Fund's Graham Number or its related term are showing as below:

NYSE:RFM' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0   Med: 0   Max: 0.48
Current: 0.48

0
0.48

During the past 2 years, the highest Price to Graham Number ratio of RiverNorth Flexible Municipalome Fund was 0.48. The lowest was 0.00. And the median was 0.00.

NYSE:RFM's Price-to-Graham-Number is ranked lower than
99.99% of the 43 Companies
in the Asset Management industry.

( Industry Median: 1.61 vs. NYSE:RFM: 0.48 )

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


RiverNorth Flexible Municipalome Fund Graham Number Historical Data

The historical data trend for RiverNorth Flexible Municipalome Fund'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.

RiverNorth Flexible Municipalome Fund Annual Data
Trend Jun20 Jun21
Graham Number
29.21 49.65

RiverNorth Flexible Municipalome Fund Semi-Annual Data
Jun20 Dec20 Jun21
Graham Number - - 49.65

Competitive Comparison

For the Asset Management subindustry, RiverNorth Flexible Municipalome Fund'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.

   

RiverNorth Flexible Municipalome Fund Graham Number Distribution

For the Asset Management industry and Financial Services sector, RiverNorth Flexible Municipalome Fund's Graham Number distribution charts can be found below:

* The bar in red indicates where RiverNorth Flexible Municipalome Fund's Graham Number falls into.



RiverNorth Flexible Municipalome Fund Graham Number Calculation

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

RiverNorth Flexible Municipalome Fund's Graham Number for the fiscal year that ended in Jun. 2021 is calculated as

Graham Number
=sqrt of (22.5* Tangible Book per Share *EPS without NRI)
=sqrt of (22.5*24.734*4.43)
=49.65

RiverNorth Flexible Municipalome Fund's Graham Number for the quarter that ended in Jun. 2021 is calculated as

Graham Number
=sqrt of (22.5*Tangible Book per Share*EPS without NRI (TTM))
=sqrt of (22.5*24.734*4.43)
=49.65

* 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.


RiverNorth Flexible Municipalome Fund  (NYSE:RFM) 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.

RiverNorth Flexible Municipalome Fund's Price to Graham number Ratio for today is calculated as

Price to Graham number=Share Price (Today)/Graham number (Q: Jun. 2021 )
=23.6398/49.65
=0.48

* 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.


RiverNorth Flexible Municipalome Fund Graham Number Related Terms

Thank you for viewing the detailed overview of RiverNorth Flexible Municipalome Fund's Graham Number provided by GuruFocus.com. Please click on the following links to see related term pages.


RiverNorth Flexible Municipalome Fund Business Description

RiverNorth Flexible Municipalome Fund logo
Industry
Financial Services » Asset Management NAICS : 523991 SIC : 6733
Comparable Companies
Traded in Other Exchanges
N/A
Address
325 North LaSalle Street, Suite 645, Chicago, IL, USA, 60654
RiverNorth Flexible Municipal Income Fund Inc is a diversified, closed-end management investment company. Its primary investment objective is to seek current income exempt from regular U.S. federal income taxes. The fund's secondary investment objective is total return.
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