Value Investing Protocol • Dual-Market Calibrated
Benjamin Graham Intrinsic Value
Rigorous intrinsic equity valuation with margin of safety and bond yield sensitivity.
Curated United States (S&P 500 / NASDAQ) Benchmarks:Regulator: US SEC
Valuation Inputs
EPS (TTM Trailing 12M):$ 6.60
Expected Growth Rate (g %):9.5%
Benchmark Bond Yield (Y %):4.40%
US AAA Historical (4.4%)Current Market Price (P):$ 225.00
Book Value Per Share (BVPS):$ 4.80
Intrinsic Value (Standard)
$ 181.5
Current Market Price: $ 225
OVERVALUED
-24.0% MOS
Market price trades at a substantial premium to Graham intrinsic value. Defensive avoid.
Graham Number:
$ 26.7
Implied P/E:
27.5x
Conservative V:
$ 108.9
Bond Yield vs Growth Sensitivity Matrix (USD)
| Yield \ Growth | 0% | 3% | 6% | 9% | 12% | 15% | 18% |
|---|---|---|---|---|---|---|---|
| 3.3% | 75 | 128 | 180 | 233 | 286 | 339 | 392 |
| 4.0% | 62 | 106 | 150 | 194 | 238 | 282 | 326 |
| 4.4% (Base) | 56 | 96 | 135 | 175 | 215 | 254 | 294 |
| 4.8% | 51 | 87 | 123 | 159 | 195 | 231 | 267 |
| 5.5% | 45 | 77 | 108 | 140 | 172 | 203 | 235 |
Mathematical Foundation & Statutory Rigor
Benjamin Graham Revised Formula (1974):
In The Intelligent Investor, Benjamin Graham formalized: V = (EPS × (8.5 + 2g) × 4.4) / Y. Here, 8.5 represents the fair P/E of a no-growth company, while 4.4 was the benchmark yield on AAA corporate bonds in 1962.
Dual-Market Yield Gap Calibration:
While US models use ~4.4% risk-free bond benchmarks, emerging markets like Kenya require local calibration. With CBK 10-Yr Infrastructure Bonds yielding ~14.5%–15.5% and 30% corporation tax (KRA Finance Act 2026), discounting Kenyan cash flows with foreign rates generates catastrophic valuation errors.