Since last year I have adjusted the formula to 1 x book value
The Graham Number is Square Root of (15 x 4,2 EPS x 1,5 x €73 book value) = €82
(For real estate 1x book might be better than 1,5x book value).
Dividend: EUR 3,60/ EUR 61,5 = 6%
Conclusion: Seems cheap at EUR 62 compared to the Book Value of EUR 78 and Earnings Yield of 8%
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