Ideas · Growth at a Graham discount
Growth names still under Graham Number — week 2026-W33
Reasonable PEG / solid ROIC names where price is still below the Graham intrinsic estimate — growth without paying full fantasy multiples.
| Ticker | Price | Graham IV | MOS | ROIC 10y |
|---|---|---|---|---|
| CSV | $36.44 | $57.20 | 36.3% | 22.8% |
| PHM | $130.18 | $263.06 | 50.5% | 31.2% |
| RLI | $63.77 | $105.41 | 39.5% | 26.1% |
CSV
CARRIAGE SERVICES INC
- Trades at $36.44 vs Graham intrinsic $57.20 → ~36% margin of safety on the formula.
- 10-year average ROIC about 22.8%.
- 10-year average ROE about 16.0%.
- Revenue CAGR (10y) about 6.0%.
- Yield on retained capital ≈ 458.4%.
PHM
PulteGroup
- Trades at $130.18 vs Graham intrinsic $263.06 → ~50% margin of safety on the formula.
- 10-year average ROIC about 31.2%.
- 10-year average ROE about 22.1%.
- Revenue CAGR (10y) about 9.5%.
- Yield on retained capital ≈ 20.3%.
RLI
RLI CORP
- Trades at $63.77 vs Graham intrinsic $105.41 → ~40% margin of safety on the formula.
- 10-year average ROIC about 26.1%.
- 10-year average ROE about 21.4%.
- Revenue CAGR (10y) about 9.7%.
- Yield on retained capital ≈ 30.7%.
How this list was built.
Graham intrinsic per share = EPS × (8.5 + 2g) × (4.4 / Y), with Y = 5.1% AAA bond yield default used by Intrinsic Terminal’s screener engine. Growth g is capped in the engine (industrial 8%, tech/cyclical 15%). Names must pass the week’s quality/value preset, then price < Graham IV. Ranked by quality score, then margin of safety % = (Graham − price) / Graham. Plausibility gates: MOS between 12–60%, quality score ≥ 7 (0–10 scale), price ≥ $5, common-share ticker shape. Recently published tickers are excluded.
Educational screen only — not investment advice, not a recommendation to buy or sell. Models can be wrong; always read the filings.