Graham Holdings Co (GHC) is undervalued and Pampa Energia SA ADR (PAM) is undervalued.
Against our estimates of intrinsic value, PAM trades at the wider discount: a margin of safety of +57%, against +28% for GHC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $1606.92; the price of $1150.03 is 28% below that value, and 79% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $187.77; the price of $80.69 is 57% below that value, and 80% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
| Metric | GHC | PAM |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $1150.03 | $80.69 |
| Intrinsic value | $1606.92 | $187.77 |
| Margin of safety | +28% | +57% |
| Leak Score | 84/100 (3/12) | 84/100 (3/12) |
| Market cap | $4.9B | $4.3B |
| Revenue growth, 5 years | 11.2% | 13.4% |
| Operating margin | 5.8% | 21.1% |
| Net margin | 10.6% | 23.8% |
| Return on equity | 11.8% | 15.3% |
| Debt to equity | 0.28 | 0.65 |
| P/E | 9.3x | 7.5x |
| Forward P/E | — | 7.4x |
| P/B | 1.0x | 1.1x |
| Dividend yield | 0.7% | — |