Ann: FY23 Forecast Financial Result, page-17

school Graham and Dodd is not very useful these days as business structure and model has change a lot since then
back then no network effect power, no re-occuring revenue type of business, no software tech, cloud business, their valuation based on asset and machinery just doesn't apply to the modern economy any more.
it good during industrial age with lot of heavy equipment but we have moved on from industrial age, this type of business has inferior return in the tech age compared to the new business

Brand power and the whole eco system it took Warren a while to get away from Graham valuation model and invest in Apple