PFE - Why Defensive?

Im certain im missing something...

For Pfizer, it's written:

" [ ... ] A percentage rating by each of Graham's defensive investment criteria. Defensive Graham investment requires that all ratings be 100% or more."

However, we later see [ ... ]:

Graham Number ÷ Previous Close: 69.02%

Of course, 69% is below 100%, and 137% is required for Enterprising. So im just curious what aspect i have misunderstood that has allowed Pfizer a "Defensive" rating?

Thank you so much for you time. :)

Dear Justin,

Thank you for your forum post!

PFE has a Qualitative Result of Defensive, and a Quantitative Result of 69.00%.

As it says in the "Final Graham Assessment" tab for PFE, the Quantitative Result (Intrinsic Value ÷ Previous Close) for a stock has to be 100% for Graham investment.

For Defensive quality stocks, Intrinsic Value = Graham Number and thus Quantitative Result = (Graham Number ÷ Previous Close).

For a more complete explanation of the terms used on Serenity, please see Quick Reference - Benjamin Graham and Serenity Stocks.

Graham Resources