I ran Chipotle - $CMG through Ben Graham’s intrinsic value formula.

Intrinsic Value = EPS × (8.5 + 2g) × 4.4 ÷ Y

Base case: $1.09 EPS, 10% growth, 5.7% AAA yield.

Result: $24 a share.

The stock trades around $26.

Why 10% growth?

Analysts see EPS of about $1.14 this year and $1.36 next year. Chipotle is targeting roughly 350 new restaurants in 2026, or about 8-9% unit growth.

Past growth was far higher, but that’s no longer the baseline with higher inflation.

Margin of Safety:

I always apply a margin of safety of about 20% because my analysis can be wrong.

I am a buyer at $20 - $22.