An analytical approach to single-frequency precise point positioning (PPP) is discussed in this paper. To obtain highest precision results, all biases must be eliminated or modelled to centimetre level. The use of the GRAPHIC ionosphere-free linear combination that is based on single-frequency phase and code observations eliminates the ionosphere bias; however, the rank deficient GaussMarkov model is obtained. We explicitly determine rank deficiency of a Gauss-Markov model as a number of all ambiguity clusters, each of them defined as a set of all ambiguities overlapping in time. On the basis of S-transformation we prove that the single-frequency PPP represents an unbiased estimator for station coordinates and troposphere parameters, while it presents a biased estimator for ambiguities and receiver-clock error parameters. Additionally we describe the estimable parameters in each ambiguity cluster as the differences between ambiguity parameters and the sum of receiver-clock parameters with one of the ambiguities. We also show that any other particular solution on the basis of S-transformation is obtained only when the common leastsquares estimation in single step is applied. The recursive least-squares estimation with parameter pre-elimination only determines the vector of unknowns as possible to transform through S-transformation, whereas the same does not hold for the cofactor matrix of unknowns. For a case study, we present our method on GPS data from 19 permanent stations (14 IGS and 5 EPN) in Europe, for 89 consecutive days in the beginning of 2013. The static case study revealed the precision of daily coordinates as 7.6, 11.7 and 19.6 mm for N , E and U , respectively. The accuracies of the N , E and U components were determined as 6.9, 13.5 and 31.4 mm, respectively, and were calculated using the Helmert transformation of weighted-mean daily single-frequency PPP and IGb08 coordinates. The estimated convergence times were relatively diverse, expanding from 1.75 h (CAGL) to 5.25 h (GRAZ) for the horizontal position with the 10-cm precision threshold, and from 1.00 h (GRAS) to 3.25 h (BZRG) for the height component with a 20-cm precision threshold. The convergence times were shown to be strongly correlated to the remaining unmodelled biases in the GRAPHIC linear combination, primarily with multipath, where the correlation coefficient for the horizontal position was determined as ρ P = 0.68 and for height as ρ U = 0.85. The comparison to the model where raw observations are used (C, L) and where the ionosphere bias is mitigated with global ionosphere models (GIM) revealed the supremacy of the proposed single-frequency PPP method based on the GRAPHIC linear combination in both the static and the semi-kinematic case study. In the static case study, the proposed singlefrequency PPP model was superior both in terms of precision and accuracy. In the semi-kinematic case study, the usage of raw observations with GIM would improve results only when multipath and noise of code observations would prevail over the remaini...