Glencore (Glencore) Net-Net Working Capital

: $-8.99 (As of Dec. 2023)

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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Glencore's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-8.99.

The industry rank for Glencore's Net-Net Working Capital or its related term are showing as below:

GLNCY's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Metals & Mining industry.
Industry Median: 5.745
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Glencore Net-Net Working Capital Historical Data

The historical data trend for Glencore's Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Glencore Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Net-Net Working Capital

-9.66

-9.25

-9.44

-8.59

-8.99

Glencore Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Net-Net Working Capital																-9.44	-9.92	-8.59	-8.19	-8.99

Competitive Comparison

For the Other Industrial Metals & Mining subindustry, Glencore's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Glencore Price-to-Net-Net-Working-Capital Distribution

For the Metals & Mining industry and Basic Materials sector, Glencore's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Glencore's Price-to-Net-Net-Working-Capital falls into.

Glencore Net-Net Working Capital Calculation

Glencore's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(A: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1925	+	0.75 * 10510	+	0.5 * 31569	-	85632
-	0	-	-5343)	/	6086.71
=	-8.99

Glencore's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(Q: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1925	+	0.75 * 10510	+	0.5 * 31569	-	85632
-	0	-	-5343)	/	6086.71
=	-8.99

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Glencore (OTCPK:GLNCY) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Glencore Net-Net Working Capital Related Terms

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Glencore (Glencore) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Glencore PLC (OTCPK:GLNCY) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

GLN:South Africa GLCNF:USA GLENl:UK GLEN:UK 8GC:Germany

Address

Baarermattstrasse 3, P.O. Box 1363, Baar, CHE, CH-6340

Website

https://www.glencore.com

Glencore is one of the world's largest commodities traders, active in markets for metals and minerals, energy products, and agricultural goods. The firm's Marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. Core exposures are in the production of thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners, Glencore plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. It has also agreed to buy Teck's metallurgical coal business, with the deal likely closing in the third quarter of 2024.