Sibanye Stillwater (NYSE:SBSW) Net-Net Working Capital

: $-3.20 (As of Jun. 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.

Sibanye Stillwater's Net-Net Working Capital for the quarter that ended in Jun. 2023 was $-3.20.

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

SBSW's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Metals & Mining industry.
Industry Median: 5.00
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Sibanye Stillwater Net-Net Working Capital Historical Data

The historical data trend for Sibanye Stillwater'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.

Sibanye Stillwater Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Net-Net Working Capital

-6.35

-5.76

-2.68

-2.37

-2.85

Sibanye Stillwater Semi-Annual Data
	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23
Net-Net Working Capital																-1.60	-2.37	-2.07	-2.85	-3.20

Competitive Comparison

For the Gold subindustry, Sibanye Stillwater's Net-Net Working Capital, along with its competitors' market caps and 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.

Annual Data Quarterly Data

Sibanye Stillwater Net-Net Working Capital Distribution

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

* The bar in red indicates where Sibanye Stillwater's Net-Net Working Capital falls in comparison to its industry or sector. The grey bar indicates the Net-Net Working Capital's extreme value range as defined by GuruFocus.

Sibanye Stillwater Net-Net Working Capital Calculation

Sibanye Stillwater's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2022 is calculated as

	Net-Net Working Capital		(A: Dec. 2022 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1509.028	+	0.75 * 337.269	+	0.5 * 1526.852	-	4376.563
-	0	-	167.998)	/	707.593
=	-2.85

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

	Net-Net Working Capital		(Q: Jun. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1182.141	+	0.75 * 427.639	+	0.5 * 1371.58	-	4281.721
-	0	-	169.327)	/	707.642
=	-3.20

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.

Sibanye Stillwater (NYSE:SBSW) 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.

Sibanye Stillwater Net-Net Working Capital Related Terms

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Sibanye Stillwater (NYSE:SBSW) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Sibanye Stillwater Ltd (NYSE:SBSW) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

SSW:South Africa SBYSF:USA SBSW:Mexico S1BS34:Brazil

Address

Cnr 14th Avenue and Hendrik Potgieter Road, Bridgeview House, Building 11, Ground Floor, Lakeview Avenue, Constantia Office Park, Weltevreden Park, Roodepoort, GT, ZAF, 1709

Website

https://www.sibanyestillwater.com

Sibanye Stillwater Ltd is a South Africa-focused mining company. The Group currently owns and operates five underground and surface gold operations in South Africa: the Cooke, DRDGOLD, Driefontein, and Kloof operations in the West Witwatersrand region, and the Beatrix Operation in the southern Free State province. In addition to mining, the company owns and manages extraction and processing facilities at its operations, where gold-bearing ore is treated and beneficiated to produce gold dore. The gold dore is further refined at Rand Refinery into gold bars with a purity of at least 99.5% and is then sold on international markets. Sibanye holds a 44% interest in Rand Refinery, global refiners of gold, and the largest in Africa. Rand Refinery markets gold to customers around the world.