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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.
The industry rank for Thessaloniki Port Authority's Net-Net Working Capital or its related term are showing as below:
ATH:OLTH's Price-to-Net-Net-Working-Capital is ranked worse than 50.91% of 220
companies
in the Transportation industry
Industry Median: 6.2
vs ATH:OLTH: 6.27
Thessaloniki Port Authority (ATH:OLTH) 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.
Thessaloniki Port Authority Net-Net Working Capital Related Terms
Thessaloniki Port Authority Net-Net Working Capital Historical Data
* 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.
Thessaloniki Port Authority Net-Net Working Capital Chart
Thessaloniki Port Authority Net-Net Working Capital Competitor Comparison
For the Marine Shipping subindustry, Thessaloniki Port Authority'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.
Thessaloniki Port Authority Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Thessaloniki Port Authority's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Thessaloniki Port Authority's Price-to-Net-Net-Working-Capital falls into.
* 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.
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. 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.
What does a Net-Net Working Capital of €6.00 mean?
Thessaloniki Port Authority (ATH:OLTH) has a Net-Net Working Capital of €6.00 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Thessaloniki Port Authority According to the industry distribution chart, Thessaloniki Port Authority ranks #112 out of 220 companies in the Transportation industry, placing it in the top 50.9%.
Is Thessaloniki Port Authority's Net-Net Working Capital too high?
Thessaloniki Port Authority's current Net-Net Working Capital is €6.00. Based on the distribution chart, Thessaloniki Port Authority ranks #112 out of 220 companies in the Transportation industry, which is below the industry midpoint. Overall, Thessaloniki Port Authority has a GF Score™ of 94/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Thessaloniki Port Authority's Net-Net Working Capital compare to competitors?
According to the Transportation industry distribution chart, Thessaloniki Port Authority ranks #112 out of 220 companies for Net-Net Working Capital. This places Thessaloniki Port Authority in the lower half of its industry. The industry median Net-Net Working Capital is 6.20. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.20, based on 220 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Thessaloniki Port Authority For the Transportation industry, the median Net-Net Working Capital is 6.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thessaloniki Port Authority's current Net-Net Working Capital is €6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thessaloniki Port Authority stock overvalued right now?
Based on GuruFocus' analysis, Thessaloniki Port Authority (ATH:OLTH) is currently considered Modestly Overvalued. The stock's GF Value™ is €31.70, compared to a current price of €37.60 — trading 18.6% above its estimated fair value. The current Net-Net Working Capital is €6.00. Thessaloniki Port Authority's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Thessaloniki Port Authority (ATH:OLTH), the current Net-Net Working Capital is €6.00 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Thessaloniki Port Authority (ATH:OLTH) Overvalued in 2026?
Based on GuruFocus' analysis, Thessaloniki Port Authority stock appears to be overvalued.
The current stock price of €37.60 is trading 18.6% above its estimated GF Value™ of €31.70.
GuruFocus considers Thessaloniki Port Authority to be Modestly Overvalued.
Key valuation signals for ATH:OLTH:
Net-Net Working Capital: €6.00
GF Value™: €31.70 vs. price of €37.60 (18.6% above fair value)
No single metric tells the full story. See the ATH:OLTH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thessaloniki Port Authority SA operates in the sector of auxiliary activities related to transportation, providing services at the Port of Thessaloniki, including loading and unloading of cargo, storage, port services and passenger traffic. Its business activities include services for unitized cargoes (containers), conventional cargoes (bulk, general and RO-RO), coastal and cruise passengers, vessels (anchoring, mooring, berthing and other services), users of port and non-port facilities including car parking operations, and intermodal transport services (dry-port) through the Company and its subsidiary ThPA Sofia EAD. The Company's operating segments are Container Terminal, Conventional Cargo, Passenger Traffic, Exploitation of Sites and Intermodal.
94GF Score
Get the complete analysis for ATH:OLTH
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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