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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.
BKK:BAFS's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.16 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Bangkok Aviation Fuel Services PCL (BKK:BAFS) 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.
Bangkok Aviation Fuel Services PCL Net-Net Working Capital Related Terms
Bangkok Aviation Fuel Services PCL 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.
Bangkok Aviation Fuel Services PCL Net-Net Working Capital Chart
BKK:BAFS vs JOBY, CAAP: Net-Net Working Capital Comparison
For the Airports & Air Services subindustry, Bangkok Aviation Fuel Services PCL'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.
Bangkok Aviation Fuel Services PCL Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Bangkok Aviation Fuel Services PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bangkok Aviation Fuel Services PCL'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 ฿-24.41 mean?
Bangkok Aviation Fuel Services PCL (BKK:BAFS) has a Net-Net Working Capital of ฿-24.41 as of Mar. 2026. 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 Bangkok Aviation Fuel Services PCL According to the industry distribution chart, Bangkok Aviation Fuel Services PCL ranks #999999 out of 220 companies in the Transportation industry.
Is Bangkok Aviation Fuel Services PCL's Net-Net Working Capital too high?
Bangkok Aviation Fuel Services PCL's current Net-Net Working Capital is ฿-24.41. Based on the distribution chart, Bangkok Aviation Fuel Services PCL ranks #999999 out of 220 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Bangkok Aviation Fuel Services PCL has a GF Score™ of 70/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bangkok Aviation Fuel Services PCL's Net-Net Working Capital compare to JOBY and CAAP?
According to the Transportation industry distribution chart, Bangkok Aviation Fuel Services PCL ranks #999999 out of 220 companies for Net-Net Working Capital. This places Bangkok Aviation Fuel Services PCL in the lower half of its industry. The industry median Net-Net Working Capital is 6.16. 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 6.16, 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 Bangkok Aviation Fuel Services PCL For the Transportation industry, the median Net-Net Working Capital is 6.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bangkok Aviation Fuel Services PCL's current Net-Net Working Capital is ฿-24.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bangkok Aviation Fuel Services PCL stock overvalued right now?
Based on GuruFocus' analysis, Bangkok Aviation Fuel Services PCL (BKK:BAFS) is currently considered Possible Value Trap. The stock's GF Value™ is ฿15.82, compared to a current price of ฿10.30 — trading 34.9% below its estimated fair value. The current Net-Net Working Capital is ฿-24.41. Bangkok Aviation Fuel Services PCL's overall GF Score™ is 70/100 with 8 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 Bangkok Aviation Fuel Services PCL (BKK:BAFS), the current Net-Net Working Capital is ฿-24.41 as of Mar. 2026. 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 Bangkok Aviation Fuel Services PCL (BKK:BAFS) Overvalued in 2026?
Based on GuruFocus' analysis, Bangkok Aviation Fuel Services PCL stock appears to be undervalued.
The current stock price of ฿10.30 is trading 34.9% below its estimated GF Value™ of ฿15.82.
GuruFocus considers Bangkok Aviation Fuel Services PCL to be Possible Value Trap.
Key valuation signals for BKK:BAFS:
Net-Net Working Capital: ฿-24.41
GF Value™: ฿15.82 vs. price of ฿10.30 (34.9% below fair value)
No single metric tells the full story. See the BKK:BAFS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bangkok Aviation Fuel Services PCL Business Description
Bangkok Aviation Fuel Services PCL provides fuel services and storage for multiple airports in Thailand. The company has three operating segments: The aviation segment, the Utility and Power segment, and the business solution segment. The aviation segment provides in-plane service, manufacture, and assembly of hydrant dispensers. The utilities and power segment provides fuel pipeline transportation services, as well as the generation and distribution of electricity from solar power to the government. The business solution segment involves the development, design, manufacture, and sales of innovation and digital products, including the provision of other services. The majority of its revenue is generated from the Aviation segment.
70GF Score
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