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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 Erawan Group PCL's Net-Net Working Capital for the quarter that ended in Jun. 2026 was ฿-3.27.
The industry rank for The Erawan Group PCL's Net-Net Working Capital or its related term are showing as below:
BKK:ERW-R's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 5.94 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
The Erawan Group PCL (BKK:ERW-R) 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.
The Erawan Group PCL Net-Net Working Capital Related Terms
The Erawan Group PCL Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for The Erawan Group PCL'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.
The Erawan Group PCL Net-Net Working Capital Chart
BKK:ERW-R vs MAR, HLT, H: Net-Net Working Capital Comparison
For the Lodging subindustry, The Erawan Group 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.
The Erawan Group PCL Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, The Erawan Group PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where The Erawan Group 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 ฿-3.27 mean?
The Erawan Group PCL (BKK:ERW-R) has a Net-Net Working Capital of ฿-3.27 as of Jun. 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 The Erawan Group PCL According to the industry distribution chart, The Erawan Group PCL ranks #999999 out of 207 companies in the Travel & Leisure industry.
Is The Erawan Group PCL's Net-Net Working Capital too high?
The Erawan Group PCL's current Net-Net Working Capital is ฿-3.27. Based on the distribution chart, The Erawan Group PCL ranks #999999 out of 207 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, The Erawan Group PCL has a GF Score™ of 73/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Erawan Group PCL's Net-Net Working Capital compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, The Erawan Group PCL ranks #999999 out of 207 companies for Net-Net Working Capital. This places The Erawan Group PCL in the lower half of its industry. The industry median Net-Net Working Capital is 5.94. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 5.94, based on 207 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 The Erawan Group PCL For the Travel & Leisure industry, the median Net-Net Working Capital is 5.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Erawan Group PCL's current Net-Net Working Capital is ฿-3.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Erawan Group PCL stock overvalued right now?
Based on GuruFocus' analysis, The Erawan Group PCL (BKK:ERW-R) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿2.80, compared to a current price of ฿3.75 — trading 34% above its estimated fair value. The current Net-Net Working Capital is ฿-3.27. The Erawan Group PCL's overall GF Score™ is 73/100 with 12 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 The Erawan Group PCL (BKK:ERW-R), the current Net-Net Working Capital is ฿-3.27 as of Jun. 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 The Erawan Group PCL (BKK:ERW-R) Overvalued in 2026?
Based on GuruFocus' analysis, The Erawan Group PCL stock appears to be overvalued.
The current stock price of ฿3.75 is trading 34% above its estimated GF Value™ of ฿2.80.
GuruFocus considers The Erawan Group PCL to be Significantly Overvalued.
Key valuation signals for BKK:ERW-R:
Net-Net Working Capital: ฿-3.27
GF Value™: ฿2.80 vs. price of ฿3.75 (34% above fair value)
No single metric tells the full story. See the BKK:ERW-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Erawan Group PCL is a company that focuses on investing in various companies, engaged in the hotel business and in building rental business. The company operates two business segments: Hotel business segment, which consists of Grand Hyatt Erawan Bangkok, JW Marriott Bangkok, The Naka Island, a Luxury Collection Resort and Spa, Phuket, Renaissance Koh Samui Resort and Spa, Courtyard by Marriott Bangkok, Holiday Inn Pattaya, Mercure Bangkok Siam and Ibis Hotels; and the Rental and management building business segment including Erawan Bangkok, which is a boutique mall to the center of Bangkok's business and commercial district and Ploenchit Center, which is an office building with retail shops and international restaurants. The majority of the revenue is generated from its Hotel business.
73GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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