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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.
BSP:CSMG3's Price-to-Net-Net-Working-Capital is not ranked *
in the Utilities - Regulated industry.
Industry Median: 4.96 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) 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.
Compania deneamento de Minas Gerais - COPASA MG Net-Net Working Capital Related Terms
Compania deneamento de Minas Gerais - COPASA MG 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.
Compania deneamento de Minas Gerais - COPASA MG Net-Net Working Capital Chart
Compania deneamento de Minas Gerais - COPASA MG Annual Data
BSP:CSMG3 vs AWK, WTRG, AWR: Net-Net Working Capital Comparison
For the Utilities - Regulated Water subindustry, Compania deneamento de Minas Gerais - COPASA MG'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.
Compania deneamento de Minas Gerais - COPASA MG Price-to-Net-Net-Working-Capital vs Utilities - Regulated Industry
* 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 R$-23.86 mean?
Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) has a Net-Net Working Capital of R$-23.86 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 Compania deneamento de Minas Gerais - COPASA MG According to the industry distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #999999 out of 63 companies in the Utilities - Regulated industry.
Is Compania deneamento de Minas Gerais - COPASA MG's Net-Net Working Capital too high?
Compania deneamento de Minas Gerais - COPASA MG's current Net-Net Working Capital is R$-23.86. Based on the distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #999999 out of 63 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Compania deneamento de Minas Gerais - COPASA MG has a GF Score™ of 83/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Compania deneamento de Minas Gerais - COPASA MG's Net-Net Working Capital compare to AWK and WTRG?
According to the Utilities - Regulated industry distribution chart, Compania deneamento de Minas Gerais - COPASA MG ranks #999999 out of 63 companies for Net-Net Working Capital. This places Compania deneamento de Minas Gerais - COPASA MG in the lower half of its industry. The industry median Net-Net Working Capital is 4.96. 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 an Utilities - Regulated company?
The median Net-Net Working Capital among Utilities - Regulated companies is 4.96, based on 63 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 Compania deneamento de Minas Gerais - COPASA MG For the Utilities - Regulated industry, the median Net-Net Working Capital is 4.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Compania deneamento de Minas Gerais - COPASA MG's current Net-Net Working Capital is R$-23.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Compania deneamento de Minas Gerais - COPASA MG stock overvalued right now?
Based on GuruFocus' analysis, Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$25.09, compared to a current price of R$61.82 — trading 146.4% above its estimated fair value. The current Net-Net Working Capital is R$-23.86. Compania deneamento de Minas Gerais - COPASA MG's overall GF Score™ is 83/100 with 9 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 Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3), the current Net-Net Working Capital is R$-23.86 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 Compania deneamento de Minas Gerais - COPASA MG (BSP:CSMG3) Overvalued in 2026?
Based on GuruFocus' analysis, Compania deneamento de Minas Gerais - COPASA MG stock appears to be overvalued.
The current stock price of R$61.82 is trading 146.4% above its estimated GF Value™ of R$25.09.
GuruFocus considers Compania deneamento de Minas Gerais - COPASA MG to be Significantly Overvalued.
Key valuation signals for BSP:CSMG3:
Net-Net Working Capital: R$-23.86
GF Value™: R$25.09 vs. price of R$61.82 (146.4% above fair value)
No single metric tells the full story. See the BSP:CSMG3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Compania deneamento de Minas Gerais - COPASA MG Business Description
Compania de Saneamento de Minas Gerais - COPASA MG provides water supply, sewage, and solid waste services. The company operates out of subsidiaries COPASA Servicos de Irrigacao S.A., COPASA Aguas Minerais de Minas S.A, and COPANOR. COPASA Servicos de Irrigacao S.A. manages, performs, and sells irrigation system services. COPASA Aguas Minerais de Minas S.A. produces, bottles, distributes, and sells mineral water. COPANOR provides water supply and sewage treatment services across the North and Northeast regions of the State of Minas Gerais. A majority of revenue is derived from water services while the rest is derived from sewage services. The company operates out of Brazil, where an amount of revenue is generated.
83GF Score
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