Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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:HSAF11's Price-to-Net-Net-Working-Capital is ranked better than 71.17% of 111
companies
in the REITs industry
Industry Median: 16.17
vs BSP:HSAF11: 3.98
Hsi Ativos Financeiros Fundos Investimentos Imoliarios (BSP:HSAF11) 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.
Hsi Ativos Financeiros Fundos Investimentos Imoliarios Net-Net Working Capital Related Terms
Hsi Ativos Financeiros Fundos Investimentos Imoliarios 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.
Hsi Ativos Financeiros Fundos Investimentos Imoliarios Net-Net Working Capital Chart
Hsi Ativos Financeiros Fundos Investimentos Imoliarios Annual Data
Trend
Jun21
Jun22
Jun23
Jun24
Jun25
Net-Net Working Capital
34.97
3.06
3.95
18.52
18.23
Hsi Ativos Financeiros Fundos Investimentos Imoliarios Semi-Annual Data
Jun21
Jun22
Jun23
Jun24
Jun25
Net-Net Working Capital
34.97
3.06
3.95
18.52
18.23
BSP:HSAF11 vs VICI, WPC: Net-Net Working Capital Comparison
For the REIT - Diversified subindustry, Hsi Ativos Financeiros Fundos Investimentos Imoliarios'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.
Hsi Ativos Financeiros Fundos Investimentos Imoliarios Price-to-Net-Net-Working-Capital vs REITs 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$18.23 mean?
Hsi Ativos Financeiros Fundos Investimentos Imoliarios (BSP:HSAF11) has a Net-Net Working Capital of R$18.23 as of Jun. 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 Hsi Ativos Financeiros Fundos Investimentos Imoliarios According to the industry distribution chart, Hsi Ativos Financeiros Fundos Investimentos Imoliarios ranks #32 out of 111 companies in the REITs industry, placing it in the top 28.8%.
Is Hsi Ativos Financeiros Fundos Investimentos Imoliarios' Net-Net Working Capital too high?
Hsi Ativos Financeiros Fundos Investimentos Imoliarios' current Net-Net Working Capital is R$18.23. Based on the distribution chart, Hsi Ativos Financeiros Fundos Investimentos Imoliarios ranks #32 out of 111 companies in the REITs industry, which is above the industry midpoint. Overall, Hsi Ativos Financeiros Fundos Investimentos Imoliarios has a GF Score™ of 54/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hsi Ativos Financeiros Fundos Investimentos Imoliarios' Net-Net Working Capital compare to VICI and WPC?
According to the REITs industry distribution chart, Hsi Ativos Financeiros Fundos Investimentos Imoliarios ranks #32 out of 111 companies for Net-Net Working Capital. This puts Hsi Ativos Financeiros Fundos Investimentos Imoliarios in the upper half of its industry. The industry median Net-Net Working Capital is 16.17. 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 REITs company?
The median Net-Net Working Capital among REITs companies is 16.17, based on 111 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 Hsi Ativos Financeiros Fundos Investimentos Imoliarios For the REITs industry, the median Net-Net Working Capital is 16.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hsi Ativos Financeiros Fundos Investimentos Imoliarios's current Net-Net Working Capital is R$18.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hsi Ativos Financeiros Fundos Investimentos Imoliarios stock overvalued right now?
Based on GuruFocus' analysis, Hsi Ativos Financeiros Fundos Investimentos Imoliarios (BSP:HSAF11) is currently considered Fairly Valued. The stock's GF Value™ is R$78.78, compared to a current price of R$72.63 — trading 7.8% below its estimated fair value. The current Net-Net Working Capital is R$18.23. Hsi Ativos Financeiros Fundos Investimentos Imoliarios' overall GF Score™ is 54/100 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 Hsi Ativos Financeiros Fundos Investimentos Imoliarios (BSP:HSAF11), the current Net-Net Working Capital is R$18.23 as of Jun. 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 Hsi Ativos Financeiros Fundos Investimentos Imoliarios (BSP:HSAF11) Overvalued in 2026?
Based on GuruFocus' analysis, Hsi Ativos Financeiros Fundos Investimentos Imoliarios stock appears to be undervalued.
The current stock price of R$72.63 is trading 7.8% below its estimated GF Value™ of R$78.78.
GuruFocus considers Hsi Ativos Financeiros Fundos Investimentos Imoliarios to be Fairly Valued.
Key valuation signals for BSP:HSAF11:
Net-Net Working Capital: R$18.23
GF Value™: R$78.78 vs. price of R$72.63 (7.8% below fair value)
No single metric tells the full story. See the BSP:HSAF11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hsi Ativos Financeiros Fundos Investimentos Imoliarios aims to obtain income and capital gains, through investment, in certificates of real estate receivables.
54GF Score
Get the complete analysis for BSP:HSAF11
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BSP:HSAF11 has been successfully added to your 
