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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:TEPP11's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 16.375 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) 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.
Tellus Properties Fundo DE Investimento Imobiliario Net-Net Working Capital Related Terms
Tellus Properties Fundo DE Investimento Imobiliario 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.
Tellus Properties Fundo DE Investimento Imobiliario Net-Net Working Capital Chart
Tellus Properties Fundo DE Investimento Imobiliario Annual Data
BSP:TEPP11 vs AVB, EQR, ESS: Net-Net Working Capital Comparison
For the REIT - Residential subindustry, Tellus Properties Fundo DE Investimento Imobiliario'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.
Tellus Properties Fundo DE Investimento Imobiliario 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$-4.91 mean?
Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) has a Net-Net Working Capital of R$-4.91 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 Tellus Properties Fundo DE Investimento Imobiliario According to the industry distribution chart, Tellus Properties Fundo DE Investimento Imobiliario ranks #999999 out of 110 companies in the REITs industry.
Is Tellus Properties Fundo DE Investimento Imobiliario's Net-Net Working Capital too high?
Tellus Properties Fundo DE Investimento Imobiliario's current Net-Net Working Capital is R$-4.91. Based on the distribution chart, Tellus Properties Fundo DE Investimento Imobiliario ranks #999999 out of 110 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Tellus Properties Fundo DE Investimento Imobiliario has a GF Score™ of 64/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Tellus Properties Fundo DE Investimento Imobiliario's Net-Net Working Capital compare to AVB and EQR?
According to the REITs industry distribution chart, Tellus Properties Fundo DE Investimento Imobiliario ranks #999999 out of 110 companies for Net-Net Working Capital. This places Tellus Properties Fundo DE Investimento Imobiliario in the lower half of its industry. The industry median Net-Net Working Capital is 16.38. 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 16.38, based on 110 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 Tellus Properties Fundo DE Investimento Imobiliario For the REITs industry, the median Net-Net Working Capital is 16.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tellus Properties Fundo DE Investimento Imobiliario's current Net-Net Working Capital is R$-4.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tellus Properties Fundo DE Investimento Imobiliario stock overvalued right now?
Based on GuruFocus' analysis, Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) is currently considered Fairly Valued. The stock's GF Value™ is R$7.22, compared to a current price of R$7.61 — trading 5.4% above its estimated fair value. The current Net-Net Working Capital is R$-4.91. Tellus Properties Fundo DE Investimento Imobiliario's overall GF Score™ is 64/100 with 1 warning sign 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 Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11), the current Net-Net Working Capital is R$-4.91 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 Tellus Properties Fundo DE Investimento Imobiliario (BSP:TEPP11) Overvalued in 2026?
Based on GuruFocus' analysis, Tellus Properties Fundo DE Investimento Imobiliario stock appears to be overvalued.
The current stock price of R$7.61 is trading 5.4% above its estimated GF Value™ of R$7.22.
GuruFocus considers Tellus Properties Fundo DE Investimento Imobiliario to be Fairly Valued.
Key valuation signals for BSP:TEPP11:
Net-Net Working Capital: R$-4.91
GF Value™: R$7.22 vs. price of R$7.61 (5.4% above fair value)
No single metric tells the full story. See the BSP:TEPP11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tellus Properties Fundo DE Investimento Imobiliario is a closed-end fund. The fund's objective is to provide shareholders with appreciation and profitability of their shares predominantly through long-term real estate investments.
64GF Score
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