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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.
CAS:SNP's Price-to-Net-Net-Working-Capital is not ranked *
in the Chemicals industry.
Industry Median: 7.81 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) 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.
Societe Nationale d'Electrolyse et de Petrochimie Net-Net Working Capital Related Terms
Societe Nationale d'Electrolyse et de Petrochimie 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.
Societe Nationale d'Electrolyse et de Petrochimie Net-Net Working Capital Chart
Societe Nationale d'Electrolyse et de Petrochimie Annual Data
CAS:SNP vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, Societe Nationale d'Electrolyse et de Petrochimie'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.
Societe Nationale d'Electrolyse et de Petrochimie Price-to-Net-Net-Working-Capital vs Chemicals 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 MAD-367.75 mean?
Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) has a Net-Net Working Capital of MAD-367.75 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 Societe Nationale d'Electrolyse et de Petrochimie According to the industry distribution chart, Societe Nationale d'Electrolyse et de Petrochimie ranks #999999 out of 589 companies in the Chemicals industry.
Is Societe Nationale d'Electrolyse et de Petrochimie's Net-Net Working Capital too high?
Societe Nationale d'Electrolyse et de Petrochimie's current Net-Net Working Capital is MAD-367.75. Based on the distribution chart, Societe Nationale d'Electrolyse et de Petrochimie ranks #999999 out of 589 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Societe Nationale d'Electrolyse et de Petrochimie has a GF Score™ of 48/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Societe Nationale d'Electrolyse et de Petrochimie's Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, Societe Nationale d'Electrolyse et de Petrochimie ranks #999999 out of 589 companies for Net-Net Working Capital. This places Societe Nationale d'Electrolyse et de Petrochimie in the lower half of its industry. The industry median Net-Net Working Capital is 7.81. 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 Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 7.81, based on 589 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 Societe Nationale d'Electrolyse et de Petrochimie For the Chemicals industry, the median Net-Net Working Capital is 7.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Societe Nationale d'Electrolyse et de Petrochimie's current Net-Net Working Capital is MAD-367.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Societe Nationale d'Electrolyse et de Petrochimie stock overvalued right now?
Based on GuruFocus' analysis, Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) is currently considered Possible Value Trap. The stock's GF Value™ is MAD472.38, compared to a current price of MAD315.10 — trading 33.3% below its estimated fair value. The current Net-Net Working Capital is MAD-367.75. Societe Nationale d'Electrolyse et de Petrochimie's overall GF Score™ is 48/100 with 4 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 Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP), the current Net-Net Working Capital is MAD-367.75 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 Societe Nationale d'Electrolyse et de Petrochimie (CAS:SNP) Overvalued in 2026?
Based on GuruFocus' analysis, Societe Nationale d'Electrolyse et de Petrochimie stock appears to be undervalued.
The current stock price of MAD315.10 is trading 33.3% below its estimated GF Value™ of MAD472.38.
GuruFocus considers Societe Nationale d'Electrolyse et de Petrochimie to be Possible Value Trap.
Key valuation signals for CAS:SNP:
Net-Net Working Capital: MAD-367.75
GF Value™: MAD472.38 vs. price of MAD315.10 (33.3% below fair value)
No single metric tells the full story. See the CAS:SNP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Societe Nationale d'Electrolyse et de Petrochimie Business Description
Societe Nationale d'Electrolyse et de Petrochimie manufactures vinyl products (PVC and Compound PVC) and products resulting from electrolysis (Soda, Chlorine, Bleach) and Hydrochloric Acid. The company ioffers its products to BTP, Irrigation, Drinking water supply and sanitation, Detergency and domestic and industrial hygiene, Water treatment, and Food industry.
48GF Score
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