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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.
Emperor Watch & Jewellery's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €0.03.
The industry rank for Emperor Watch & Jewellery's Net-Net Working Capital or its related term are showing as below:
FRA:EPU's Price-to-Net-Net-Working-Capital is ranked better than 92.52% of 321
companies
in the Retail - Cyclical industry
Industry Median: 6.17
vs FRA:EPU: 1.15
Emperor Watch & Jewellery (FRA:EPU) 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.
Emperor Watch & Jewellery Net-Net Working Capital Related Terms
Emperor Watch & Jewellery Net-Net Working Capital Historical Data
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The historical data trend for Emperor Watch & Jewellery'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.
Emperor Watch & Jewellery Net-Net Working Capital Chart
FRA:EPU vs TPR: Net-Net Working Capital Comparison
For the Luxury Goods subindustry, Emperor Watch & Jewellery'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.
Emperor Watch & Jewellery Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Emperor Watch & Jewellery's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Emperor Watch & Jewellery'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 €0.03 mean?
Emperor Watch & Jewellery (FRA:EPU) has a Net-Net Working Capital of €0.03 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 Emperor Watch & Jewellery According to the industry distribution chart, Emperor Watch & Jewellery ranks #24 out of 321 companies in the Retail - Cyclical industry, placing it in the top 7.5%.
Is Emperor Watch & Jewellery's Net-Net Working Capital too high?
Emperor Watch & Jewellery's current Net-Net Working Capital is €0.03. Based on the distribution chart, Emperor Watch & Jewellery ranks #24 out of 321 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Emperor Watch & Jewellery has a GF Score™ of 72/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Emperor Watch & Jewellery's Net-Net Working Capital compare to TPR?
According to the Retail - Cyclical industry distribution chart, Emperor Watch & Jewellery ranks #24 out of 321 companies for Net-Net Working Capital. This places Emperor Watch & Jewellery in the top 8% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 6.17. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.17, based on 321 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 Emperor Watch & Jewellery For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Emperor Watch & Jewellery's current Net-Net Working Capital is €0.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emperor Watch & Jewellery stock overvalued right now?
Based on GuruFocus' analysis, Emperor Watch & Jewellery (FRA:EPU) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.02, compared to a current price of €0.02 — trading 15% above its estimated fair value. The current Net-Net Working Capital is €0.03. Emperor Watch & Jewellery's overall GF Score™ is 72/100 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 Emperor Watch & Jewellery (FRA:EPU), the current Net-Net Working Capital is €0.03 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 Emperor Watch & Jewellery (FRA:EPU) Overvalued in 2026?
Based on GuruFocus' analysis, Emperor Watch & Jewellery stock appears to be overvalued.
The current stock price of €0.02 is trading 15% above its estimated GF Value™ of €0.02.
GuruFocus considers Emperor Watch & Jewellery to be Modestly Overvalued.
Key valuation signals for FRA:EPU:
Net-Net Working Capital: €0.03
GF Value™: €0.02 vs. price of €0.02 (15% above fair value)
No single metric tells the full story. See the FRA:EPU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Emperor Watch & Jewellery Ltd is a retailer of European-made internationally renowned watches, together with self-designed fine jewellery products under its brand, Emperor Jewellery. The group has extensive retail networks in Hong Kong, Macau, Mainland China, Malaysia, and Singapore. Its wristwatch brands include Piguet, Baume & Mercier, Cartier, Jaeger-LeCoultre, Rolex among others. The target customers range from middle to high-income groups world-wide. The majority of the revenue is mainly derived from sales of watches and jewellery in Hong Kong.
72GF 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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