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.
ArcelorMittal South Africa's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-0.69.
The industry rank for ArcelorMittal South Africa's Net-Net Working Capital or its related term are showing as below:
FRA:ISC1's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.21 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
ArcelorMittal South Africa (FRA:ISC1) 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.
ArcelorMittal South Africa Net-Net Working Capital Related Terms
ArcelorMittal South Africa 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.
ArcelorMittal South Africa Net-Net Working Capital Chart
FRA:ISC1 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, ArcelorMittal South Africa'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.
ArcelorMittal South Africa Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, ArcelorMittal South Africa's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where ArcelorMittal South Africa'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 €-0.69 mean?
ArcelorMittal South Africa (FRA:ISC1) has a Net-Net Working Capital of €-0.69 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 ArcelorMittal South Africa According to the industry distribution chart, ArcelorMittal South Africa ranks #999999 out of 181 companies in the Steel industry.
Is ArcelorMittal South Africa's Net-Net Working Capital too high?
ArcelorMittal South Africa's current Net-Net Working Capital is €-0.69. Based on the distribution chart, ArcelorMittal South Africa ranks #999999 out of 181 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, ArcelorMittal South Africa has a GF Score™ of 54/100, reflecting its overall financial health beyond just this single metric.
How does ArcelorMittal South Africa's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, ArcelorMittal South Africa ranks #999999 out of 181 companies for Net-Net Working Capital. This places ArcelorMittal South Africa in the lower half of its industry. The industry median Net-Net Working Capital is 4.21. 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.21, based on 181 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 ArcelorMittal South Africa For the Steel industry, the median Net-Net Working Capital is 4.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ArcelorMittal South Africa's current Net-Net Working Capital is €-0.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ArcelorMittal South Africa stock overvalued right now?
ArcelorMittal South Africa (FRA:ISC1) has a current Net-Net Working Capital of €-0.69. The stock's GF Value™ is €0.07, compared to a current price of €0.06 — trading 11.4% below its estimated fair value. The current Net-Net Working Capital is €-0.69. ArcelorMittal South Africa's overall GF Score™ is 54/100 with 7 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 ArcelorMittal South Africa (FRA:ISC1), the current Net-Net Working Capital is €-0.69 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 ArcelorMittal South Africa (FRA:ISC1) Overvalued in 2026?
Based on GuruFocus' analysis, ArcelorMittal South Africa stock appears to be undervalued.
The current stock price of €0.06 is trading 11.4% below its estimated GF Value™ of €0.07.
Key valuation signals for FRA:ISC1:
Net-Net Working Capital: €-0.69
GF Value™: €0.07 vs. price of €0.06 (11.4% below fair value)
No single metric tells the full story. See the FRA:ISC1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ArcelorMittal South Africa Ltd is a South Africa-based steel-producing company. The company's operating segments include Steel operations; Non-steel operations; Corporate and others. It generates the majority of total revenue from the Steel Operations segment that consist of Vanderbijlpark plant, Newcastle plant, Vereeniging plant and ArcelorMittal Rail and Structures. The product range consists of hot-rolled coil, plate, coiled rounds, flats, reinforced bars, rounds, billets and channels, and commercial coke among others. The group operates mainly in South Africa. Export sales are mostly sold in sub-Saharan Africa, Asia, Europe, and America.
54GF Score
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