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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.
Ibersol SGPS's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €-6.05.
The industry rank for Ibersol SGPS's Net-Net Working Capital or its related term are showing as below:
FRA:L34's Price-to-Net-Net-Working-Capital is not ranked *
in the Restaurants industry.
Industry Median: 16.22 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Ibersol SGPS (FRA:L34) 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.
Ibersol SGPS Net-Net Working Capital Related Terms
Ibersol SGPS Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Ibersol SGPS'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.
FRA:L34 vs MCD, SBUX, YUM: Net-Net Working Capital Comparison
For the Restaurants subindustry, Ibersol SGPS'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.
Ibersol SGPS Price-to-Net-Net-Working-Capital vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Ibersol SGPS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Ibersol SGPS'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 €-6.05 mean?
Ibersol SGPS (FRA:L34) has a Net-Net Working Capital of €-6.05 as of Mar. 2026. 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 Ibersol SGPS According to the industry distribution chart, Ibersol SGPS ranks #999999 out of 47 companies in the Restaurants industry.
Is Ibersol SGPS's Net-Net Working Capital too high?
Ibersol SGPS's current Net-Net Working Capital is €-6.05. Based on the distribution chart, Ibersol SGPS ranks #999999 out of 47 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Ibersol SGPS has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Ibersol SGPS's Net-Net Working Capital compare to MCD and SBUX?
According to the Restaurants industry distribution chart, Ibersol SGPS ranks #999999 out of 47 companies for Net-Net Working Capital. This places Ibersol SGPS in the lower half of its industry. The industry median Net-Net Working Capital is 16.22. 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 Restaurants company?
The median Net-Net Working Capital among Restaurants companies is 16.22, based on 47 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 Ibersol SGPS For the Restaurants industry, the median Net-Net Working Capital is 16.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ibersol SGPS's current Net-Net Working Capital is €-6.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ibersol SGPS stock overvalued right now?
Based on GuruFocus' analysis, Ibersol SGPS (FRA:L34) is currently considered Fairly Valued. The stock's GF Value™ is €9.40, compared to a current price of €9.55 — trading 1.6% above its estimated fair value. The current Net-Net Working Capital is €-6.05. Ibersol SGPS's overall GF Score™ is 77/100 with 5 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 Ibersol SGPS (FRA:L34), the current Net-Net Working Capital is €-6.05 as of Mar. 2026. 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 Ibersol SGPS (FRA:L34) Overvalued in 2026?
Based on GuruFocus' analysis, Ibersol SGPS stock appears to be overvalued.
The current stock price of €9.55 is trading 1.6% above its estimated GF Value™ of €9.40.
GuruFocus considers Ibersol SGPS to be Fairly Valued.
Key valuation signals for FRA:L34:
Net-Net Working Capital: €-6.05
GF Value™: €9.40 vs. price of €9.55 (1.6% above fair value)
No single metric tells the full story. See the FRA:L34 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ibersol SGPS SA., through its subsidiaries, operates a network of restaurant units in Portugal, Spain, and Angola. It provides services in the business segments such as Restaurants which comprises the units with table service and home delivery restaurant offerings, Counters which comprises the units with over-the-counter sales, and Concessions & Catering which includes all the other businesses, namely the catering activity and the units located in concession areas. Ibersol functions restaurant units through various brands, including Pizza Hut, Pasta Caffe, Pans & Company, Taco Bell, and Eat out Group. It derives maximum revenue from Concession segment.
77GF Score
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