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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.
ISX:ESSA's Price-to-Net-Net-Working-Capital is not ranked *
in the Chemicals industry.
Industry Median: 7.92 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
PT Essa Industries Indonesia Tbk (ISX:ESSA) 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.
PT Essa Industries Indonesia Tbk Net-Net Working Capital Related Terms
PT Essa Industries Indonesia Tbk 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.
PT Essa Industries Indonesia Tbk Net-Net Working Capital Chart
ISX:ESSA vs DOW: Net-Net Working Capital Comparison
For the Chemicals subindustry, PT Essa Industries Indonesia Tbk'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.
PT Essa Industries Indonesia Tbk Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, PT Essa Industries Indonesia Tbk's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PT Essa Industries Indonesia Tbk'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 Rp-8.79 mean?
PT Essa Industries Indonesia Tbk (ISX:ESSA) has a Net-Net Working Capital of Rp-8.79 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 PT Essa Industries Indonesia Tbk According to the industry distribution chart, PT Essa Industries Indonesia Tbk ranks #999999 out of 589 companies in the Chemicals industry.
Is PT Essa Industries Indonesia Tbk's Net-Net Working Capital too high?
PT Essa Industries Indonesia Tbk's current Net-Net Working Capital is Rp-8.79. Based on the distribution chart, PT Essa Industries Indonesia Tbk ranks #999999 out of 589 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, PT Essa Industries Indonesia Tbk has a GF Score™ of 87/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does PT Essa Industries Indonesia Tbk's Net-Net Working Capital compare to DOW?
According to the Chemicals industry distribution chart, PT Essa Industries Indonesia Tbk ranks #999999 out of 589 companies for Net-Net Working Capital. This places PT Essa Industries Indonesia Tbk in the lower half of its industry. The industry median Net-Net Working Capital is 7.92. 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 7.92, 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 PT Essa Industries Indonesia Tbk For the Chemicals industry, the median Net-Net Working Capital is 7.92 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Essa Industries Indonesia Tbk's current Net-Net Working Capital is Rp-8.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Essa Industries Indonesia Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Essa Industries Indonesia Tbk (ISX:ESSA) is currently considered Modestly Undervalued. The stock's GF Value™ is Rp882.81, compared to a current price of Rp635.00 — trading 28.1% below its estimated fair value. The current Net-Net Working Capital is Rp-8.79. PT Essa Industries Indonesia Tbk's overall GF Score™ is 87/100 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 PT Essa Industries Indonesia Tbk (ISX:ESSA), the current Net-Net Working Capital is Rp-8.79 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 PT Essa Industries Indonesia Tbk (ISX:ESSA) Overvalued in 2026?
Based on GuruFocus' analysis, PT Essa Industries Indonesia Tbk stock appears to be undervalued.
The current stock price of Rp635.00 is trading 28.1% below its estimated GF Value™ of Rp882.81.
GuruFocus considers PT Essa Industries Indonesia Tbk to be Modestly Undervalued.
Key valuation signals for ISX:ESSA:
Net-Net Working Capital: Rp-8.79
GF Value™: Rp882.81 vs. price of Rp635.00 (28.1% below fair value)
No single metric tells the full story. See the ISX:ESSA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Essa Industries Indonesia Tbk owns and operates privately owned domestic liquefied petroleum gas (LPG) refinery in Indonesia. Its main business is the refining and processing of natural gas to produce LPG (mixture of Propane and Butane), condensate, methanol, carbonation and gasification of coal, or other hydrocarbon materials. The principal products of the company include LPG, Condensate and Ammonia. It is also engaged in other activities such as crude oil mining, Wholesale trade in gas, liquid and solid fuels and similar products, Gas distribution and supporting service activities related to oil and gas mining carried out on a fee or contract basis. The company's segments are; LPG refinery, Ammonia which generates key revenue, and others.
87GF Score
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