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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.
Combined Motor Holdings's Net-Net Working Capital for the quarter that ended in Feb. 2026 was R-27.91.
The industry rank for Combined Motor Holdings's Net-Net Working Capital or its related term are showing as below:
JSE:CMH's Price-to-Net-Net-Working-Capital is not ranked *
in the Vehicles & Parts industry.
Industry Median: 8.08 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Combined Motor Holdings (JSE:CMH) 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.
Combined Motor Holdings Net-Net Working Capital Related Terms
Combined Motor Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Combined Motor Holdings'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.
Combined Motor Holdings Net-Net Working Capital Chart
JSE:CMH vs CVNA, PAG, KMX: Net-Net Working Capital Comparison
For the Auto & Truck Dealerships subindustry, Combined Motor Holdings'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.
Combined Motor Holdings Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Combined Motor Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Combined Motor Holdings'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 R-27.91 mean?
Combined Motor Holdings (JSE:CMH) has a Net-Net Working Capital of R-27.91 as of Feb. 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 Combined Motor Holdings According to the industry distribution chart, Combined Motor Holdings ranks #999999 out of 371 companies in the Vehicles & Parts industry.
Is Combined Motor Holdings' Net-Net Working Capital too high?
Combined Motor Holdings' current Net-Net Working Capital is R-27.91. Based on the distribution chart, Combined Motor Holdings ranks #999999 out of 371 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Combined Motor Holdings has a GF Score™ of 91/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Combined Motor Holdings' Net-Net Working Capital compare to CVNA and PAG?
According to the Vehicles & Parts industry distribution chart, Combined Motor Holdings ranks #999999 out of 371 companies for Net-Net Working Capital. This places Combined Motor Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 8.08. 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 Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 8.08, based on 371 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 Combined Motor Holdings For the Vehicles & Parts industry, the median Net-Net Working Capital is 8.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Combined Motor Holdings's current Net-Net Working Capital is R-27.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Combined Motor Holdings stock overvalued right now?
Based on GuruFocus' analysis, Combined Motor Holdings (JSE:CMH) is currently considered Fairly Valued. The stock's GF Value™ is R39.45, compared to a current price of R37.49 — trading 5% below its estimated fair value. The current Net-Net Working Capital is R-27.91. Combined Motor Holdings' overall GF Score™ is 91/100 with 1 warning sign 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 Combined Motor Holdings (JSE:CMH), the current Net-Net Working Capital is R-27.91 as of Feb. 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 Combined Motor Holdings (JSE:CMH) Overvalued in 2026?
Based on GuruFocus' analysis, Combined Motor Holdings stock appears to be undervalued.
The current stock price of R37.49 is trading 5% below its estimated GF Value™ of R39.45.
GuruFocus considers Combined Motor Holdings to be Fairly Valued.
Key valuation signals for JSE:CMH:
Net-Net Working Capital: R-27.91
GF Value™: R39.45 vs. price of R37.49 (5% below fair value)
No single metric tells the full story. See the JSE:CMH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Combined Motor Holdings Ltd is a South Africa-based investment holding company engaged in motor retail and distribution, car hire, and financial services. The Company operates through four business segments: Motor Retail and Distribution, which generates maximum revenue and covers passenger, light commercial, and heavy commercial vehicles in both the volume and luxury categories; Car Hire, which offers a range of well-maintained vehicles for short- and long-term hire; Financial Services, which provides insurance underwriting facilities for products sold with new and used vehicles, including coverage for death, disability, dread disease, retrenchment, vehicle and component warranties, and vehicle financing through joint ventures with two finance houses; and Corporate Services and Other.
91GF 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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