Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Emira Property Fund's Net-Net Working Capital for the quarter that ended in Mar. 2026 was R-10.91.
The industry rank for Emira Property Fund's Net-Net Working Capital or its related term are showing as below:
JSE:EMI's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 16.69 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Emira Property Fund (JSE:EMI) 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.
Emira Property Fund Net-Net Working Capital Related Terms
Emira Property Fund Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Emira Property Fund'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.
JSE:EMI vs VICI, WPC: Net-Net Working Capital Comparison
For the REIT - Diversified subindustry, Emira Property Fund'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.
Emira Property Fund Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, Emira Property Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Emira Property Fund'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-10.91 mean?
Emira Property Fund (JSE:EMI) has a Net-Net Working Capital of R-10.91 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 Emira Property Fund According to the industry distribution chart, Emira Property Fund ranks #999999 out of 110 companies in the REITs industry.
Is Emira Property Fund's Net-Net Working Capital too high?
Emira Property Fund's current Net-Net Working Capital is R-10.91. Based on the distribution chart, Emira Property Fund ranks #999999 out of 110 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Emira Property Fund has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Emira Property Fund's Net-Net Working Capital compare to VICI and WPC?
According to the REITs industry distribution chart, Emira Property Fund ranks #999999 out of 110 companies for Net-Net Working Capital. This places Emira Property Fund in the lower half of its industry. The industry median Net-Net Working Capital is 16.69. 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 REITs company?
The median Net-Net Working Capital among REITs companies is 16.69, based on 110 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 Emira Property Fund For the REITs industry, the median Net-Net Working Capital is 16.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Emira Property Fund's current Net-Net Working Capital is R-10.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Emira Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Emira Property Fund (JSE:EMI) is currently considered Significantly Overvalued. The stock's GF Value™ is R8.61, compared to a current price of R13.59 — trading 57.8% above its estimated fair value. The current Net-Net Working Capital is R-10.91. Emira Property Fund's overall GF Score™ is 56/100 with 8 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 Emira Property Fund (JSE:EMI), the current Net-Net Working Capital is R-10.91 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 Emira Property Fund (JSE:EMI) Overvalued in 2026?
Based on GuruFocus' analysis, Emira Property Fund stock appears to be overvalued.
The current stock price of R13.59 is trading 57.8% above its estimated GF Value™ of R8.61.
GuruFocus considers Emira Property Fund to be Significantly Overvalued.
Key valuation signals for JSE:EMI:
Net-Net Working Capital: R-10.91
GF Value™: R8.61 vs. price of R13.59 (57.8% above fair value)
No single metric tells the full story. See the JSE:EMI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Emira Property Fund Ltd is a South African real estate investment trust. The company's portfolio consists of office, retail, residential, and industrial properties. The majority of the properties are in Gauteng, with the others in the Western Cape and KwaZulu-Natal. The company operates through five segments, namely: Office; Retail; Industrial; Residential; and Corporate. The office segment comprises commercial properties. The retail segment includes shopping centers. The industrial segment consists of industrial properties. The residential segment comprises directly held residential property, and the corporate segment comprises the South African administration activities of the Group.
56GF Score
Get the complete analysis for JSE:EMI
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
JSE:EMI has been successfully added to your 
