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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.
EPE Capital Partners's Net-Net Working Capital for the quarter that ended in Dec. 2025 was R0.95.
The industry rank for EPE Capital Partners's Net-Net Working Capital or its related term are showing as below:
JSE:EPE's Price-to-Net-Net-Working-Capital is ranked better than 55.79% of 484
companies
in the Asset Management industry
Industry Median: 6.71
vs JSE:EPE: 4.88
EPE Capital Partners (JSE:EPE) 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.
EPE Capital Partners Net-Net Working Capital Related Terms
EPE Capital Partners Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for EPE Capital Partners'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.
EPE Capital Partners Net-Net Working Capital Chart
JSE:EPE vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, EPE Capital Partners'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.
EPE Capital Partners Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, EPE Capital Partners's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where EPE Capital Partners'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 R0.95 mean?
EPE Capital Partners (JSE:EPE) has a Net-Net Working Capital of R0.95 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 EPE Capital Partners According to the industry distribution chart, EPE Capital Partners ranks #214 out of 484 companies in the Asset Management industry, placing it in the top 44.2%.
Is EPE Capital Partners' Net-Net Working Capital too high?
EPE Capital Partners' current Net-Net Working Capital is R0.95. Based on the distribution chart, EPE Capital Partners ranks #214 out of 484 companies in the Asset Management industry, which is above the industry midpoint. Overall, EPE Capital Partners has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does EPE Capital Partners' Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, EPE Capital Partners ranks #214 out of 484 companies for Net-Net Working Capital. This puts EPE Capital Partners in the upper half of its industry. The industry median Net-Net Working Capital is 6.71. 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.71, based on 484 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 EPE Capital Partners For the Asset Management industry, the median Net-Net Working Capital is 6.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. EPE Capital Partners's current Net-Net Working Capital is R0.95. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EPE Capital Partners stock overvalued right now?
Based on GuruFocus' analysis, EPE Capital Partners (JSE:EPE) is currently considered Modestly Undervalued. The stock's GF Value™ is R6.20, compared to a current price of R4.64 — trading 25.2% below its estimated fair value. The current Net-Net Working Capital is R0.95. EPE Capital Partners' overall GF Score™ is 61/100 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 EPE Capital Partners (JSE:EPE), the current Net-Net Working Capital is R0.95 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 EPE Capital Partners (JSE:EPE) Overvalued in 2026?
Based on GuruFocus' analysis, EPE Capital Partners stock appears to be undervalued.
The current stock price of R4.64 is trading 25.2% below its estimated GF Value™ of R6.20.
GuruFocus considers EPE Capital Partners to be Modestly Undervalued.
Key valuation signals for JSE:EPE:
Net-Net Working Capital: R0.95
GF Value™: R6.20 vs. price of R4.64 (25.2% below fair value)
No single metric tells the full story. See the JSE:EPE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
EPE Capital Partners Ltd is an investment holding company that provides shareholders with long-term capital appreciation through investments in a diversified portfolio of unlisted private equity-type assets. The company invests predominantly in South Africa and the broader Sub-Saharan Africa region by participating in funds or co-investments managed by Ethos Private Equity. Its portfolio spans various sectors with a focus on private equity investments. EPE generates revenue through returns on these investments, relying on asset value growth and income from its portfolio companies.
61GF 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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