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.
Exemplar REITailJSE:EXP 73 Net-Net Working Capital is R-15.34 as of Feb. 2026. GuruFocus rates JSE:EXP with a GF Score™ of 73/100 and a GF Value™ of R15.80 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 112 REITs companies, Exemplar REITail ranks worse than 892856.25% on this metric.
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.
Exemplar REITail's Net-Net Working Capital for the quarter that ended in Feb. 2026 was R-15.34.
The industry rank for Exemplar REITail's Net-Net Working Capital or its related term are showing as below:
JSE:EXP's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 17.135 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Exemplar REITail (JSE:EXP) 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.
Exemplar REITail Net-Net Working Capital Related Terms
Exemplar REITail Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Exemplar REITail'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:EXP vs SPG, O, KIM: Net-Net Working Capital Comparison
For the REIT - Retail subindustry, Exemplar REITail'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.
Exemplar REITail Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, Exemplar REITail's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Exemplar REITail'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-15.34 mean?
Exemplar REITail (JSE:EXP) has a Net-Net Working Capital of R-15.34 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 Exemplar REITail According to the industry distribution chart, Exemplar REITail ranks #999999 out of 112 companies in the REITs industry.
Is Exemplar REITail's Net-Net Working Capital too high?
Exemplar REITail's current Net-Net Working Capital is R-15.34. Based on the distribution chart, Exemplar REITail ranks #999999 out of 112 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Exemplar REITail has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Exemplar REITail's Net-Net Working Capital compare to SPG and O?
According to the REITs industry distribution chart, Exemplar REITail ranks #999999 out of 112 companies for Net-Net Working Capital. This places Exemplar REITail in the lower half of its industry. The industry median Net-Net Working Capital is 17.14. 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 17.14, based on 112 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 Exemplar REITail For the REITs industry, the median Net-Net Working Capital is 17.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Exemplar REITail's current Net-Net Working Capital is R-15.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exemplar REITail stock overvalued right now?
Based on GuruFocus' analysis, Exemplar REITail (JSE:EXP) is currently considered Modestly Overvalued. The stock's GF Value™ is R15.80, compared to a current price of R18.00 — trading 13.9% above its estimated fair value. The current Net-Net Working Capital is R-15.34. Exemplar REITail's overall GF Score™ is 73/100 with 6 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 Exemplar REITail (JSE:EXP), the current Net-Net Working Capital is R-15.34 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 Exemplar REITail (JSE:EXP) Overvalued in 2026?
Based on GuruFocus' analysis, Exemplar REITail stock appears to be overvalued.
The current stock price of R18.00 is trading 13.9% above its estimated GF Value™ of R15.80.
GuruFocus considers Exemplar REITail to be Modestly Overvalued.
Key valuation signals for JSE:EXP:
Net-Net Working Capital: R-15.34
GF Value™: R15.80 vs. price of R18.00 (13.9% above fair value)
No single metric tells the full story. See the JSE:EXP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exemplar REITail Ltd is a real estate investment trust which develops, owns and manages township and rural retail real estate. The company is the only fund in the country focused purely on retail in under-serviced areas that offers stakeholders investment opportunities. The company's retail segments based on geography consist of Gauteng, Mpumalanga, KwaZulu-Natal, Limpopo, Eastern and Western Cape.
73GF Score
Get the complete analysis for JSE:EXP
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:EXP has been successfully added to your 
