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.
Telemasters HoldingsJSE:TLM 75 Net-Net Working Capital is R-0.23 as of Dec. 2025. GuruFocus rates JSE:TLM with a GF Score™ of 75/100 and a GF Value™ of R1.10 (Fairly Valued). The stock has 3 warning signs investors should review. Among 54 Telecommunication Services companies, Telemasters Holdings ranks worse than 1851850% 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.
Telemasters Holdings's Net-Net Working Capital for the quarter that ended in Dec. 2025 was R-0.23.
The industry rank for Telemasters Holdings's Net-Net Working Capital or its related term are showing as below:
JSE:TLM's Price-to-Net-Net-Working-Capital is not ranked *
in the Telecommunication Services industry.
Industry Median: 9.665 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Telemasters Holdings (JSE:TLM) 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.
Telemasters Holdings Net-Net Working Capital Related Terms
Telemasters Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Telemasters 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.
Telemasters Holdings Net-Net Working Capital Chart
JSE:TLM vs VZ, TMUS, T: Net-Net Working Capital Comparison
For the Telecom Services subindustry, Telemasters 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.
Telemasters Holdings Price-to-Net-Net-Working-Capital vs Telecommunication Services Industry
For the Telecommunication Services industry and Communication Services sector, Telemasters Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Telemasters 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-0.23 mean?
Telemasters Holdings (JSE:TLM) has a Net-Net Working Capital of R-0.23 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 Telemasters Holdings According to the industry distribution chart, Telemasters Holdings ranks #999999 out of 54 companies in the Telecommunication Services industry.
Is Telemasters Holdings' Net-Net Working Capital too high?
Telemasters Holdings' current Net-Net Working Capital is R-0.23. Based on the distribution chart, Telemasters Holdings ranks #999999 out of 54 companies in the Telecommunication Services industry, which is in the bottom quartile relative to peers. Overall, Telemasters Holdings has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Telemasters Holdings' Net-Net Working Capital compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, Telemasters Holdings ranks #999999 out of 54 companies for Net-Net Working Capital. This places Telemasters Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 9.67. 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 Telecommunication Services company?
The median Net-Net Working Capital among Telecommunication Services companies is 9.67, based on 54 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 Telemasters Holdings For the Telecommunication Services industry, the median Net-Net Working Capital is 9.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Telemasters Holdings's current Net-Net Working Capital is R-0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Telemasters Holdings stock overvalued right now?
Based on GuruFocus' analysis, Telemasters Holdings (JSE:TLM) is currently considered Fairly Valued. The stock's GF Value™ is R1.10, compared to a current price of R1.00 — trading 9.1% below its estimated fair value. The current Net-Net Working Capital is R-0.23. Telemasters Holdings' overall GF Score™ is 75/100 with 3 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 Telemasters Holdings (JSE:TLM), the current Net-Net Working Capital is R-0.23 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 Telemasters Holdings (JSE:TLM) Overvalued in 2026?
Based on GuruFocus' analysis, Telemasters Holdings stock appears to be undervalued.
The current stock price of R1.00 is trading 9.1% below its estimated GF Value™ of R1.10.
GuruFocus considers Telemasters Holdings to be Fairly Valued.
Key valuation signals for JSE:TLM:
Net-Net Working Capital: R-0.23
GF Value™: R1.10 vs. price of R1.00 (9.1% below fair value)
No single metric tells the full story. See the JSE:TLM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Telemasters Holdings Ltd is a diversified technology investment company. It provides comprehensive telecommunications services including internet connectivity, cloud solutions, and data storage tailored for businesses across South Africa. The company's reporting segments are: ICT Managed Solutions, Data Centre Services and Corporate. It generates the majority of revenue from the ICT Managed Solutions segment, which provides i) ICT managed solutions to medium and small enterprises through a comprehensive suite of products and services focused on digital connectivity and ii) Data Centre Services.
75GF Score
Get the complete analysis for JSE:TLM
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:TLM has been successfully added to your 
