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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.
The industry rank for Chemical And Allied Products's Net-Net Working Capital or its related term are showing as below:
NSA:CAPP's Price-to-Net-Net-Working-Capital is ranked worse than 75.38% of 589
companies
in the Chemicals industry
Industry Median: 7.81
vs NSA:CAPP: 20.34
Chemical And Allied Products (NSA:CAPP) 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.
Chemical And Allied Products Net-Net Working Capital Related Terms
Chemical And Allied Products Net-Net Working Capital Historical Data
* 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.
Chemical And Allied Products Net-Net Working Capital Chart
NSA:CAPP vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, Chemical And Allied Products'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.
Chemical And Allied Products Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Chemical And Allied Products's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Chemical And Allied Products'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 ₦7.75 mean?
Chemical And Allied Products (NSA:CAPP) has a Net-Net Working Capital of ₦7.75 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 Chemical And Allied Products According to the industry distribution chart, Chemical And Allied Products ranks #444 out of 589 companies in the Chemicals industry, placing it in the top 75.4%.
Is Chemical And Allied Products' Net-Net Working Capital too high?
Chemical And Allied Products' current Net-Net Working Capital is ₦7.75. Based on the distribution chart, Chemical And Allied Products ranks #444 out of 589 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Chemical And Allied Products has a GF Score™ of 60/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chemical And Allied Products' Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, Chemical And Allied Products ranks #444 out of 589 companies for Net-Net Working Capital. This places Chemical And Allied Products in the lower half of its industry. The industry median Net-Net Working Capital is 7.81. 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 Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 7.81, based on 589 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 Chemical And Allied Products For the Chemicals industry, the median Net-Net Working Capital is 7.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Chemical And Allied Products's current Net-Net Working Capital is ₦7.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chemical And Allied Products stock overvalued right now?
Based on GuruFocus' analysis, Chemical And Allied Products (NSA:CAPP) is currently considered Significantly Overvalued. The stock's GF Value™ is ₦57.87, compared to a current price of ₦157.60 — trading 172.3% above its estimated fair value. The current Net-Net Working Capital is ₦7.75. Chemical And Allied Products' overall GF Score™ is 60/100. 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 Chemical And Allied Products (NSA:CAPP), the current Net-Net Working Capital is ₦7.75 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 Chemical And Allied Products (NSA:CAPP) Overvalued in 2026?
Based on GuruFocus' analysis, Chemical And Allied Products stock appears to be overvalued.
The current stock price of ₦157.60 is trading 172.3% above its estimated GF Value™ of ₦57.87.
GuruFocus considers Chemical And Allied Products to be Significantly Overvalued.
Key valuation signals for NSA:CAPP:
Net-Net Working Capital: ₦7.75
GF Value™: ₦57.87 vs. price of ₦157.60 (172.3% above fair value)
No single metric tells the full story. See the NSA:CAPP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Chemical And Allied Products PLC is involved in the manufacturing and sale of paints. The company has only one reportable segment for the sale of paints in Nigeria. The company is is a technological licensee of AkzoNobel Coatings International B.V. The company also operates in the marine and protective coatings segment through distribution of the Hempel brand. It operates within the premium and standard segments of the Paints and Coatings market with flagship brands such as Dulux positioned in the premium segment, Caplux and Sandtex in the standard segment. Its brands are Dulux, caplux, Sandtex, and HEMPEL. Geographically, it derives the majority of its revenue from Nigeria.
60GF Score
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