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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.
Dunav osiguranje AD's Net-Net Working Capital for the quarter that ended in Dec. 2025 was BAM-3.30.
The industry rank for Dunav osiguranje AD's Net-Net Working Capital or its related term are showing as below:
XBLB:KDVO-R-A's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 7.37 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Dunav osiguranje AD (XBLB:KDVO-R-A) 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.
Dunav osiguranje AD Net-Net Working Capital Related Terms
Dunav osiguranje AD Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Dunav osiguranje AD'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.
XBLB:KDVO-R-A vs BRK.A, AIG, ACGL: Net-Net Working Capital Comparison
For the Insurance - Diversified subindustry, Dunav osiguranje AD'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.
Dunav osiguranje AD Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, Dunav osiguranje AD's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Dunav osiguranje AD'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 BAM-3.30 mean?
Dunav osiguranje AD (XBLB:KDVO-R-A) has a Net-Net Working Capital of BAM-3.30 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 Dunav osiguranje AD
Is Dunav osiguranje AD's Net-Net Working Capital too high?
Dunav osiguranje AD's current Net-Net Working Capital is BAM-3.30. Overall, Dunav osiguranje AD has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Dunav osiguranje AD's Net-Net Working Capital compare to BRK.A and AIG?
Dunav osiguranje AD's Net-Net Working Capital of BAM-3.30 can be compared against companies in the Insurance industry. The industry median Net-Net Working Capital is 7.37. 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 Insurance company?
The median Net-Net Working Capital among Insurance companies is 7.37, based on 59 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 Dunav osiguranje AD For the Insurance industry, the median Net-Net Working Capital is 7.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dunav osiguranje AD's current Net-Net Working Capital is BAM-3.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dunav osiguranje AD stock overvalued right now?
Dunav osiguranje AD (XBLB:KDVO-R-A) has a current Net-Net Working Capital of BAM-3.30. The stock's GF Value™ is BAM45.98, compared to a current price of BAM34.00 — trading 26.1% below its estimated fair value. The current Net-Net Working Capital is BAM-3.30. Dunav osiguranje AD's overall GF Score™ is 19/100 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 Dunav osiguranje AD (XBLB:KDVO-R-A), the current Net-Net Working Capital is BAM-3.30 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 Dunav osiguranje AD (XBLB:KDVO-R-A) Overvalued in 2026?
Based on GuruFocus' analysis, Dunav osiguranje AD stock appears to be undervalued.
The current stock price of BAM34.00 is trading 26.1% below its estimated GF Value™ of BAM45.98.
Key valuation signals for XBLB:KDVO-R-A:
Net-Net Working Capital: BAM-3.30
GF Value™: BAM45.98 vs. price of BAM34.00 (26.1% below fair value)
No single metric tells the full story. See the XBLB:KDVO-R-A stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dunav osiguranje AD operates in the insurance industry in Bosnia and Herzegovina. The company offers property insurance, motor vehicle insurance, life insurance, travel health insurance, and insurance for agriculture and crops.
19GF Score
Get the complete analysis for XBLB:KDVO-R-A
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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