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.
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.
Banque de Tunisie's Net-Net Working Capital for the quarter that ended in Dec. 2025 was TND-28.82.
The industry rank for Banque de Tunisie's Net-Net Working Capital or its related term are showing as below:
XTUN:BT's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.86 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Banque de Tunisie (XTUN:BT) 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.
Banque de Tunisie Net-Net Working Capital Related Terms
Banque de Tunisie Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Banque de Tunisie'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.
XTUN:BT vs PNC, USB: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, Banque de Tunisie'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.
Banque de Tunisie Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, Banque de Tunisie's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Banque de Tunisie'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 TND-28.82 mean?
Banque de Tunisie (XTUN:BT) has a Net-Net Working Capital of TND-28.82 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 Banque de Tunisie According to the industry distribution chart, Banque de Tunisie ranks #999999 out of 9 companies in the Banks industry.
Is Banque de Tunisie's Net-Net Working Capital too high?
Banque de Tunisie's current Net-Net Working Capital is TND-28.82. Based on the distribution chart, Banque de Tunisie ranks #999999 out of 9 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Banque de Tunisie has a GF Score™ of 100/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Banque de Tunisie's Net-Net Working Capital compare to PNC and USB?
According to the Banks industry distribution chart, Banque de Tunisie ranks #999999 out of 9 companies for Net-Net Working Capital. This places Banque de Tunisie in the lower half of its industry. The industry median Net-Net Working Capital is 1.86. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 1.86, based on 9 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 Banque de Tunisie For the Banks industry, the median Net-Net Working Capital is 1.86 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Banque de Tunisie's current Net-Net Working Capital is TND-28.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Banque de Tunisie stock overvalued right now?
Based on GuruFocus' analysis, Banque de Tunisie (XTUN:BT) is currently considered Significantly Overvalued. The stock's GF Value™ is TND5.98, compared to a current price of TND8.85 — trading 48% above its estimated fair value. The current Net-Net Working Capital is TND-28.82. Banque de Tunisie's overall GF Score™ is 100/100 with 1 warning sign 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 Banque de Tunisie (XTUN:BT), the current Net-Net Working Capital is TND-28.82 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 Banque de Tunisie (XTUN:BT) Overvalued in 2026?
Based on GuruFocus' analysis, Banque de Tunisie stock appears to be overvalued.
The current stock price of TND8.85 is trading 48% above its estimated GF Value™ of TND5.98.
GuruFocus considers Banque de Tunisie to be Significantly Overvalued.
Key valuation signals for XTUN:BT:
Net-Net Working Capital: TND-28.82
GF Value™: TND5.98 vs. price of TND8.85 (48% above fair value)
No single metric tells the full story. See the XTUN:BT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Banque de Tunisie SA provides banking services. It offers banking and financial services to corporate, commercial, institutional and individual customers.
100GF Score
Get the complete analysis for XTUN:BT
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
XTUN:BT has been successfully added to your 
