This is not to say that I have any great conviction about Japan or Japanese
net current asset value stocks.
This site is dedicated to undervalued asset situations, but I haven't yet spent much time on undervalued asset situations other than liquidations and Graham
net current asset value stocks.
I am going to invest in Japanese
net current asset value stocks.
The contention is whether
these net current asset value stocks will perform as they have in other countries, or whether they are destined to remain net current asset value bargains, the classic «value traps.»
It's something I've been thinking about a great deal recently as I grapple with the merits of an investment in Japanese
net current asset value stocks.
He wrote his masters thesis on the performance of
Net Current Asset Value stocks.
Not exact matches
The implementation of Grahams approach was performed pretty simply: Annually on Dezember 31,
stocks trading below 0.75 times
net current asset value (NCAV) were selected and a diversified portfolio was constructed.
His
net -
net selection criterion was buying
stocks trading as low as 2/3 of their
net current asset value (NCAV).
The fifth criterion Graham and Rea used called for the
stock price to be below the company's per share
net current asset value NCAV or «
net quick»
asset value.
Previously, Graham and Rea looked for companies with
stock prices below their
net current asset value.
Posted in Activist Investors, ARC Wireless Solutions (NASDAQ: ARCW), Brean Murray Carret,
Stocks, tagged ARC Wireless Solutions (NASDAQ: ARCW), Brean Murray Carret,
Net Cash
Stock,
Net Current Asset Value,
Net Net Stock,
Net Quick
Value on January 28, 2009 3 Comments»
Posted in Activist Investors, Aldebran Capital, Chromcraft Revington (AMEX: CRC),
Net Cash
Stocks,
Net Net Stocks,
Stocks Tagged distressed investing, Liquidating
Value,
Net Current Asset Value,
Net Net Stock,
Net Quick
Value 1 Comment
When a
stock is selling at much less than its
net current asset value, this fact is always of interest, although it is by no means conclusive proof that the issue is undervalued.
In Ben Graham's
Net Current Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on stocks selected using Benjamin Graham's net current asset value strategy over the period 1970 to 19
Net Current Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on stocks selected using Benjamin Graham's net current asset value strategy over the period 1970 t
Current Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on stocks selected using Benjamin Graham's net current asset value strategy over the period 1970 to
Asset Values: A Performance Update Professor Henry Oppenheimer examined the return on
stocks selected using Benjamin Graham's
net current asset value strategy over the period 1970 to 19
net current asset value strategy over the period 1970 t
current asset value strategy over the period 1970 to
asset value strategy over the period 1970 to 1983.
Posted in Activist Investors,
Net Cash
Stocks,
Net Net Stocks,
Stocks, VaxGen Inc (OTC: VXGN) Tagged Activist investment, Liquidation
Value,
Net Cash
Stock,
Net Current Asset Value, VaxGen Inc (OTC: VXGN) 13 Comments
Posted in About,
Net Current Asset Value,
Stocks,
Value Investment, tagged NCAV,
Net Current Asset Value, Price - to - book
Value on December 16, 2009 3 Comments»
Posted in Arrhythmia Research Technology Inc (AMEX: HRT),
Stocks Tagged Arrhythmia Research Technology Inc (AMEX: HRT), Liquidating
Value,
Net Current Asset Value,
Stock buy back 5 Comments
The
current trading
value of an ETFs is derived from the
net asset value of the underlying
stocks / commodities that it represents.
Posted in About, Activist Investors,
Stocks, tagged Activist investment, Liquidating
Value,
Net Current Asset Value on April 12, 2010 1 Comment»
Posted in Autobytel (NASDAQ: ABTL),
Net Cash
Stocks,
Net Net Stocks, Trilogy, tagged ABTL,
Net Current Asset Value,
Net Net Stock,
Net Quick
Value on December 11, 2008 4 Comments»
Posted in About, Activist Investors,
Stocks Tagged Activist investment, Liquidating
Value,
Net Current Asset Value 1 Comment
Posted in About,
Net Cash
Stocks,
Net Net Stocks, Share buy - backs, tagged MEMSIC INC (NASDAQ: MEMS),
Net Cash
Stock,
Net Current Asset Value on January 22, 2009 2 Comments»
Net Current Asset Value = (
Current Assets --(Total Liabilities + Preferred
Stock)-RRB- / Total Shares Outstanding
The
Net Current Asset Value (NCAV) calculates the value of a firm's cash, inventory, and receivables less all liabilities and preferred stock which is treated as
Value (NCAV) calculates the
value of a firm's cash, inventory, and receivables less all liabilities and preferred stock which is treated as
value of a firm's cash, inventory, and receivables less all liabilities and preferred
stock which is treated as debt.
Greenbackd is so called because it was initially solely devoted to
stocks trading at a discount to
net cash
value (
stocks backed by a surplus of Greenbacks, hence «Greenback'd»),
net current asset value, negative enterprise
value, or liquidation
value.
Working capital calculations such as
Net Current Asset Value (NCAV) and
Net Net Working Capital (NNWC) provide valuable metrics with which to measure against price in order to identify bargain
stocks.
G&D point to the attraction of acquiring common
stocks at prices below liquidating
value, especially prices below
net,
net current assets.
Posted in About, Austrian Economics,
Net Current Asset Value,
Stocks,
Value Investment, tagged Austrian School of Economics, Joe Calandro,
Value Investment on December 9, 2009 Leave a Comment»
Posted in About,
Net Current Asset Value,
Stocks,
Value Investment Tagged NCAV,
Net Current Asset Value, Price - to - book
Value 3 Comments
The few
stocks that do have a positive
net current asset value are generally trading a substantial premium to that
value, with the exception of NWD and ZING, which qualify as Graham
net nets.
Posted in Activist Investors, Audiovox Corporation (NASDAQ: VOXX), Howson Tattersall,
Net Net Stocks,
Stocks Tagged Audiovox Corporation (NASDAQ: VOXX), Howson Tattersall, Liquidating
Value,
Net Current Asset Value,
Net Net Stock 1 Comment
Posted in Liquidation
Value,
Net Current Asset Value,
Net Quick
Stocks,
Net Quick
Value, Seth Klarman,
Stocks Tagged Liquidating
Value,
Net Current Asset Value,
Net Net Stock, Seth Klarman 7 Comments
Posted in Activist Investors, MRV Communications Inc (OTC: MRVC),
Stocks,
Value Investors for Change, tagged Activist investment, Liquidation
Value, MRV Communications Inc (OTC: MRVC),
Net Current Asset Value,
Value Investors for Change on October 8, 2009 2 Comments»
Posted in Activist Investors, MRV Communications Inc (OTC: MRVC), Special Situation,
Stocks,
Value Investors for Change, tagged Activist investment, Liquidation
Value, MRV Communications Inc (OTC: MRVC),
Net Current Asset Value, Special Situation on August 25, 2009 1 Comment»
Posted in Activist Investors, Greenbackd Portfolio,
Net Net Stocks, Network Engines Inc (NASDAQ: NENG),
Stocks, Trinad Management Tagged
Net Current Asset Value,
Net Net Stock, Network Engines Inc (NASDAQ: NENG) Leave a Comment
Posted in Greenbackd Portfolio, Ikanos Communications Inc (NASDAQ: IKAN),
Net Cash
Stocks,
Net Net Stocks,
Stocks, tagged Ikanos Communications Inc (NASDAQ: IKAN), Liquidating
Value,
Net Cash
Stock,
Net Current Asset Value,
Net Net Stock,
Net Quick
Value on January 27, 2009 2 Comments»
Posted in About, Activist Investors,
Net Current Asset Value,
Stocks,
Value Investment, tagged Aviat Networks Inc (NASDAQ: AVNW) on October 22, 2010 Leave a Comment»
Posted in Activist Investors,
Net Net Stocks, Network Engines Inc (NASDAQ: NENG),
Stocks, Trinad Management Tagged
Net Current Asset Value,
Net Net Stock, Network Engines Inc (NASDAQ: NENG), Trinad Management 3 Comments
With Webco trading at 60 % of
net current asset value the company is trading below the famous 66 % number that Benjamin Graham popularized as a threshold for buying cheap
value stocks.
Net - Current - Asset Value We feel on more solid ground in discussing these cases in which the market price or the computed value based on earnings and dividends is less than the net current assets applicable to the common sto
Net -
Current - Asset Value We feel on more solid ground in discussing these cases in which the market price or the computed value based on earnings and dividends is less than the net current assets applicable to the common
Current -
Asset Value We feel on more solid ground in discussing these cases in which the market price or the computed value based on earnings and dividends is less than the net current assets applicable to the common s
Value We feel on more solid ground in discussing these cases in which the market price or the computed
value based on earnings and dividends is less than the net current assets applicable to the common s
value based on earnings and dividends is less than the
net current assets applicable to the common sto
net current assets applicable to the common
current assets applicable to the common
stock.
Yet, had you focused exclusively on
net nets (Graham's famous approach whereby one only buys
stock in companies where the sum of
current assets less all liabilities exceeds the market
value), you would have cashed in 29.4 % annually in the same period.
Net Current Asset Value (NCAV) is calculated by taking the current assets less long - term and short - term debt less the dollar value of preferred stock outst
Current Asset Value (NCAV) is calculated by taking the current assets less long - term and short - term debt less the dollar value of preferred stock outstan
Value (NCAV) is calculated by taking the
current assets less long - term and short - term debt less the dollar value of preferred stock outst
current assets less long - term and short - term debt less the dollar
value of preferred stock outstan
value of preferred
stock outstanding.
My favorite
stocks are those trading at a substantial discount to
net current assets or liquidation
value, with an activist pushing for a catalyst to unlock the
value.
It is not uncommon to see informed investors, such as a company's own officers and directors or other corporations, accumulate the shares of a company priced in the
stock market at less than 66 % of
net current asset value.
In Testing Ben Graham's
Net Current Asset Value Strategy in London (Word format), a paper from the business school of the University of Salford in the UK, the strategy was applied to
stocks listed on the London
Stock Exchange in the period 1980 to 2005.
Common characteristics associated with
stocks selling at less than 66 % of
net current asset value are low price / earnings ratios, low price / sales ratios and low prices in relation to «normal» earnings; i.e., what the company would earn if it earned the average return on equity for a given industry or the average neti ncome margin on sales for such industry.
My first, more limited, technique confines itself to the purchase of common
stocks at less than their working - capital
value, or
net -
current asset value, giving no weight to the plant and other fixed
assets, and deducting all liabilities in full from the
current assets.
Graham understood why these sort of
stocks — also known as «
net -
net», «
net - quick» or «
net current asset value»
stocks — traded at a discount to liquidation
value:
That paper demonstrates a purely mechanical annual rebalancing of
stocks meeting Graham's
net current asset value criterion generated a mean return between 1970 and 1983 of «29.4 % per year versus 11.5 % per year for the NYSE - AMEX Index.»
Posted in Digirad Corporation (NASDAQ: DRAD),
Net Net Stocks,
Stocks, tagged Digirad Corporation (NASDAQ: DRAD), Liquidation
Value,
Net Current Asset Value,
Net Net Stock on October 27, 2009 7 Comments»