I generally prefer to rely on
tangible asset values than estimates of future profitability when looking at an investment opportunity.
Price to Net Asset Value per share ratio is calculated as the previous day's closing share price divided by net
tangible asset value (NTAV) per share.
My guess is the scar from the depression was too great for him to overcome, and he could never get comfortable in making investments in good operating businesses where the price exceeded the net
tangible asset value.
If he is to pay some special attention to the selection of his portfolio, it might be best for him to concentrate on issues selling at reasonably close approximations to
their tangible asset value — say, at not more than one - third above that figure.»
Tangible asset value ---LSB-...]
Tangible asset value — liquidation value -LSB-...]
In YHOO's case, most of
the tangible asset value is in the Cash and Short Term Investments which we don't write down ($ 3.2 B or $ 2.32 per share) and Long Term Investments (carried at $ 3.2 B or $ 2.31 per share), which we've only written down to $ 3B or $ 2.19 per share for reasons we'll explain below.
Ebix as a company has some great fundamentals and, I agree, the share price currently does not reflect this, but it doesn't have the kind of «balance sheet» margin of safety that I look for; I like to see the market price below
tangible asset value, which is not the case here.
Not exact matches
Tangible book
value per share is adjusted book
value per share excluding the after - tax
value of goodwill and other intangible
assets divided by the number of common shares outstanding.
That includes cutting
assets, which should help improve ROTNAV (return on
tangible net
asset value.)
From duck decoys and hood ornaments to limited - edition sneakers and Pez candy dispensers, offbeat collectibles attract the eye of investors who crave
tangible assets they can appeciate and that... well, appreciate in
value.
The acquisition of ChoiceVendor has been accounted for as a purchase of an
asset and, accordingly, the total purchase price has been allocated to the
tangible and identifiable intangible
assets acquired and the liabilities assumed based on their respective fair
values on the acquisition date.
The aggregate purchase price has been preliminarily allocated to the
tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair
values as of the acquisition date, with the excess of the purchase price over the fair
value of the net
assets acquired recorded as goodwill, as follows:
The Company utilized estimated fair
values at the closing date of the 2015 Merger for the preliminary allocation of consideration to the net
tangible and intangible
assets acquired and liabilities assumed.
The initial public offering price is substantially higher than the pro forma net
tangible book
value per share of our common stock immediately following this offering based on the total
value of our
tangible assets less our total liabilities.
The purchase price has been allocated to the
tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair
values as of the acquisition date, with the excess of the purchase price over the fair
value of the net
assets acquired recorded as goodwill, as follows:
The purchase price was allocated to the
tangible and intangible
assets acquired and liabilities assumed based upon management's assessment of their relative fair
values as of the acquisition date with $ 33,612 attributed to goodwill, $ 10,800 to identified intangible
assets and $ 112 of net liabilities assumed.
The aggregate purchase price has been allocated to the
tangible and intangible
assets acquired and liabilities assumed based upon our assessment of their relative fair
values as of the acquisition date, with the excess of the purchase price over the fair
value of the net
assets acquired recorded as goodwill, as follows:
The process for estimating the fair
values of identifiable intangible
assets and certain
tangible assets requires the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates.
If our
asset and liability
values are appropriate — and we believe they are — and if we can continue to deploy this capital profitably, we now think that it can earn approximately 17 % return on
tangible equity for the foreseeable future.
Trading near
tangible book
value, Goldman offers an attractive price for a business that earns a significant amount of revenue from high return
asset management and underwriting and advisory services.
Approximately forty years ago, 83 % of the market
value of the S&P 500 were tied to
tangible assets — physical products.
As a
tangible asset, Bitcoin has historically held a
value and an appeal that is unmatched by any other tradable good or commodity.
It is a
tangible asset with intrinsic
value that is highly liquid and is not correlated to stocks.
Large cattle station owners such as the Macquarie Group's Paraway Pastoral and the Australian Agricultural Company had the
values of their properties drop but they have rebounded and now shares in AACo are trading at a premium to the company's net
tangible assets.
Allows a direct loan or loan guarantee applicant to propose, and requires DOT to accept as a basis for determining the amount of a credit risk premium any of the following in addition to the
value of any
tangible asset:
Intangible
assets such as goodwill, patents, trademarks, etc., are more difficult to
value, which is why Graham focused on
tangible assets.
When estimating the liquidation
value, Graham focused on
tangible assets — property, plant and equipment — the
value of which could be reasonably estimated.
There is the
tangible (a cheap set of
assets, easily measured), and the intangible — artistic expression, whether in painting, music, acting, etc. (where
values are not only relative, but contradictory — except perhaps for Keynes» beauty contest).
The price to
tangible book
value ratio to some degree overcomes this issue and more closely represents what common shareholders can expect to receive if the firm goes bankrupt and all of its
assets are liquidated at their book
values.
Depreciation An accounting procedure that aims to distribute the cost of
tangible capital
assets, less any expected salvage
value, over the estimated useful life of the
asset in a rational and systematic manner.
By the way, I asked Heiserman about the tendency for some large - cap blue chips — names like Procter & Gamble, IBM, and Altria — to have a high intangible
assets ratio and negative
tangible book
value.
I think the definition of
value investing is much broader and transcends buying ultra cheap companies relative to some measure of cash flow or
tangible asset backing.
The intrinsic
value is the actual
value of a company or an
asset based on an underlying perception of its true
value including all aspects of the business, in terms of both
tangible and intangible factors.
One side effect of a «close - end» structure is that the LIC share price can depart from the
value of the underlying
assets (usually other equities), so the share price can trade at a premium or discount to its Net Tangible A
assets (usually other equities), so the share price can trade at a premium or discount to its Net
Tangible AssetsAssets.
This analysis does not even take into account the
value of Aviat's long - term
assets of $ 61 million, or $ 1.02 per share, which, when added to net current
assets of $ 3.35 per share, equates to
tangible book
value of $ 4.37 per share.
Market
value includes both
tangible assets such as remodeling and upgrades made to the property as well as location like its proximity to downtown or other areas of interest.
How do you calculate
Tangible Book
Value, is it just Book value with Goodwill subtracted from total as
Value, is it just Book
value with Goodwill subtracted from total as
value with Goodwill subtracted from total
assets?
There are two quick down and dirty ways to assess stocks on a fundamental basis: Cash Flow (Operating Company) &
Tangible Book
Value (
Asset Based Company).
I calculate
Tangible Book
Value per share by subtracting «Goodwill» (69,967 m) and «Total Liabilities» (1,898,945 m) from Total
Assets (2,129,046 m).
BBND's
tangible book
value at 31 March was $ 142M or $ 2.10 per share (~ 80 % of BBND's
assets are cash and short term investments and it has no debt).
Price - to - book (P / B) ratio: the ratio of a company's share price to its book
value (
tangible assets minus liabilities).
Tangible book
value is like regular book
value, but it ignores intangible
assets like goodwill.
Not taking into account the
value of Inventory, Recievables, or any other
tangible assets that could be readily liquidated and turned into cash — we can form our decision from this basis alone.
We balance our quest for substantial returns with a fundamental
tangible asset - based and deep
value - style approach, seeking a «margin of safety» that cushions the biggest risk to our returns: the extensive time and effort to unlock
value in our portfolio companies.
It is calculated as the net
asset value of a company, defined as the total
tangible asset base (i.e., total
assets minus intangible
assets) minus total liabilities.
If your
assets and liabilities are properly
valued, if your accounting is appropriately conservative, if you have real earnings without taking excessive risk and if you have strong franchises with defensible margins,
tangible book
value should be a very conservative measure of
value.
Tangible book
value per share Book
value (also known as equity, shareholders» funds, or net
asset value) is the
value of all a company's
assets, minus its liabilities.
equities are shares in companies holding
tangible assets whose
values rise with inflation, thus I see stocks as inflation - safe, despite their volatility.
Net
tangible book
value is the amount of our total
assets minus intangible
assets and liabilities.