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April Ben Graham Net-Net Pick: A very cheap high quality net-net from Portugal

April 06, 2014
GuruFocus

GuruFocus

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April Ben Graham Net-Net Pick: A very cheap high quality net-net from Portugal

April Ben Graham Net-Net is earned a 19% ROE, trades at 3x earnings and 78% of NCAV. They are a construction company headquartered in Portugal.

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The Ben Graham: Net-Net Newsletter’s April’s pick is a construction firm. The company:

  • The company trades at 3x their last year’s earnings and 6x average earnings from the seven prior years.
  • They have an enviable market position in Africa and are exposed to a large growth market.
  • The company is paying a €3 per share dividend which translates to a 5% yield.
  • Earnings and equity have grown considerably over the past decade.

Company management is shareholder friendly.

Download your copy of the Ben Graham: Net-Net Newsletter today

“It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of stocks at a price less than the applicable net current assets alone...the results should be quite satisfactory. They were so, in our experience, for more than 30 years.”- Ben Graham

What’s a Net-Net?

A net current asset value bargain—or net-net—is a stock selling for less than the value of its current assets—cash, receivables, and inventory—minus all liabilities. Basically, it’s a stock selling for less than its liquidation value.

What’s the Ben Graham: Net-Net Newsletter?

GuruFocus’s Ben Graham: Net-Net Newsletter is written by Nate Tobik. It picks one new net-net every month. The newsletter goes out to subscribers on the first Friday of the month. The newsletter looks for stocks that have both a tangible margin of safety and reasonable upside potential.

So, download your copy of the Ben Graham: Net-Net Newsletter today


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