City National (City National) Net-Net Working Capital : $-538.69 (As of Jun. 2015)

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What is City National Net-Net Working Capital?

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.

City National's Net-Net Working Capital for the quarter that ended in Jun. 2015 was $-538.69.

The industry rank for City National's Net-Net Working Capital or its related term are showing as below:

CYN's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Banks industry.
Industry Median: 7.35
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

City National Net-Net Working Capital Historical Data

The historical data trend for City National'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.

* Premium members only.

City National Net-Net Working Capital Chart

City National Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Net-Net Working Capital

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-366.03

-405.28

-486.41

-489.24

-537.84

City National Quarterly Data
	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15
Net-Net Working Capital	Get a 7-Day Free Trial															-496.47	-516.74	-537.84	-528.67	-538.69

Competitive Comparison of City National's Net-Net Working Capital

For the Banks - Regional subindustry, City National'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.

City National's Price-to-Net-Net-Working-Capital Distribution in the Banks Industry

For the Banks industry and Financial Services sector, City National's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where City National's Price-to-Net-Net-Working-Capital falls into.

City National Net-Net Working Capital Calculation

City National's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2014 is calculated as

	Net-Net Working Capital		(A: Dec. 2014 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(456.451	+	0	+	0.75 * 0	+	0.5 * 0	-	29654.531
-	267.616	-	0)	/	54.7852
=	-537.84

City National's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jun. 2015 is calculated as

	Net-Net Working Capital		(Q: Jun. 2015 )
=	(Balance Sheet Cash And Cash Equivalents	+	Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1137.887	+	0	+	0.75 * 0	+	0.5 * 0	-	30688.35
-	267.616	-	0)	/	55.3531
=	-538.69

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.

City National (NYSE:CYN) 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.

City National Net-Net Working Capital Related Terms

Thank you for viewing the detailed overview of City National's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.

City National (City National) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » City National Corp (NYSE:CYN) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.cnb.com

City National Corp is a Delaware corporation organized in 1968. It is a bank holding company and a financial holding company. It provides banking, investment and trust services to its clients through its wholly-owned banking subsidiary, City National Bank. The Bank operates through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay area, Nevada, New York City, Nashville, Tennessee and Atlanta, Georgia. The Company provides financial solutions to affluent individuals, entrepreneurs, professionals, their businesses and their families. The Company's segments include, Commercial and Private Banking, & Wealth Management. The Commercial and Private Banking segment provides banking products and services, including commercial and mortgage lending, lines of credit, equipment lease financing, deposits, cash management services, international trade finance and letters of credit. All investment advisory affiliates and the Bank's wealth management services are included in the Wealth Management segment. The Company's principal client base consists of small to mid-sized businesses, entrepreneurs, professionals, and affluent individuals. The Company serves its clients through relationship banking. The Company offers lending, deposit, cash management, international banking, equipment financing, and other products and services. The Bank's wealth management division make available the following investment advisory and wealth management resources to the Company's clients: investment management and advisory services and brokerage services, including portfolio management, securities trading and asset management; personal and business trust and investment services, including employee benefit trust services, 401(k) and defined benefit plans; and estate and financial planning and custodial services. The Company also advises and makes available mutual funds under the name of City National Rochdale Funds. The Bank's wealth management division and the Company's asset management subsidiaries provide both proprietary and nonproprietary products to offer asset classes and investment styles, including fixed-income instruments, mutual funds, domestic and international equities and alternative investments, such as hedge funds. Investment services are provided to institutional as well as individual clients. The Company faces competitive credit and pricing pressure as it competes with other banks and financial organizations. It is subject to extensive regulation under both federal and state law.

Executives

Russell D Goldsmith	director, officer: Chairman, President and CEO	C/O CITY NATIONAL CORP ,GENERAL COUNSEL, 555 S. FLOWER STREET, 18TH FL, LOS ANGELES CA 90071
Clifford Gilbert-lurie	director	555 SOUTH FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071
Ashok Israni	director	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FL, LOS ANGELES CA 90071
Bruce Rosenblum	director	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071
Brian Fitzmaurice	officer: EVP & Chief Credit Officer	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER ST., 18TH FL., LOS ANGELES CA 90071
Robert H Tuttle	director	C/O TUTTLE-CLICK AUTOMOTIVE GROUP, 9701 WILSHIRE BOULEVARD, SUITE 1100, BEVERLY HILLS CA 90212
Christopher J Warmuth	director, officer: EVP of Issuer; Pres. of Sub	C/O CITY NATIONAL CORP ,GENERAL COUNSEL, 555 SOUTH FLOWER STREET, 18TH FL, LOS ANGELES CA 90071
Bram Goldsmith	director, officer: Chairman Emeritus of the Board	C/O CITY NATIONAL CORP ,GENERAL COUNSEL, 555 S. FLOWER STREET, 18TH FL, LOS ANGELES CA 90071
Christopher J Carey	officer: EVP & Chief Financial Officer	C/O CITY NATIONAL CORP., GENERAL COUNSEL, 555 S. FLOWER STREET, 18TH FL, LOS ANGELES CA 90071
Michael B Cahill	officer: EVP, General Counsel, Sect.	CITY NATIONAL BANK, 555 S. FLOWER ST., 18TH FL, LOS ANGELES CA 90071
Kenneth L Coleman	director	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071
Peter M Thomas	director	2300 W. SAHARA AVENUE, BOX ONE, LAS VEGAS NV 89102
Mohamad Ali	director	2 AVENUE DE LAFAYETTE, BOSTON MA 02111
Richard Bloch	director	C/O CLB PARTNERS, P.O. BOX 2569, RANCHO SANTA FE CA 92067-2569
Olga Tsokova	officer: SVP & Chief Accounting Officer	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071