Del Frisco′s Restaurant Group (Del Frisco′s Restaurant Group) Net-Net Working Capital : $-20.21 (As of Jun. 2019)

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What is Del Frisco′s Restaurant Group 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.

Del Frisco′s Restaurant Group's Net-Net Working Capital for the quarter that ended in Jun. 2019 was $-20.21.

The industry rank for Del Frisco′s Restaurant Group's Net-Net Working Capital or its related term are showing as below:

DFRG's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Restaurants industry.
Industry Median: 13.255
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Del Frisco′s Restaurant Group Net-Net Working Capital Historical Data

The historical data trend for Del Frisco′s Restaurant Group'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.

Del Frisco′s Restaurant Group Net-Net Working Capital Chart

Del Frisco′s Restaurant Group Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Net-Net Working Capital

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-4.13

-4.51

-4.37

-6.26

-14.79

Del Frisco′s Restaurant Group Quarterly Data
	Jun13	Dec13	Mar14	Jun14	Dec14	Mar15	Jun15	Dec15	Mar16	Jun16	Dec16	Mar17	Jun17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19
Net-Net Working Capital	Get a 7-Day Free Trial															-7.50	-14.00	-14.79	-19.47	-20.21

Competitive Comparison of Del Frisco′s Restaurant Group's Net-Net Working Capital

For the Restaurants subindustry, Del Frisco′s Restaurant Group'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.

Del Frisco′s Restaurant Group's Price-to-Net-Net-Working-Capital Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Del Frisco′s Restaurant Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Del Frisco′s Restaurant Group's Price-to-Net-Net-Working-Capital falls into.

Del Frisco′s Restaurant Group Net-Net Working Capital Calculation

Del Frisco′s Restaurant Group's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2018 is calculated as

	Net-Net Working Capital		(A: Dec. 2018 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(8.535	+	0.75 * 0	+	0.5 * 22.461	-	512.45
-	0	-	0)	/	33.3218
=	-14.79

Del Frisco′s Restaurant Group's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jun. 2019 is calculated as

	Net-Net Working Capital		(Q: Jun. 2019 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(10.671	+	0.75 * 0	+	0.5 * 23.055	-	697.702
-	0	-	0)	/	33.4223
=	-20.21

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.

Del Frisco′s Restaurant Group (NAS:DFRG) 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.

Del Frisco′s Restaurant Group Net-Net Working Capital Related Terms

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Del Frisco′s Restaurant Group (Del Frisco′s Restaurant Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » Del Frisco′s Restaurant Group Inc (NAS:DFRG) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

2900 Ranch Trail, Irving, TX, USA, 75063

Website

http://www.dfrg.com

Del Frisco's Restaurant Group Inc owns and operates roughly 50 restaurants under three different names: Del Frisco's Double Eagle Steak House, a fine-dining restaurant that accounts for approximately half of the company's total sales; Sullivan's Steakhouse, a similar concept to Del Frisco's Steak House that offers a lower price point; and Del Frisco's Grille, an upscale casual restaurant with a broader menu that includes less expensive items. The company operates exclusively in the United States. The company purchases beef and seafood at the national level for all of its restaurants; other products are sourced locally by each restaurant's chef.

Executives

Ian Russell Carter	director	HILTON HOTELS CORPORATION, 9336 CIVIC CENTER DRIVE, BEVERLY HILLS CA 90210
Armistice Capital, Llc	10 percent owner	510 MADISON AVENUE, 7TH FLOOR, NEW YORK NY 10022
Armistice Capital Master Fund Ltd.	10 percent owner	C/O ARMISTICE CAPITAL, LLC, 510 MADISON AVENUE, 7TH FLOOR, NEW YORK NY 10022
Steven Boyd	10 percent owner	510 MADISON AVENUE, 7TH FLOOR, NEW YORK NY 10022
David B Barr	director	1319 GARRICK WAY, MARIETTA 2Q 30068
Coleman Brandon Charles Iii	officer: President, Grille	920 S. KIMBALL AVE., SUITE 100, SOUTHLAKE TX 76092
Joseph E Reece	director	ONE VALERO WAY, BUILDING D, SUITE 200, SAN ANTONIO TX 78249
Jeff Frank Carcara	officer: CEO, Emerging Brands	2900 RANCH TRAIL, IRVING TX 75063
Pennison Thomas J Jr	officer: Chief Financial Officer	930 S. KIMBALL AVE., SUITE 100, SOUTHLAKE TX 76092
Fidelity National Financial, Inc.	10 percent owner	601 RIVERSIDE AVENUE, JACKSONVILLE FL 32204
John P Grayken	10 percent owner	2711 NORTH HASKELL AVENUE SUITE 1700 DALLAS TX 75204
Samuel D Loughlin	director, other: Chairman of the Board	12018 SUNRISE VALLEY DRIVE SUITE 600 RESTON VA 20191