First Niagara Financial Group (First Niagara Financial Group) Net-Net Working Capital : $-101.07 (As of Mar. 2016)

View and export this data going back to 1998. Start your Free Trial

What is First Niagara Financial 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.

First Niagara Financial Group's Net-Net Working Capital for the quarter that ended in Mar. 2016 was $-101.07.

The industry rank for First Niagara Financial Group's Net-Net Working Capital or its related term are showing as below:

FNFG's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Banks industry.
Industry Median: 7.8
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

First Niagara Financial Group Net-Net Working Capital Historical Data

The historical data trend for First Niagara Financial 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.

First Niagara Financial Group Net-Net Working Capital Chart

First Niagara Financial Group Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Net-Net Working Capital

Get a 7-Day Free Trial

-78.20

-90.14

-91.85

-97.28

-99.95

First Niagara Financial Group Quarterly Data
	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16
Net-Net Working Capital	Get a 7-Day Free Trial															-97.93	-99.19	-99.95	-101.07	-100.62

Competitive Comparison of First Niagara Financial Group's Net-Net Working Capital

For the Banks - Regional subindustry, First Niagara Financial 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.

First Niagara Financial Group's Price-to-Net-Net-Working-Capital Distribution in the Banks Industry

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

* The bar in red indicates where First Niagara Financial Group's Price-to-Net-Net-Working-Capital falls into.

First Niagara Financial Group Net-Net Working Capital Calculation

First Niagara Financial Group's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2015 is calculated as

	Net-Net Working Capital		(A: Dec. 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)
=	(672	+	0	+	0.75 * 0	+	0.5 * 0	-	35792
-	338	-	0)	/	354.762
=	-99.95

First Niagara Financial Group's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2016 is calculated as

	Net-Net Working Capital		(Q: Mar. 2016 )
=	(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)
=	(383	+	0	+	0.75 * 0	+	0.5 * 0	-	35922
-	338	-	0)	/	354.977
=	-101.07

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.

First Niagara Financial Group (NAS:FNFG) 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.

First Niagara Financial Group Net-Net Working Capital Related Terms

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

First Niagara Financial Group (First Niagara Financial Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » First Niagara Financial Group Inc (NAS:FNFG) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

https://www.firstniagara.com

First Niagara Financial Group Inc was organized in April, 1998 in Delaware. It provides a range of retail and commercial banking as well as other financial services through its wholly-owned, federally chartered savings bank subsidiary, First Niagara Bank. The Company has identified two business segments, banking and financial services. The Company's financial services activities consist of insurance and employee benefits consulting services. All of its other activities are considered banking. It provides its retail consumer and business customers with banking services including residential and commercial real estate loans, commercial business loans and leases, consumer loans, wealth management products, as well as retail and commercial deposit products. Additionally, it offers insurance and employee benefits consulting services through a wholly-owned subsidiary of the bank. The Company's subsidiaries provide financial services to individuals and small and medium size companies in its market areas. Its activity has been the origination of commercial real estate and business loans, leases, and residential mortgages to customers located within its market areas. Consistent with its long-term customer relationship development, it generally retains the servicing rights on residential mortgage loans that it sells which results in monthly service fee income to it. The Company also originates and retains in its various types of home equity and consumer loan products. It originates commercial real estate loans secured predominantly by first liens on apartment houses, office buildings, shopping centers, and industrial and warehouse properties. Commercial business loans includes business term loans, letters of credit, and lines-of-credit issued to small and medium size companies in its market areas, some of which are secured in part by additional owner occupied real estate. The Company's bi-weekly mortgages feature an accelerated repayment schedule and are linked to a deposit account to facilitate payments. It offers fixed-rate, fixed-term, monthly and bi-weekly home equity loans, and prime-based home equity lines of credit in its market areas. It offers a variety of fixed-rate installment and variable rate lines-of-credit consumer loans, including indirect mobile home loans as well as personal secured and unsecured loans. The Company's specialized lending consists of commercial leases and insurance premium financing. It offers insurance products and consulting services to help both its retail and commercial customers achieve their financial goals. The Company is subject to extensive federal and state regulation and supervision. Banking regulations are intended to protect depositors' funds, federal deposit insurance funds and the financial system as a whole, not security holders.

Executives

Julie Signorille	officer: Managing Director Operations	102 DUFFY AVENUE, HICKSVILLE NY 11801
Gregory W Norwood	officer: SEVP, Chief Financial Officer	726 EXCHANGE STREET SUITE 618 BUFFALO NY 14210
Mark R Rendulic	officer: EVP, Retail Banking	726 EXCHANGE STREET SUITE 618 BUFFALO NY 14210
Peter B. Robinson	director	5505 BLUE LAGOON DRIVE, MIAMI FL 33126
George M Philip	director	10 CORPORATE WOODS DRIVE ALBANY NY 12211-2395
Roxanne J Coady	director
Carl A Florio	director	C/O HUDSON RIVER BANK & TRUST CO, PO BOX 76, HUDSON NY 12534
Nathaniel D Woodson	director	C/O UIL HOLDINGS CORP 157 CHURCH STREET NEW HAVEN CT 06506
G Thomas Bowers	director	1045 LOCHLAND ROAD GENEVA NY 14456
Inder Koul	officer: Chief Information Officer	726 EXCHANGE STREET, SUITE 618 BUFFALO NY 14210
Joseph Saffire	officer: Managing Director, Head of Com	6467 MAIN STREET, WILLIAMSVILLE NY 14221
Liam Brickley	officer: SVP, Chief Credit Officer	726 EXHCHANGE STREET SUITE 618 BUFFALO NY 14210
Brian M Dempsey	officer: Principal Accounting Officer	726 EXCHANGE STREET BUFFALO NY 14210
Susan Harnett	director	726 EXCHANGE STREET SUITE 618 BUFFALO NY 14210
Kate White	officer: EVP, Managing Dir HR	726 EXCHANGE STREET BUFFALO NY 14210