InterOil (InterOil) Net-Net Working Capital : $-8.93 (As of Sep. 2016)

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What is InterOil 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.

InterOil's Net-Net Working Capital for the quarter that ended in Sep. 2016 was $-8.93.

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

IOC's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Oil & Gas industry.
Industry Median: 5.145
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

InterOil Net-Net Working Capital Historical Data

The historical data trend for InterOil'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.

InterOil Net-Net Working Capital Chart

InterOil Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Net-Net Working Capital

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-1.50

-7.82

-8.78

9.93

1.23

InterOil Quarterly Data
	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16
Net-Net Working Capital	Get a 7-Day Free Trial															-4.78	1.23	-7.13	-8.07	-8.93

Competitive Comparison of InterOil's Net-Net Working Capital

For the Oil & Gas Refining & Marketing subindustry, InterOil'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.

InterOil's Price-to-Net-Net-Working-Capital Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, InterOil's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

InterOil Net-Net Working Capital Calculation

InterOil'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 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(33.069	+	0.75 * 559.475	+	0.5 * 0	-	391.722
-	0	-	0)	/	49.5728
=	1.23

InterOil's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2016 is calculated as

	Net-Net Working Capital		(Q: Sep. 2016 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(8.917	+	0.75 * 0	+	0.5 * 0	-	456.591
-	0	-	0)	/	50.1474
=	-8.93

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.

InterOil (NYSE:IOC) 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.

InterOil Net-Net Working Capital Related Terms

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InterOil (InterOil) Business Description

Industry

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Address

Website

http://www.interoil.com

InterOil Corp is incorporated and domiciled in Canada and continued under the Business Corporations Act on August 24, 2007. The Company, together with its subsidiaries, is engaged in the exploration and production of oil and gas properties in Papua New Guinea and its surrounding region. Its operations are organized into four business segments: Upstream, Midstream, Downstream and Corporate. Upstream segment explores, appraises and develops hydrocarbon structures in Papua New Guinea with a view to commercializing, monetizing and developing oil and gas structures through production facilities. Midstream segment produces refined petroleum products at Napa Napa in Port Moresby, Papua New Guinea for the domestic market and for export markets. Downstream segment markets and distributes refined petroleum products domestically in Papua New Guinea on a wholesale and retail basis. Corporate segment provides support to the other business segments by engaging in business development and improvement activities and providing general and administrative services and management, undertakes financing and treasury activities, and is responsible for government affairs and investor relations. Corporate segment also manages Company's shipping business which operates two vessels transporting petroleum products within Papua New Guinea and South Pacific. The Company sells jet fuel, diesel and gasoline to domestic distributors in Papua New Guinea. The Company's main domestic customer is its Downstream distribution business segment, however the Company also distribute fuel products to Niugini Oil Company, Islands Petroleum, Exxon Mobil and Bige Petroleum. The Company's main competitor in the wholesale and retail distribution business in Papua New Guinea is ExxonMobil. The Company also competes with smaller local distributors of petroleum products. The Company is subject to an environmental law regime.