National Penn Bancshares (National Penn Bancshares) Net-Net Working Capital : $-58.68 (As of Dec. 2015)

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What is National Penn Bancshares 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.

National Penn Bancshares's Net-Net Working Capital for the quarter that ended in Dec. 2015 was $-58.68.

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

NPBC's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Banks industry.
Industry Median: 7.545
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

National Penn Bancshares Net-Net Working Capital Historical Data

The historical data trend for National Penn Bancshares'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.

National Penn Bancshares Net-Net Working Capital Chart

National Penn Bancshares Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Net-Net Working Capital

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-45.13

-44.61

-49.22

-55.38

-58.68

National Penn Bancshares Quarterly Data
	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15
Net-Net Working Capital	Get a 7-Day Free Trial															-55.38	-58.78	-58.70	-58.51	-58.68

Competitive Comparison of National Penn Bancshares's Net-Net Working Capital

For the Banks - Regional subindustry, National Penn Bancshares'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.

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

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

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

National Penn Bancshares Net-Net Working Capital Calculation

National Penn Bancshares'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)
=	(204.096	+	0	+	0.75 * 0	+	0.5 * 0	-	8437.345
-	0	-	0)	/	140.309
=	-58.68

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

	Net-Net Working Capital		(Q: 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)
=	(204.096	+	0	+	0.75 * 0	+	0.5 * 0	-	8437.345
-	0	-	0)	/	140.309
=	-58.68

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.

National Penn Bancshares (NAS:NPBC) 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.

National Penn Bancshares Net-Net Working Capital Related Terms

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

National Penn Bancshares (National Penn Bancshares) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » National Penn Bancshares Inc (NAS:NPBC) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.nationalpennbancshares.com

National Penn Bancshares Inc is a Pennsylvania business corporation incorporated in January 1982. The Company is a registered bank holding company. The Company provides financial services, through its subsidiary National Penn Bank. The Company through its subsidiaries is engaged in activities related to the business of banking. National Penn's financial services affiliates consist of National Penn Wealth Management, N.A., including its National Penn Investors Trust Company division; National Penn Capital Advisors, Inc.; Institutional Advisors, LLC; National Penn Insurance Services Group, Inc., including its Higgins Insurance and Caruso Benefits divisions. Commercial banking is its main business focus. Commercial banking services are provided to small and medium sized businesses with annual gross revenues generally between $1 million and $100 million located in its market areas. offer a wide range of products including short-term loans for seasonal and working capital purposes, term loans secured by real estate and other assets, loans for construction and expansion needs, revolving credit facilities, and a full array of cash management services, including remote deposit capture, disbursement, collection, investment and electronic banking services. Consumer banking offers deposit accounts, which include demand, NOW, money market, other checking and savings accounts, and certificates of deposit. It also offers consumer loan products such as installment loans, home equity loans, residential mortgage loans, education loans and credit cards. In addition, it offers automated teller services, safe deposit and night depository facilities and internet banking services, including on-line bill paying and mobile banking. In addition to generation of fee income through its commercial and consumer banking operations, including mortgage lending the Company has a number of specialized investment and insurance businesses to develop fee income and to serve specific markets. The Company also provides loans directly to consumers within its markets to finance personal residences, automobiles, college tuition, home improvements and other personal needs. The Company also makes indirect loans to customers for the purchase of both new and used vehicles. The majority of residential mortgages is conformed to FNMA and FHLMC underwriting criteria and is sold to secondary market investors. Other residential products such as jumbo mortgages are originated and typically held in its loan portfolio. The Company also provides home equity loans, home equity lines of credit and other consumer loans through its network of retail branch offices and its Private Banking division. The Company is subject to various federal and state statutes applicable to banks chartered in the United States, as well as regulations of the Office of the Comptroller of the Currency.

Executives

Natalye Paquin	director	14 NORTH MAIN STREET, PO BOX 197, SOUDERTON PA 18964
Sandra Bodnyk	officer: SEVP - Chief Risk Officer	NATIONAL PENN BANCSHARES, INC, 645 HAMILTON STREET, ALLENTOWN PA 18101
Michael E. Martin	director	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Llc	10 percent owner	450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus X Partners, L.p.	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Private Equity X, L.p.	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus X Gp L.p.	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus X, L.p.	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Wpp Gp Llc	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVE, NEW YORK NY 10017
Warburg Pincus Partners, L.p.	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Partners Gp Llc	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Charles R Kaye	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Joseph P. Landy	10 percent owner	C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus & Co.	10 percent owner	450 LEXINGTON AVENUE, NEW YORK, NY NY 100173147
Tito L Lima	officer: EVP - Corporate Controller	212 TOWHEE DRIVE, BOALSBURG PA 16827