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Net cash per share is calculated as Cash and Cash Equivalents minus Total Liabilities and then divided by Shares Outstanding. Kayne Anderson Energy Development Company's net cash per share for the quarter that ended in Feb. 2012 was $-9.69.
In the calculation of a companys net cash, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative net cash. But sometimes a companys price may be lower than its net-cash.
Kayne Anderson Energy Development Company's Net Cash Per Share for the fiscal year that ended in Nov. 2011 is calculated as
|Net Cash Per Share (A: Nov. 2011 )||=||(Cash and Cash Equivalents||-||Total Liabilities)||/||Shares Outstanding|
Kayne Anderson Energy Development Company's Net Cash Per Share for the quarter that ended in Feb. 2012 is calculated as
|Net Cash Per Share (Q: Feb. 2012 )||=||(Cash and Cash Equivalents||-||Total Liabilities)||/||Shares Outstanding|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
Ben Graham invested in situations where the companys stock price was lower than its net-cash. He assigned some value to the companys other current asset. The value is called Net Current Asset Value (NCAV). 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 Grahams strategy produced similar results.
Kayne Anderson Energy Development Company Annual Data
Kayne Anderson Energy Development Company Quarterly Data