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Delaware Investments Natl Muniome Net-Net Working Capital

: $-6.81 (As of Sep. 2021)
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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.

Delaware Investments Natl Muniome's net-net working capital per share for the quarter that ended in Sep. 2021 was $-6.81.

The industry rank for Delaware Investments Natl Muniome's Net-Net Working Capital or its related term are showing as below:

Delaware Investments Natl Muniome Net-Net Working Capital Historical Data

The historical data trend for Delaware Investments Natl Muniome'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.

Delaware Investments Natl Muniome Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Net-Net Working Capital
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.63 -6.77 -7.28 -6.42 -6.68

Delaware Investments Natl Muniome Semi-Annual Data
Mar12 Sep12 Mar13 Sep13 Mar14 Sep14 Mar15 Sep15 Mar16 Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21
Net-Net Working Capital Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -6.63 -6.42 -6.54 -6.68 -6.81
Competitive Comparison

For the Asset Management subindustry, Delaware Investments Natl Muniome's Net-Net Working Capital, along with its competitors' market caps and 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.

   
Delaware Investments Natl Muniome Net-Net Working Capital Distribution

For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Net-Net Working Capital distribution charts can be found below:

* The bar in red indicates where Delaware Investments Natl Muniome's Net-Net Working Capital falls into.


Delaware Investments Natl Muniome Net-Net Working Capital Calculation

Delaware Investments Natl Muniome's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Mar. 2021 is calculated as

Net-Net Working Capital Per Share(A: Mar. 2021 )
=(Cash And Cash Equivalents +0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0+0.75 * 0+0.5 * 0-30.269
-0-0)/4.52844
=-6.68

Delaware Investments Natl Muniome's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2021 is calculated as

Net-Net Working Capital Per Share(Q: Sep. 2021 )
=(Cash And Cash Equivalents+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0.016+0.75 * 0+0.5 * 0-30.838
-0-0)/4.52844
=-6.81

* 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.

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. 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.

Delaware Investments Natl Muniome  (AMEX:VFL) 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. GuruFocus also publishes a monthly Net-Net newsletter.

Delaware Investments Natl Muniome Net-Net Working Capital Related Terms

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

Delaware Investments Natl Muniome Business Description

Delaware Investments Natl Muniome logo
Industry
Financial Services » Asset Management NAICS : 523920 SIC : 6799
Comparable Companies
ASX:PAI NYSE:MQT HKSE:00245 NYSE:SCD NEOE:NETZ ASX:EZL LSE:JSGI NGM:ARBO A NYSE:FIF NYSE:MUE
Traded in Other Exchanges
N/A
Address
610 Market Street, Philadelphia, PA, USA, 19106
Website
https://www.delawarefunds.com
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund seeks to provide current income exempt from regular federal income tax consistent with the preservation of capital.
Executives
Wells Fargo Bank N A 10 percent owner 101 NORTH PHILLIPS AVENUE SIOUX FALLS SD 57104
Toronto Dominion Holdings Usa Inc 10 percent owner 40 WALL STREET NEW YORK NY 10003
Toronto Dominion Bank 10 percent owner 66 WELLINGTON STREET WEST 15TH FLOOR, TD TOWER TORONTO, ONTARIO A6 M5K 1A2
Toronto Dominion Investments, Inc. 10 percent owner 909 FANIN SUITE 1950 HOUSTON TX 77010
Td Group Us Holdings Llc 10 percent owner 251 LITTLE FALLS DRIVE WILMINGTON DE 19808
Van Roden Jake officer: SVP/Portfolio Manager 2005 MARKET STREET PHILADELPHIA PA 19103
Wood Christianna director 330 OLD Y ROAD GOLDEN CO 80401
Abernathy Jerome director 2005 MARKET STREET PHILADELPHIA PA 19103
Lytle Shawn director, officer: Trustee C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Borowiec Ann Dully director, officer: Board Member C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Chow Joseph W director STATE STREET CORP 225 FRANKLIN ST BOSTON MA 02110
Whitford Thomas K director 249 FIFTH AVE P1-POPP-30-1 PITTSBURGH PA 15222
Gizzi Gregory A. officer: VP/Portfolio Manager C/O DELAWARE INVESTMENTS 2005 MARKET STREET PHILADELPHIA PA 19103
Sevilla-sacasa Frances Aldrich director 3 GREENWAY PLAZA SUITE 1300 HOUSTON TX 77046
Zecher Richard director 2 SUTTON PLACE SOUTH, 19A NEW YORK NY 10022

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