Blackrock CA Muni 2018 Term Trust (Blackrock CA Muni 2018 Term Trust) Net-Net Working Capital : $-0.01 (As of Jun. 2018)

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What is Blackrock CA Muni 2018 Term Trust 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.

Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital for the quarter that ended in Jun. 2018 was $-0.01.

The industry rank for Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital or its related term are showing as below:

BJZ's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Asset Management industry.
Industry Median: 6.5
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Blackrock CA Muni 2018 Term Trust Net-Net Working Capital Historical Data

The historical data trend for Blackrock CA Muni 2018 Term Trust'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.

Blackrock CA Muni 2018 Term Trust Net-Net Working Capital Chart

Blackrock CA Muni 2018 Term Trust Annual Data

Trend

Dec17

Net-Net Working Capital

-0.01

Blackrock CA Muni 2018 Term Trust Semi-Annual Data
	Dec17	Jun18
Net-Net Working Capital	-0.01	-0.01

Competitive Comparison of Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital

For the Asset Management subindustry, Blackrock CA Muni 2018 Term Trust'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.

Blackrock CA Muni 2018 Term Trust's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Blackrock CA Muni 2018 Term Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Blackrock CA Muni 2018 Term Trust's Price-to-Net-Net-Working-Capital falls into.

Blackrock CA Muni 2018 Term Trust Net-Net Working Capital Calculation

Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2017 is calculated as

	Net-Net Working Capital		(A: Dec. 2017 )
=	(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)
=	(0	+	0	+	0.75 * 0	+	0.5 * 0	-	0.078
-	0	-	0)	/	6.43
=	-0.01

Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jun. 2018 is calculated as

	Net-Net Working Capital		(Q: Jun. 2018 )
=	(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)
=	(3.714	+	0	+	0.75 * 0	+	0.5 * 0	-	3.784
-	0	-	0)	/	6.43
=	-0.01

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.

Blackrock CA Muni 2018 Term Trust (NYSE:BJZ) 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.

Blackrock CA Muni 2018 Term Trust Net-Net Working Capital Related Terms

Thank you for viewing the detailed overview of Blackrock CA Muni 2018 Term Trust's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.

Blackrock CA Muni 2018 Term Trust (Blackrock CA Muni 2018 Term Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Blackrock CA Muni 2018 Term Trust (NYSE:BJZ) » Definitions » Net-Net Working Capital

Traded in Other Exchanges

N/A

Address

Website

https://www.blackrock.com

Blackrock CA Muni 2018 Term Trust is a closed-end fund. Its investment objective is to provide current income exempt from regular U.S. federal and California income taxes.

Executives

Robert W Fairbairn	director	55 EAST 52ND STREET, NEW YORK NY 10055
Cynthia Egan	director	7117 BELLONA AVENUE, BALTIMORE MD 21212
Catherine A. Lynch	director	55 EAST 52ND STREET, NEW YORK NY 10055
Jonathan Diorio	officer: Vice President	55 EAST 52ND STREET, NEW YORK NY 10055
Barbara Novick	director	21 PINE COURT, NEW PROVIDENCE NJ 07974
Charles Park	officer: Chief Compliance Officer	55 EAST 52ND STREET, NEW YORK NY 10055
Bank Of America Corp /de/	10 percent owner	BANK OF AMERICA CORPORATE CENTER, 100 N TRYON ST, CHARLOTTE NC 28255
Blue Ridge Investments, L.l.c.	10 percent owner	ONE BRYANT PARK, NEW YORK NY 10036
Bank Of America Na	10 percent owner	100 N. TRYON STREET, CHARLOTTE NC 28255
Janey Ahn	officer: Secretary	55 EAST 52ND STREET, NEW YORK NY 10055
Robert Crothers	officer: Vice President	55 EAST 52ND STREET, NEW YORK NY 10055
John F Powers	director	40 EAST 52ND STREET, NEW YORK NY 10022
Phillip Soccio	other: Portfolio Manager	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Paul Audet	director	C/O BLACKROCK FINANCIAL MANAGEMENT, 40 EAST 52ND STREET, NEW YORK NY 10022
Richard Cavanagh	director	100 BELLEVUE PARKWAY, WILMINGTON DE 19809

Blackrock CA Muni 2018 Term Trust (Blackrock CA Muni 2018 Term Trust) Headlines

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