BCE (BCE) Net-Net Working Capital

: $-41.26 (As of Dec. 2023)

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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.

BCE's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-41.26.

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

BCE's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Telecommunication Services industry.
Industry Median: 7.44
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

BCE Net-Net Working Capital Historical Data

The historical data trend for BCE'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.

BCE Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Net-Net Working Capital

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-34.05

-35.21

-38.52

-38.39

-41.26

BCE Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Net-Net Working Capital	Get a 7-Day Free Trial															-38.39	-38.39	-40.14	-39.96	-41.26

Competitive Comparison

For the Telecom Services subindustry, BCE'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.

BCE Price-to-Net-Net-Working-Capital Distribution

For the Telecommunication Services industry and Communication Services sector, BCE's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

BCE Net-Net Working Capital Calculation

BCE's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(A: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1320.811	+	0.75 * 2862.999	+	0.5 * 346.601	-	38299.791
-	2733.304	-	244.484)	/	912.275
=	-41.26

BCE's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as

	Net-Net Working Capital		(Q: Dec. 2023 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(1320.811	+	0.75 * 2862.999	+	0.5 * 346.601	-	38299.791
-	2733.304	-	244.484)	/	912.275
=	-41.26

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.

BCE (NYSE:BCE) 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.

BCE Net-Net Working Capital Related Terms

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BCE (BCE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » BCE Inc (NYSE:BCE) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

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Address

1 Carrefour Alexander Graham Bell, Tour A-7, Verdun, QC, CAN, H3E 3B3

Website

https://www.bce.ca

BCE provides wireless, broadband, television, and landline phone services in Canada. It is one of the big three national wireless carriers, with its roughly 10 million customers constituting about 30% of the market. It is also the ILEC (incumbent local exchange carrier—the legacy telephone provider) throughout much of the eastern half of Canada, including in the most populous Canadian provinces: Ontario and Quebec. Additionally, BCE has a media segment, which holds television, radio, and digital media assets. BCE licenses the Canadian rights to movie channels including HBO, Showtime, and Starz. In 2022, the wireline segment made up 52% of total EBITDA, while wireless was 31% and media provided the remainder.