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Virtus Global Dividend &ome Fund (Virtus Global Dividend &ome Fund) Net-Net Working Capital : $-3.03 (As of Nov. 2019)


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What is Virtus Global Dividend &ome Fund 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.

Virtus Global Dividend &ome Fund's Net-Net Working Capital for the quarter that ended in Nov. 2019 was $-3.03.

The industry rank for Virtus Global Dividend &ome Fund's Net-Net Working Capital or its related term are showing as below:

ZTR's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.67
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Virtus Global Dividend &ome Fund Net-Net Working Capital Historical Data

The historical data trend for Virtus Global Dividend &ome Fund'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.

Virtus Global Dividend &ome Fund Net-Net Working Capital Chart

Virtus Global Dividend &ome Fund Annual Data
Trend Dec17 Nov18 Nov19
Net-Net Working Capital
-5.04 -4.20 -4.40

Virtus Global Dividend &ome Fund Semi-Annual Data
Dec17 Nov18 May19 Nov19
Net-Net Working Capital -5.04 -4.20 -3.96 -3.03

Competitive Comparison of Virtus Global Dividend &ome Fund's Net-Net Working Capital

For the Asset Management subindustry, Virtus Global Dividend &ome Fund'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.

Virtus Global Dividend &ome Fund's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Virtus Global Dividend &ome Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Virtus Global Dividend &ome Fund's Price-to-Net-Net-Working-Capital falls into.


Virtus Global Dividend &ome Fund Net-Net Working Capital Calculation

Virtus Global Dividend &ome Fund's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Nov. 2019 is calculated as

Net-Net Working Capital(A: Nov. 2019 )
=(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)
=(7.203+0+0.75 * 0+0.5 * 0-200.113
-0-0)/43.795
=-4.40

Virtus Global Dividend &ome Fund's Net-Net Working Capital (NNWC) per share for the quarter that ended in Nov. 2019 is calculated as

Net-Net Working Capital(Q: Nov. 2019 )
=(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)
=(7.203+0+0.75 * 0+0.5 * 0-200.113
-0-0)/63.627
=-3.03

* 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.

Virtus Global Dividend &ome Fund  (NYSE:ZTR) 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.

Virtus Global Dividend &ome Fund Net-Net Working Capital Related Terms

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Virtus Global Dividend &ome Fund (Virtus Global Dividend &ome Fund) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Virtus Global Dividend & Income Fund Inc (NYSE:ZTR) » Definitions » Net-Net Working Capital
Comparable Companies
BOM:503681 BOM:501386 BOM:512153 BOM:512511 BOM:512261 BOM:504390 BOM:512591 BOM:512221 BOM:530469 XBRA:1ZIM01AE BOM:526251 BOM:532164 BOM:511185 BOM:501178 BOM:501111 BOM:511660 BOM:511403 BOM:505539 BOM:530917 BOM:511427
Traded in Other Exchanges
N/A
Address
101 Munson Street, Greenfield, MA, USA, 01301-9683
Website
https://www.virtus.com
Virtus Global Dividend & Income Fund Inc is a closed-end diversified management investment company. The company's investment objective is to seek total return, consisting of capital appreciation and income. The fund invests in various sectors such as consumer discretionary, financials, healthcare, industrials, consumer staples, telecommunication services, utilities, and others.
Executives
John R Mallin director C/O VIRTUS INVESTMENT PARTNERS, INC., ONE FINANCIAL PLAZA, 26TH FL., HARTFORD CT 06103
R Keith Walton director 100 PEARL STREET, HARTFORD CT 06103
Grumhaus David D Jr. other: Co-CIO 200 S. WACKER DRIVE, SUITE 500, CHICAGO IL 60606
Donald C Burke director C/O BLACKROCK FINANCIAL MANAGEMENT, INC., 40 EAST 52ND STREET, NEW YORK NY 10022
Mcdaniel Connie D director C/O VIRTUS INVESTMENT PARTNERS, INC., ONE FINANCIAL PLAZA, 26TH FL., HARTFORD CT 06103
Sidney E Harris director C/O VIRTUS INVESTMENT PARTNERS, INC., ONE FINANCIAL PLAZA, 26TH FL., HARTFORD CT 06103
Geraldine M Mcnamara director 150 EAST 44TH ST, APT 35G, NEW YORK NY 10017
Philip R Mcloughlin director 800 SCUDDERS HILL ROAD, PLAINSBORO NJ 08536
Brian T Zino director 100 PARK AVENUE, NEW YORK NY 10017
Willliam R Moyer director C/O VIRTUS INVESTMENT PARTNERS, INC., HARTFORD CT 06103
James M Oates director C/O INVESTORS FINANCIAL SERVICES CORP, 200 CLARENDON ST, BOSTON MA 02116
Wright William H Ii director C/O VIRTUS INVESTMENT PARTNERS, 100 PEARL STREET, HARTFORD CT 06103
David Dickerson officer: SVP & PM of the Adviser
Christopher Ruddy director 1120 BEAR ISLAND DRIVE WEST PALM BEACH FL 33409
Carlton Neel officer: SVP & Portfolio Manager ZWEIG FUNDS 900 THIRD AVE NEW YORK NY 10022