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In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
BSP:VSHO11's Price-to-Net-Current-Asset-Value is ranked worse than 70.48% of 105
companies
in the REITs industry
Industry Median: 7.67
vs BSP:VSHO11: 24.97
Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. 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.
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.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Fundo DE Investimento Imobiliario Votorantim Shopping Net Current Asset Value Related Terms
Fundo DE Investimento Imobiliario Votorantim Shopping Net Current Asset Value Historical Data
* 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.
Fundo DE Investimento Imobiliario Votorantim Shopping Net Current Asset Value Chart
Fundo DE Investimento Imobiliario Votorantim Shopping Annual Data
BSP:VSHO11 vs SPG, O, KIM: Net Current Asset Value Comparison
For the REIT - Retail subindustry, Fundo DE Investimento Imobiliario Votorantim Shopping's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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.
Fundo DE Investimento Imobiliario Votorantim Shopping Price-to-Net-Current-Asset-Value vs REITs Industry
* 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.
What does a Net Current Asset Value of R$2.96 mean?
Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) has a Net Current Asset Value of R$2.96 as of Jun. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. This is 91% below median its historical median of 31.21. Over the past decade, Fundo DE Investimento Imobiliario Votorantim Shopping's Net Current Asset Value has ranged from 22.64 to 145.11. According to the industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #74 out of 105 companies in the REITs industry, placing it in the top 70.5%.
Is Fundo DE Investimento Imobiliario Votorantim Shopping's Net Current Asset Value too high?
Fundo DE Investimento Imobiliario Votorantim Shopping's current Net Current Asset Value of R$2.96 is 91% below median its 10-year median of 31.21. Over the past 10 years, this metric has ranged from a low of 22.64 to a high of 145.11. Based on the distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #74 out of 105 companies in the REITs industry, which is below the industry midpoint. Overall, Fundo DE Investimento Imobiliario Votorantim Shopping has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fundo DE Investimento Imobiliario Votorantim Shopping's Net Current Asset Value compare to SPG and O?
According to the REITs industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #74 out of 105 companies for Net Current Asset Value. This places Fundo DE Investimento Imobiliario Votorantim Shopping in the lower half of its industry. The industry median Net Current Asset Value is 7.67. Historically, Fundo DE Investimento Imobiliario Votorantim Shopping's own Net Current Asset Value has ranged from 22.64 to 145.11 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a REITs company?
The median Net Current Asset Value among REITs companies is 7.67, based on 105 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. For the REITs industry, the median Net Current Asset Value is 7.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fundo DE Investimento Imobiliario Votorantim Shopping's current Net Current Asset Value is R$2.96, which is 91% below median its own 10-year median of 31.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fundo DE Investimento Imobiliario Votorantim Shopping stock overvalued right now?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$86.62, compared to a current price of R$73.91 — trading 14.7% below its estimated fair value. The current Net Current Asset Value is R$2.96, which is 91% below median its 10-year median of 31.21. Fundo DE Investimento Imobiliario Votorantim Shopping's overall GF Score™ is 78/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11), the current Net Current Asset Value is R$2.96 as of Jun. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) Overvalued in 2026?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping stock appears to be undervalued.
The current stock price of R$73.91 is trading 14.7% below its estimated GF Value™ of R$86.62.
GuruFocus considers Fundo DE Investimento Imobiliario Votorantim Shopping to be Modestly Undervalued.
Key valuation signals for BSP:VSHO11:
Net Current Asset Value: R$2.96 (91% below median its 10-year median of 31.21)
GF Value™: R$86.62 vs. price of R$73.91 (14.7% below fair value)
No single metric tells the full story. See the BSP:VSHO11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fundo DE Investimento Imobiliario Votorantim Shopping Business Description
Fundo DE Investimento Imobiliario Votorantim Shopping is a closed-end fund with an indefinite term, divided into registered, book-entry shares that correspond to ideal fractions of its assets. The fund's objective is to provide shareholders with returns on their investment through the partial or total acquisition of real estate, real rights over real estate, including shares, units of special purpose entities or units of real estate investment funds, for the purpose of commercial exploitation of real estate ventures related to shopping centers and related activities, such as strip malls, outlets or power centers.
78GF Score
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