Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Churchill ChinaFRA:EQW +6.50%57 Net Current Asset Value is €2.78 as of Dec. 2025, which is 100% below its 10-year median of 6.82. GuruFocus rates FRA:EQW with a GF Score™ of 57/100 and a GF Value™ of €10.87 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 286 Furnishings, Fixtures & Appliances companies, Churchill China ranks better than 76.92% on this metric.
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).
Churchill China's net current asset value per share for the quarter that ended in Dec. 2025 was €2.78.
The historical rank and industry rank for Churchill China's Net Current Asset Value or its related term are showing as below:
FRA:EQW'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 1.39 Med: 6.82 Max: 10.79
Current: 1.55
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Churchill China was 10.79. The lowest was 1.39. And the median was 6.82.
FRA:EQW's Price-to-Net-Current-Asset-Value is ranked better than 76.92% of 286
companies
in the Furnishings, Fixtures & Appliances industry
Industry Median: 3.495
vs FRA:EQW: 1.55
Churchill China (FRA:EQW) 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.
Churchill China Net Current Asset Value Related Terms
Churchill China Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Churchill China's Net Current Asset Value 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.
FRA:EQW vs SN, SGI, MHK: Net Current Asset Value Comparison
For the Furnishings, Fixtures & Appliances subindustry, Churchill China'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.
Churchill China Price-to-Net-Current-Asset-Value vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Churchill China's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Churchill China's Price-to-Net-Current-Asset-Value falls into.
* 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 €2.78 mean?
Churchill China (FRA:EQW) has a Net Current Asset Value of €2.78 as of Dec. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Churchill China and its competitors. This is 59% below median its historical median of 6.82. Over the past decade, Churchill China's Net Current Asset Value has ranged from 1.39 to 10.79. According to the industry distribution chart, Churchill China ranks #66 out of 286 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 23.1%.
Is Churchill China's Net Current Asset Value too high?
Churchill China's current Net Current Asset Value of €2.78 is 59% below median its 10-year median of 6.82. Over the past 10 years, this metric has ranged from a low of 1.39 to a high of 10.79. Based on the distribution chart, Churchill China ranks #66 out of 286 companies in the Furnishings, Fixtures & Appliances industry, which is in the top quartile — a strong position relative to peers. Overall, Churchill China has a GF Score™ of 57/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Churchill China's Net Current Asset Value compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Churchill China ranks #66 out of 286 companies for Net Current Asset Value. This places Churchill China in the top 23% of its industry — outperforming the majority of peers. The industry median Net Current Asset Value is 3.50. Historically, Churchill China's own Net Current Asset Value has ranged from 1.39 to 10.79 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 Furnishings, Fixtures & Appliances company?
The median Net Current Asset Value among Furnishings, Fixtures & Appliances companies is 3.50, based on 286 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 Churchill China and its competitors. For the Furnishings, Fixtures & Appliances industry, the median Net Current Asset Value is 3.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Churchill China's current Net Current Asset Value is €2.78, which is 59% below median its own 10-year median of 6.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Churchill China stock overvalued right now?
Based on GuruFocus' analysis, Churchill China (FRA:EQW) is currently considered Significantly Undervalued. The stock's GF Value™ is €10.87, compared to a current price of €4.26 — trading 60.8% below its estimated fair value. The current Net Current Asset Value is €2.78, which is 59% below median its 10-year median of 6.82. Churchill China's overall GF Score™ is 57/100 with 4 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 Churchill China (FRA:EQW), the current Net Current Asset Value is €2.78 as of Dec. 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 Churchill China (FRA:EQW) Overvalued in 2026?
Based on GuruFocus' analysis, Churchill China stock appears to be undervalued.
The current stock price of €4.26 is trading 60.8% below its estimated GF Value™ of €10.87.
GuruFocus considers Churchill China to be Significantly Undervalued.
Key valuation signals for FRA:EQW:
Net Current Asset Value: €2.78 (59% below median its 10-year median of 6.82)
GF Value™: €10.87 vs. price of €4.26 (60.8% below fair value)
No single metric tells the full story. See the FRA:EQW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Churchill China PLC is a British pottery manufacturer. It is a manufacturer and distributor of tabletop products. Its customers include the pub, restaurant and hotel chains, sports and conference venues, health and education establishments and contract caterers. Its segments include Ceramics, the sale of ceramic tableware and complimentary items, and Materials, the sale of materials for the production of ceramics, to the tableware industry, majority of its revenue is generated from Ceramics segment. The company operates in the UK, Rest of Europe, USA and Rest of the World.
57GF Score
Get the complete analysis for FRA:EQW
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:EQW has been successfully added to your 
