FE Investments Group (ASX:FEI) Net-Net Working Capital : A$-0.02 (As of Sep. 2019)

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What is FE Investments Group 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.

FE Investments Group's Net-Net Working Capital for the quarter that ended in Sep. 2019 was A$-0.02.

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

ASX:FEI's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Credit Services industry.
Industry Median: 7.33
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

FE Investments Group Net-Net Working Capital Historical Data

The historical data trend for FE Investments Group'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.

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FE Investments Group Net-Net Working Capital Chart

FE Investments Group Annual Data

Trend

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Jun14

Jun15

Jun16

Mar18

Net-Net Working Capital

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-0.18

-0.38

-1.20

-0.38

-0.29

FE Investments Group Semi-Annual Data
	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Sep17	Mar18	Sep18	Mar19	Sep19
Net-Net Working Capital	Get a 7-Day Free Trial															-0.10	-0.29	-0.05	-0.10	-0.02

Competitive Comparison of FE Investments Group's Net-Net Working Capital

For the Credit Services subindustry, FE Investments Group'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.

FE Investments Group's Price-to-Net-Net-Working-Capital Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, FE Investments Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

FE Investments Group Net-Net Working Capital Calculation

FE Investments Group's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Mar. 2018 is calculated as

	Net-Net Working Capital		(A: Mar. 2018 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(12.511	+	0.75 * 0.037	+	0.5 * 0	-	54.218
-	1.098	-	0)	/	148.048
=	-0.29

FE Investments Group's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2019 is calculated as

	Net-Net Working Capital		(Q: Sep. 2019 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(14.374	+	0.75 * 60.094	+	0.5 * 0	-	63.106
-	0	-	0)	/	226.216
=	-0.02

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.

FE Investments Group (ASX:FEI) 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.

FE Investments Group Net-Net Working Capital Related Terms

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FE Investments Group (ASX:FEI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » FE Investments Group Ltd (ASX:FEI) » Definitions » Net-Net Working Capital

Comparable Companies

Traded in Other Exchanges

N/A

Address

101 Miller Street, Level 32, North Sydney, Sydney, NSW, AUS, 2060

Website

https://www.feigroup.com.au

FE Investments Group Ltd a financial services company. It is operating as a non-bank deposit taker with deposit-taking licence issued by the reserve bank of New Zealand. It is organized into two reporting segments, being Lending Products and Leasing. The Lending Products segment. The company's focus is the leasing of business equipment and technology products for the SME market. The company accepts deposits from the New Zealand public and lends to the SME sector in New Zealand and Australia. It provides financing facilities in the form of lease financing, term loans, working capital facilities, stock funding, trade finance and business micro-loans. Approximately, 98% of the company's revenue is generated in New Zealand.