Oiltanking Partners LP (FRA:4OT) Net-Net Working Capital : €-2.54 (As of Sep. 2014)

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What is Oiltanking Partners LP 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.

Oiltanking Partners LP's Net-Net Working Capital for the quarter that ended in Sep. 2014 was €-2.54.

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

FRA:4OT's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Oil & Gas industry.
Industry Median: 5.09
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Oiltanking Partners LP Net-Net Working Capital Historical Data

The historical data trend for Oiltanking Partners LP'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.

Oiltanking Partners LP Net-Net Working Capital Chart

Oiltanking Partners LP Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Net-Net Working Capital

-0.28

-2.18

-2.35

Oiltanking Partners LP Quarterly Data
	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14
Net-Net Working Capital	Get a 7-Day Free Trial											-3.16	-2.35	-2.11	-1.82	-2.54

Competitive Comparison of Oiltanking Partners LP's Net-Net Working Capital

For the Oil & Gas Midstream subindustry, Oiltanking Partners LP'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.

Oiltanking Partners LP's Price-to-Net-Net-Working-Capital Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Oiltanking Partners LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

Oiltanking Partners LP Net-Net Working Capital Calculation

Oiltanking Partners LP's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2013 is calculated as

	Net-Net Working Capital		(A: Dec. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(12.652	+	0.75 * 13.149	+	0.5 * 0	-	171.789
-	0	-	0)	/	63.5497
=	-2.35

Oiltanking Partners LP's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2014 is calculated as

	Net-Net Working Capital		(Q: Sep. 2014 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(16.729	+	0.75 * 25.146	+	0.5 * 0	-	247.08
-	0	-	0)	/	83.1285
=	-2.54

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.

Oiltanking Partners LP (FRA:4OT) 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.

Oiltanking Partners LP Net-Net Working Capital Related Terms

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Oiltanking Partners LP (FRA:4OT) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.oiltankingpartners.com

Oiltanking Partners LP is a Delaware limited partnership formed in March 2011. The Company engages in the terminaling, storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. Its terminal assets are strategically located along the upper Gulf Coast of the United States. At December 31, 2013, the Company had nearly 22 million barrels of total active storage capacity at its Houston and Beaumont facilities. These integrated facilities are strategically located and directly connected to 23 key refining, production and storage facilities along the Gulf Coast and the Cushing, Oklahoma storage interchange through dedicated and common carrier pipelines. In addition, its facilities provide its customers deep-water access and international distribution capabilities. The Company provides services to integrated oil companies, distributors, marketers and chemical and petrochemical companies, typically under long-term commercial agreements that include minimum volume commitments and inflation escalators. It operates as a third-party crude oil and refined petroleum products terminals on the Houston Ship Channel. It provides integrated terminaling, storage, pipeline and related services for third-party companies engaged in the production, distribution and marketing of crude oil, refined petroleum products and liquefied petroleum gas. The Company faces competition from a variety of international, national and regional energy companies, including large, diversified midstream partnerships, global terminal operators and large multi-national energy companies of varying sizes, financial resources and experience. The Company's operations are subject to stringent federal, state and local laws and regulations governing the release of materials into the environment, health and safety aspects of its operations, and otherwise relating to the protection of the environment. Compliance with these laws and regulations may require the acquisition of permits to conduct regulated activities; restrict the type, quantities and concentration of wastes or other pollutants that may be emitted, discharged or disposed into or onto to the land, air and water; apply specific health and safety criteria addressing worker protection; and impose liabilities for pollution from operations.

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