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Doverddlery (FRA:D1R) Net-Net Working Capital : €-2.38 (As of Mar. 2015)


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What is Doverddlery 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.

Doverddlery's Net-Net Working Capital for the quarter that ended in Mar. 2015 was €-2.38.

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

FRA:D1R's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.015
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Doverddlery Net-Net Working Capital Historical Data

The historical data trend for Doverddlery'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.

Doverddlery Net-Net Working Capital Chart

Doverddlery Annual Data
Trend Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14
Net-Net Working Capital
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.62 -0.74 -0.76 -0.88 -1.42

Doverddlery Quarterly Data
Jun10 Sep10 Dec10 Mar11 Jun11 Sep11 Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15
Net-Net Working Capital Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.29 -1.33 -1.68 -1.42 -2.38

Competitive Comparison of Doverddlery's Net-Net Working Capital

For the Specialty Retail subindustry, Doverddlery'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.


Doverddlery's Price-to-Net-Net-Working-Capital Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Doverddlery's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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



Doverddlery Net-Net Working Capital Calculation

Doverddlery's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2014 is calculated as

Net-Net Working Capital(A: Dec. 2014 )
=(Cash, Cash Equivalents, Marketable Securities+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0.255+0.75 * 1.333+0.5 * 22.919-20.422
-0-0)/5.40949
=-1.42

Doverddlery's Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2015 is calculated as

Net-Net Working Capital(Q: Mar. 2015 )
=(Cash, Cash Equivalents, Marketable Securities+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0.418+0.75 * 1.214+0.5 * 29.898-29.126
-0-0)/5.40949
=-2.38

* 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.


Doverddlery  (FRA:D1R) 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.


Doverddlery Net-Net Working Capital Related Terms

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Doverddlery (FRA:D1R) Business Description

Traded in Other Exchanges
N/A
Address
Dover Saddlery, Inc. is a Delaware Corporation. The Company was founded in 1975. It is a specialty retailer and the largest multi-channel marketer of premium, equestrian products in the U.S. The Company sells its products through a multi-channel strategy, including direct and retail. The Company offers a comprehensive selection of products required to own, ride, train and compete with a horse. The Company's equestrian product line includes a broad variety of separate items such as saddles, tack, specialized apparel, footwear, horse clothing, horse health and stable products. The Company has established itself as the largest multi-channel marketer of equestrian tack, specialized apparel, horse care and stable products in the U.S. and plans to continue its multi-channel retail strategy to capitalize on strong brand equity and utilize its customer database. This multi-channel strategy enables it to capture customer data, achieve operational synergies, provide a seamless and convenient shopping experience for its customers, cross market its products and reinforce its brand across channels. As of December 31, 2012, it operated seventeen stores under the Dover Saddlery brand and one store under the Smith Brothers brand. The Company is subject to numerous regulations governing the Internet and e-commerce, retailers generally, the importation, promotion and sale of merchandise, and the operation of retail stores and warehouse facilities.

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