Acino Holding AG (FRA:S3H) Net-Net Working Capital : €-30.77 (As of Dec. 2013)

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What is Acino Holding AG 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.

Acino Holding AG's Net-Net Working Capital for the quarter that ended in Dec. 2013 was €-30.77.

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

FRA:S3H's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Drug Manufacturers industry.
Industry Median: 6.96
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Acino Holding AG Net-Net Working Capital Historical Data

The historical data trend for Acino Holding AG'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.

Acino Holding AG Net-Net Working Capital Chart

Acino Holding AG Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Net-Net Working Capital

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-4.71

-9.69

-11.80

-39.33

-30.77

Acino Holding AG Semi-Annual Data
	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13
Net-Net Working Capital	Get a 7-Day Free Trial						-4.71	-9.70	-11.80	-39.33	-30.77

Competitive Comparison of Acino Holding AG's Net-Net Working Capital

For the Drug Manufacturers - General subindustry, Acino Holding AG'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.

Acino Holding AG's Price-to-Net-Net-Working-Capital Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Acino Holding AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

Acino Holding AG Net-Net Working Capital Calculation

Acino Holding AG'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)
=	(10.026	+	0.75 * 53.689	+	0.5 * 56.415	-	184.98
-	0	-	0)	/	3.46
=	-30.77

Acino Holding AG's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2013 is calculated as

	Net-Net Working Capital		(Q: Dec. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(10.026	+	0.75 * 53.689	+	0.5 * 56.415	-	184.98
-	0	-	0)	/	3.46
=	-30.77

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.

Acino Holding AG (FRA:S3H) 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.

Acino Holding AG Net-Net Working Capital Related Terms

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Acino Holding AG (FRA:S3H) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Acino Holding AG (FRA:S3H) » Definitions » Net-Net Working Capital

Traded in Other Exchanges

N/A

Address

Website

http://www.acino-pharma.com

Acino Holding AG is a Switzerland-based company engaged in the pharmaceutical industry. The Company develops, manufactures, and markets pharmaceuticals in novel drug delivery forms internationally. It is divided into four segments Business to Consumer (BtC); Business to Business (BtB); Technology marketing (TM); and Production (Prod). The BtC segment comprises all direct marketing activities. Under the company's "Acino Switzerland" brand and, with the promise of Swiss quality, the company sells its products in emerging markets around the globe. This reporting segment includes the business purchased from Mepha/Cephalon in the Middle East, Africa, Latin America and Asia. The BtB segment comprises Acino's business with its internally developed products, for which the company also owns the intellectual property rights. Acino develops and produces high-quality medicines with proven active ingredients and modern drug delivery systems and grants licenses for them to leading pharmaceutical and generic pharmaceutical companies worldwide. The technology marketing segment comprises a broad spectrum of fully integrated contract services, including procurement, contract development, production and packaging for companies in the life sciences industry. On behalf of these customers, Acino develops a comprehensive product pipeline on the basis of its special technological know-how. This includes both new types of medicines as well as projects with innovative drug delivery systems for established active ingredients. The production segment is responsible for the manufacturing of products and the supplying of the other three segments, and generates turnover through the reimbursement of its services. The manufacturing costs of products are credited to the production segment at standard prices along with remuneration in the form of a mark-up for materials and production costs.

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