Invensys (FRA:SBPD) Net-Net Working Capital : €-0.23 (As of Sep. 2013)

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What is Invensys 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.

Invensys's Net-Net Working Capital for the quarter that ended in Sep. 2013 was €-0.23.

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

FRA:SBPD's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Industrial Products industry.
Industry Median: 6.89
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Invensys Net-Net Working Capital Historical Data

The historical data trend for Invensys'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.

Invensys Net-Net Working Capital Chart

Invensys Annual Data

Trend

Mar04

Mar05

Mar06

Mar07

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

Net-Net Working Capital

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-0.84

-1.15

-1.00

-1.44

-1.96

Invensys Semi-Annual Data
	Mar03	Sep04	Mar05	Sep05	Mar06	Sep06	Mar07	Sep07	Mar08	Sep08	Mar09	Sep09	Mar10	Sep10	Mar11	Sep11	Mar12	Sep12	Mar13	Sep13
Net-Net Working Capital	Get a 7-Day Free Trial															-1.13	-1.44	-1.60	-1.96	-0.23

Competitive Comparison of Invensys's Net-Net Working Capital

For the Specialty Industrial Machinery subindustry, Invensys'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.

Invensys's Price-to-Net-Net-Working-Capital Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Invensys's Price-to-Net-Net-Working-Capital distribution charts can be found below:

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

Invensys Net-Net Working Capital Calculation

Invensys's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Mar. 2013 is calculated as

	Net-Net Working Capital		(A: Mar. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(288.772	+	0.75 * 338.842	+	0.5 * 129.249	-	1860.718
-	0	-	23.288)	/	652.52
=	-1.96

Invensys's Net-Net Working Capital (NNWC) per share for the quarter that ended in Sep. 2013 is calculated as

	Net-Net Working Capital		(Q: Sep. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(586.527	+	0.75 * 432.178	+	0.5 * 131.79	-	1111.315
-	0	-	18.997)	/	655.318
=	-0.23

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.

Invensys (FRA:SBPD) 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.

Invensys Net-Net Working Capital Related Terms

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Invensys (FRA:SBPD) Business Description

Industry

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Address

Website

http://www.invensys.com

Invensys PLC is a technology company that works in partnership with industrial and commercial customers to design and supply advanced technologies that optimise operational performance and proï¬tability. The Company is grouped into four new business segments - Software, Industrial Automation, Energy Controls and Appliance. The Company's divisions include; Invensys Operations Management which is a technology, software and consulting business that creates and applies technologies to enable the safe and efï¬cient operation of industrial and commercial operations such as oil reï¬neries, fossil fuel and nuclear power plants, petrochemical works and other manufacturing sites. Invensys Controls designs, engineers and manufactures products, components, systems and services used in appliances, heating, air conditioning/cooling and refrigeration products across a range of industries in residential and commercial markets. The Software segment consists of the software businesses previously within Invensys Operations Management and includes Wonderware, SimSciTM and Avantis brands. Industrial Automation segment consists of the systems businesses of our Foxboro distributed control systems (DCS) and Triconex safety systems with the addition of the Foxboro measurement and instrumentation products previously within the equipment business of Invensys Operations Management. Energy Controls segment consists of the Eurotherm and IMServ businesses previously included within the equipment business of Invensys Operations Management, together with the residential heating and commercial businesses that were formerly part of Invensys Controls. Appliance segment consists of the Appliance controls line of business previously within Invensys Controls, together with the appliance replacement parts business formerly within Wholesale, also part of the former Invensys Controls.

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