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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.
Hagerty's Net-Net Working Capital for the quarter that ended in Dec. 2023 was $-14.55.
The industry rank for Hagerty's Net-Net Working Capital or its related term are showing as below:
The historical data trend for Hagerty'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.
Hagerty Annual Data | |||||||||||||||
Trend | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | -3.21 | -4.74 | -12.13 | -12.49 | -14.55 |
Hagerty Quarterly Data | |||||||||||||||||
Dec18 | Dec19 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Net-Net Working Capital | Get a 7-Day Free Trial | -12.49 | -12.34 | -13.84 | -14.48 | -14.55 |
For the Insurance - Property & Casualty subindustry, Hagerty'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.
For the Insurance industry and Financial Services sector, Hagerty's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Hagerty's Price-to-Net-Net-Working-Capital falls into.
Hagerty's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2023 is calculated as
Net-Net Working Capital | (A: Dec. 2023 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (108.326 | + | 0 | + | 0.75 * 209.055 | + | 0.5 * 0 | - | 1177.703 |
- | 0 | - | 317.805) | / | 84.5885 | ||||
= | -14.55 |
Hagerty's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2023 is calculated as
Net-Net Working Capital | (Q: Dec. 2023 ) | ||||||||
= | (Balance Sheet Cash And Cash Equivalents | + | Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||||
= | (108.326 | + | 0 | + | 0.75 * 209.055 | + | 0.5 * 0 | - | 1177.703 |
- | 0 | - | 317.805) | / | 84.5885 | ||||
= | -14.55 |
* 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.
Hagerty (NYSE:HGTY) 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.
Thank you for viewing the detailed overview of Hagerty's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
Laurie Harris | director | C/O SYNCHRONOSS TECHNOLOGIES INC., 200 CROSSING BOULEVARD, BRIDGEWATER TOWNSHIP NJ 08807 |
Patrick Mcclymont | officer: Chief Financial Officer | 902 BROADWAY, 20TH FLOOR, IMAX CORPORATION, NEW YORK NY 10010-6002 |
Kenneth Ahn | officer: President, Hagerty Marketplace | C/O BRIMSTONE ACQUISITION HOLDINGS CORP., 500 SOUTH POINTE DRIVE, SUITE 240, MIAMI BEACH FL 33139 |
William H Swanson | director | 870 WINTER STREET, WALTHAM MA 02451 |
Kelly Edward Smith | officer: Chief Strategy Officer | 2310 W. THREE LAKES DR., MERIDIAN ID 83646 |
John Carlisle Butcher | officer: President | 18 THOMASINA LN., DARIEN CT 06820 |
Hagerty Holding Corp. | 10 percent owner | 121 DRIVERS EDGE, TRAVERSE CITY MI 49684 |
Mika Salmi | director | GSTEIGSTRASSE 17, ERLENBACH V8 8703 |
Mckeel Hagerty | director, officer: Chief Executive Officer | 175 WILSON RD., TRAVERSE CITY MI 49686 |
Frederick Turcotte | officer: Chief Financial Officer | 579 HIDDEN RIDGE DR., TRAVERSE CITY MI 49686 |
Champagne Collette | officer: Chief Operating Officer | 510 SIXTH ST., TRAVERSE CITY MI 49684 |
Barbara E Matthews | officer: SVP, Gen. Counsel & Corp Secr. | 323 GREEN ACRES LN., ELK RAPIDS MI 49629 |
Paul Rehrig | officer: Pres. of Hagerty Media & Entmt | 13821 W. 87TH DR., ARVADA CO 80005 |
Michael L. Tipsord | director | STATE FARM INSURANCE COMPANYS, 1 STATE FARM PLAZA, BLOOMINGTON IL 61710 |
Sabrina Kay | director | 30930 RUSSELL RANCH ROAD, SUITE 300, WESTLAKE VILLAGE CA 91362 |
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