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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.
VIA Pharmaceuticals's Net-Net Working Capital for the quarter that ended in Dec. 2010 was $-0.92.
The industry rank for VIA Pharmaceuticals's Net-Net Working Capital or its related term are showing as below:
The historical data trend for VIA Pharmaceuticals'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.
VIA Pharmaceuticals Annual Data | |||||||||||||||||||||
Trend | Dec01 | Dec02 | Dec03 | Dec04 | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | |||||||||||
Net-Net Working Capital | Get a 7-Day Free Trial | -4.77 | 0.97 | 0.03 | -0.56 | -0.92 |
VIA Pharmaceuticals Quarterly Data | ||||||||||||||||||||
Mar06 | Jun06 | Sep06 | Dec06 | Mar07 | Jun07 | Sep07 | Dec07 | Mar08 | Jun08 | Sep08 | Dec08 | Mar09 | Jun09 | Sep09 | Dec09 | Mar10 | Jun10 | Sep10 | Dec10 | |
Net-Net Working Capital | Get a 7-Day Free Trial | -0.56 | -0.66 | -0.74 | -0.82 | -0.92 |
For the Biotechnology subindustry, VIA Pharmaceuticals'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 Biotechnology industry and Healthcare sector, VIA Pharmaceuticals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where VIA Pharmaceuticals's Price-to-Net-Net-Working-Capital falls into.
VIA Pharmaceuticals's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2010 is calculated as
Net-Net Working Capital | (A: Dec. 2010 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (0.084 | + | 0.75 * 0 | + | 0.5 * 0 | - | 18.997 |
- | 0 | - | 0) | / | 20.5585 | ||
= | -0.92 |
VIA Pharmaceuticals's Net-Net Working Capital (NNWC) per share for the quarter that ended in Dec. 2010 is calculated as
Net-Net Working Capital | (Q: Dec. 2010 ) | ||||||
= | (Cash, Cash Equivalents, Marketable Securities | + | 0.75 * Accounts Receivable | + | 0.5 * Total Inventories | - | Total Liabilities |
- | Preferred Stock | - | Minority Interest) | / | Shares Outstanding (EOP) | ||
= | (0.084 | + | 0.75 * 0 | + | 0.5 * 0 | - | 18.997 |
- | 0 | - | 0) | / | 20.5585 | ||
= | -0.92 |
* 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.
VIA Pharmaceuticals (GREY:VIAP) 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 VIA Pharmaceuticals's Net-Net Working Capital provided by GuruFocus.com. Please click on the following links to see related term pages.
Fred B Craves | director | 750 BATTERY ST, STE 600, SAN FRANCISCO CA 94111 |
Bay City Capital Fund Iv, L.p. | 10 percent owner | 750 BATTERY STREET, SUITE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Management Iv Llc | 10 percent owner | 750 BATTERY STREET, SUITE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Fund Iv Co Invesment Fund Lp | 10 percent owner | 750 BATTERY ST STE 400, SAN FRANCISCO CA 94111 |
Bay City Capital Llc | 10 percent owner | 750 BATTERY STREET STE 400, SAN FRANCISCO CA 94111 |
Douglas B Given | director | C/O NEORX CORP, 410 WEST HARRISON ST, SEATTLE WA 98119 |
Karen Steil Wright | officer: V.P. ? Finance, Controller | 750 BATTERY STREET, SUITE 330, SAN FRANCISCO CA 94111 |
Lawrence Kenneth Cohen | director, officer: CEO and President | 750 BATTERY STREET, SUITE 330 SAN FRANCISCO CA 94111 |
Richard L Anderson | director | 14031 216TH WAY NE, WOODINVILLE WA 98072 |
Mark Bagnall | director | 3876 BAY CENTER PLACE, HAYWARD CA 94545 |
Rebecca Taub | officer: SVP, Research & Development | 750 BATTERY STREET, SUITE 330, SAN FRANCISCO CA 94111 |
Adeoye Y Olukotun | officer: Chief Medical Officer | 3621 SOUTH STATE ST, 695 KMS PL, ANN ARBOR MI 48108 |
Deerfield Special Situations Fund International Ltd | 10 percent owner, other: Possible Member of 10% Group | BISON COURT, ROAD TOWN, TORTOLA D8 - |
Deerfield Special Situations Fund, L.p. | 10 percent owner, other: Possible Member of 10% Group | 780 3RD AVENUE, 37TH FLOOR, NEW YORK NY 10017 |
James E Flynn | 10 percent owner, other: Possible Member of 10% Group | 780 THIRD AVENUE, 37TH FLOOR, NEW YORK NY 10017 |
From GuruFocus
By gurufocus 10qk • 11-12-2009
By gurufocus • 08-12-2009
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