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5Banc Split (TSX:FBS.PR.C.PFD) Net-Net Working Capital : C$0.00 (As of Jun. 2016)


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What is 5Banc Split 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.

5Banc Split's Net-Net Working Capital for the quarter that ended in Jun. 2016 was C$0.00.

The industry rank for 5Banc Split's Net-Net Working Capital or its related term are showing as below:

TSX:FBS.PR.C.PFD's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.37
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

5Banc Split Net-Net Working Capital Historical Data

The historical data trend for 5Banc Split'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.

5Banc Split Net-Net Working Capital Chart

5Banc Split Annual Data
Trend Dec06 Dec07 Dec08 Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15
Net-Net Working Capital
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5Banc Split Semi-Annual Data
Dec06 Jun07 Dec07 Jun08 Dec08 Jun09 Dec09 Jun10 Dec10 Jun11 Dec11 Jun12 Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16
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Competitive Comparison of 5Banc Split's Net-Net Working Capital

For the Asset Management subindustry, 5Banc Split'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.


5Banc Split's Price-to-Net-Net-Working-Capital Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, 5Banc Split's Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where 5Banc Split's Price-to-Net-Net-Working-Capital falls into.



5Banc Split Net-Net Working Capital Calculation

5Banc Split's Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2015 is calculated as

Net-Net Working Capital(A: Dec. 2015 )
=(Cash, Cash Equivalents, Marketable Securities+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0.254+0.75 * 0+0.5 * 0-11.01
-0-0)/0
=N/A

5Banc Split's Net-Net Working Capital (NNWC) per share for the quarter that ended in Jun. 2016 is calculated as

Net-Net Working Capital(Q: Jun. 2016 )
=(Cash, Cash Equivalents, Marketable Securities+0.75 * Accounts Receivable+0.5 * Total Inventories-Total Liabilities
-Preferred Stock-Minority Interest)/Shares Outstanding (EOP)
=(0.233+0.75 * 0+0.5 * 0-10.976
-0-0)/0
=N/A

* 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.


5Banc Split  (TSX:FBS.PR.C.PFD) 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.


5Banc Split Net-Net Working Capital Related Terms

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5Banc Split (TSX:FBS.PR.C.PFD) Business Description

Traded in Other Exchanges
N/A
Address
5Banc Split, Inc. operates as a closed-end mutual fund in Canada. It invests in a portfolio of publicly listed common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and toronto-Dominion Bank. The Company holds the Portfolio Shares in order to generate fixed cumulative preferential dividends for the holders of the Company's Preferred Shares. Holders of the Capital Shares will also receive, subject to the prior rights of Preferred Shareholders, excess dividends, if any, after payment of the expenses of the Company and dividends on the Preferred Shares. The Company also provides holders of the Capital Shares with a leveraged investment, the value of which is linked to the changes in the fair value of the Portfolio Shares. The holders of Capital Shares benefit from capital appreciation in the Portfolio Shares in excess of the value of the Preferred Shares, any accrued and unpaid distributions on the Preferred Shares, and accrued and unpaid expenses. The Company only trades the Portfolio Shares in limited circumstances as described in the Company's original prospectus.

5Banc Split (TSX:FBS.PR.C.PFD) Headlines

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