How Many Net Net Stocks are there in the USA?
All
Net Nets
Net Nets
168
May 20, 2024
P/NCAV
0.52
average
+/-
0.25
standard deviation
Graham Net Nets in the USA
Graham
Net Nets
Net Nets
117
May 20, 2024
P/NCAV
0.39
average
+/-
0.18
standard deviation
(Read term definitions below)
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The values explained
As you can see from the summary, there are a total of 168 net nets currently in the USA as of May 20, 2024.
The stocks are trading as a cohort at an average P/NCAV of 0.52 times.
The standard deviation of the net net cohort valuation is currently 0.25 times.
The statistical variance of the entire cohort is 0.48.
Furthermore, there are a total of 117 Ben Graham net nets currently in the USA.
The stocks are trading as a cohort at an average P/NCAV of 0.39 times.
The standard deviation of the net net cohort valuation is currently 0.18 times.
The statistical variance of the graham cohort is 0.46.
Term Definitions
- Net Net
- Any stock, that is currently trading below its net current asset value.
- NCAV
- Abbreviation for Net Current Asset Value. NCAV is calculated by taking all current assets on the balance sheet of a company and subsctracting out all liabilities as well as minority interest (preferred stock) and off balance sheet liabilities. Please note, that in our case, the NCAV number does not include off balance sheet liabilities, because by definition these are not part of the data set.
- P/NCAV
- Price to Net Current Asset Value. P/NCAV is a valuation multiple. It is calculated by deviding a stocks market capitalization by its net current asset value (NCAV). It is a way of quickly gauging how cheap a stock is.
- Graham Net Net
- Benjamin Graham discovered net nets about one hundred years ago and built his career upon them. He ran a fund on Wall Street exploiting net nets and wrote about them a great deal in his books. A common thread in Graham's writings is that he considered stocks trading below two thirds of their net current asset value to be good investment prospects. Therefore, any stock trading below 0.66x NCAV is a Graham net net.
- Statistical terms used
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Average:
The average is also often called the mean. It is calculated by summing up all values and deviding them by the number of values. It gives us an idea about how cheap net nets are on average.
Standard Deviation:
A measure for the spread of the P/NCAV value around the mean. A large standard deviation means that there is a lot of variance in the sample and could indicate exploitable opportunity for the astude stock picker.
Variance:
Variance allows us to quantify the variability of the cohort. It is calculated by deviding the standard deviation by the average value. A high value means there is a lot of valuation spread within the cohort.