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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (11930)1/21/2001 7:51:50 PM
From: TimbaBear  Read Replies (1) of 78648
 
Actually, Paul the amount per share is less than what I posted because I was doing quick figuring then, and now I paid more attention.

The netnet valuation is my own interpretation of Graham. I discount receivables by 20%, inventories by 1/3, and count cash at face....in the case of HKF: they have(all numbers are in millions)7.089 cash, 0.614 receivables, 138.961 inventories for a discounted total of $100.22 divided by the number of shares 17.276= 5.80/share

Long term assets I lump together and discount by 50% even though Graham suggests PPE be discounted by 85%. HKF has PPE of 26.232 and other LT assets of 16.349 which amounts to a gross of 42.581 which when discounted by 50% is 21.29, divided by 17.276 shares is 1.23/share

I count all liabilities at 100% of stated amount. HKF liabilities are: Current Liabilities of 66.23, Long term debt of 21.0, and other LT obligations of 27.95 for a total liability of 115.18 when divided by 17.276 is 6.67/share

So, 5.80 + 1.23 - 6.67 = .36/share

Timba
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