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Strategies & Market Trends : Value Investing
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To: Dennis 3 who wrote (45459)11/15/2011 2:26:40 PM
From: J Mako  Read Replies (2) of 78940
 
Dennis,

re: FBN

Your NCAV doesn't look right.

NCAV = Current Asset - Total Liability.

It's a negative figure for FBN, not to mention it has another $181m off balance sheet lease obligations. So, it's not a net-net.

Looks at its FCF in the last 3 years, probably you can argue it's cheap on cashflow basis. But without backing of its asset value, it doesn't have the margin of safety a true net-net offers.
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