Top 10 Net/Nets by Market Capitalization

by: Jon Heller, CFA

Admittedly, it's still a bit boring these days in the land of companies trading below their net current asset value. Dr. Bernanke did not help yesterday when he and his band of merry men lowered the Fed Fund Rate (and discount rate) 50bps. (I, for one, was surprised it was 50bps)

Still, the markets move forward, basking in the glow of the rate cut, and the list of net/nets grows stale. Chock full of "acquisition" companies that have no real businesses, or companies that have sold off good businesses, and have no real plans for the proceeds(we mean you, Zapata)and the primary assets are cash, there's not a lot to get excited about. Just two of the companies are currently profitable--that is, they have trailing 12 month positive net income-- Audiovoxx, (a perennial net/net it seems) and Tandy Brands Accessories.

Top 10 Net/Nets by Market Cap

Audiovoxx (NASDAQ:VOXX)
Market Cap: 246
NCAV: 279.6
Price: $10.8

Energy Infrastructure Acquisition Corp (EII)
Mkt Cap: 204
NCAV: 206
Price: $10.8

Atlantic Coast Entertainment (ACEH)
Market Cap: 170
NCAV: 218
Price: $17.1

Zapata Corp (ZAP)
Market Cap: 137
NCAV: 150
Price: $7.1

Media and Entertainment Holdings Inc (TVH)
Mkt Cap: 94
NCAV: 97
Price: $7.4

Columbus Acquisition Corp (BUS)
Market Cap: 88
NCAV: 110
Price: $7.4

Transforma Acquisition Corp (TAQ)
Mkt Cap: 80
NCAV: 96
Price: $7.5

MediciNova (NASDAQ:MNOV)
Market Cap: 79
NCAV: 96
Price: $6.8

Tandy Brand Accessories Inc (OTCPK:TBAC)
Market Cap: 73.6
NCAV: 74.4
Price: $4.1

InFocus Corp (INFS)
Market Cap: 70
NCAV: 77
Price: $1.7

There you have it. Stay tuned; we'll keep turning over rocks, looking for value.

Disclosure: The author does not have a position in any companies mentioned. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only. The author will not trade any of the securities mentioned (buy, sell, short) for at least two weeks following the date of this post.

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