MFI certainly does not meet my criteria for a quality company...

MFI certainly does not meet my criteria for a quality company with a stellar long term quantitative record.

But at these prices, is it not a classic Ben Graham 'net-net'/bargain issue that are so rare in modern markets?

That is, using net current assets alone (exclude non-current assets) and removing ALL liabilities, at the half year the net current asset value was 42c along with the 47c NTA.

Even if we factor in a circa 20% reduction in asset values on a forward view (in consideration of lower global asset values), at the current market price you still have a stock trading at circa 30% of net current asset value alone.

Graham liked to buy at <2/3 of net current asset value and on this basis alone MFI might be attractive despite the quality of the company.

To my knowledge, very few companies have a value less than the net working capital alone.

Please enlighten me, folks, on any quantitative deficiencies and/or delusions I might have here.

Cheers,

Matt