NEW YORK ( TheStreet) -- It's unlikely that you'll find any references to the term "double net" in the financial media. That's because it's a term that I invented a few years ago. Leave it to a deep-value guy to come with such a crazy-sounding term.But double net is certainly not rocket science. It's a concept that describes companies trading at a relatively cheap multiple of net current assets, in this case at between one and two times net current asset value.
Market cap is greater than $250 million;
U.S.-based and trades on a major exchange;
Trades at between one and two times NCAV (defined as current assets minus total liabilities from the most recent quarter)
Not a financial company.
AVX (AVX - Get Report), which manufactures electronic components, is next up. With a market cap of $1.58 billion, AVX is trading at 1.42 times NCAV, about 14 times trailing earnings and just under 12 times the 2014 consensus estimate. AVX also has a very solid balance sheet -- a fairly common occurrence with double nets -- and ended its most recent quarter with $837 million, or $4.94 a share, in cash and short-term investments. There's an additional $254 million, or $1.50 a share, in long-term investments on the books.