Applying /Understanding Graham's Principles

I am fairly new to learning, understanding, and applying Benjamin Graham's principles. I've read The Intelligent Investor and am having a little bit of difficulty in applying the principles he outlined. I've done some research online and have found Serenity Stocks to be an extremely useful tool to helping me better understand and apply these principles. However, I do have some questions I'm hoping to get some clarification on. All my questions are based on the following article and UVV.

http://www.serenitystocks.com/tutorial-benjamin-graham-and-serenity-stocks

Here are my questions:

1. NCAV Price. How is price of $24.44 calculated? When I calculate, I come up with either $33.61 (1,673.20 less 892.70 over 23.22, note I also tried adding the debt to total liabilities in the event it wasn't included within total liabilities and was still off as that came to $23.28).

2. Enterprising Stocks Qualitative Measures. The note 'For issues selling at P/E multipliers under 10', does that mean that in order to perform the Enterprising qualitative assessment, we would only do so for stocks with a P/E ratio under 10? If yes, I'm assuming it would just be the ttm P/E ratio?

3. Enterprising Stocks Qualitative Measures. For criteria #5, would we calculate this by simply taking net tangible assets, multiplying by 1.2, then dividing by shares outstanding? Then comparing that result with the current stock price whereby the criteria would be met if the current price was under this calculated amount?

4. Final Graham Assessment. This question I think relates to the one below, but what does it mean when we say that the Graham Number is also the Graham Price? What is the Graham Price?

5. Final Graham Assessment. Am I interpreting the assessment correctly: Graham Number - value of stock, consider purchasing if below this number, don't buy or if you hold, sell when above this number. Serenity Number - value of stock, consider purchasing if below this number, don't buy or if you hold, sell when above this number. NCAV Price - value of stock, consider purchasing if below this number, don't buy or if you hold, sell when above this number.

Thanks for the insight, it's much appreciated.

Dear Jeff,

Given below are the responses to your questions.

1. The NCAV price on Serenity is calculated as:
(Current Assets - Total Liabilities - Preferred Stock) ÷ Shares Outstanding

For Universal Corp (UVV), that works out to:
($1,673.20 Million - $892.70 Million - $213.00 Million) ÷ 23.22 Million
= 24.44013781223084

2. You're correct.
Graham did recommend a P/E under 10 (but annual and not TTM) for Enterprising investment.

3. You're correct again.
Graham recommended a stock price less than 1.2 times Tangible Book Value Per Share (TBVPS).

4. Intrinsic Value (formerly called Graham Price on Serenity) is the final price recommended for a stock by Graham.
For Defensive stocks, Intrinsic Value = Graham Number.
For Enterprising stocks, Intrinsic Value = Serenity Number.
For NCAV stocks, Intrinsic Value = NCAV per share.

The Serenity Number is a derivation similar to the Graham Number, based on Graham's price recommendations for Enterprising stocks. Details are given in the quick reference link below.

5. Again, Intrinsic Value (formerly called Graham Price on Serenity) is the final price recommended for a stock by Graham.
You're correct again. The idea is to buy below, and sell above, that value.

What Graham is saying is that buying/selling is only worthwhile when the stock price is sufficiently below/above the calculated intrinsic value.

To better understand how Graham's rules are applied on Serenity, please see the A Quick Reference.

Hopefully, this answers all your questions.
It's great to have you on Serenity!

Update

Please note that the link in the original post has now been moved to Investing for Beginners with Benjamin Graham.