Stockopedia explains NCAV...
Benjamin Graham's thinking behind the net current asset value, was that he wanted to know what a company would be worth in a liquidation. NCAV values only current assets and ignores all fixed or intangible assets (buildings, machinery, goodwill etc).
Graham showed that if he could buy companies trading at a value of less than their NCAV he would essentially be getting a huge margin of safety, as the fixed and intangible assets were thrown in for free, which may or may not have senior secured loans attached to them.
We provide a 'Liquidation Value' in the margin of safety section of the Stock Report that indicates the discount/premium to NCAV.