Signet Was a Gem of a Net/Net By Jonathan Heller About this article: After the markets fell sharply last winter, many securities, especially nondiscretionary names, were all but priced for death. Count shares of Signet Jewelers in that crowd. Last February, I wrote about Signet as one of the top four profitable net/nets trading below its net current asset value. Companies that reach this extreme level of valuation often fall into one of two camps -- either they are on their way to bankruptcy (and hence their net/net status is meaningless), or they are potential home runs. (And yes, there are some shades in between, but we'll save that for another column). Since my previous column ran, Signet belongs squarely in the home run category. At the time, shares of the Bermuda-based jewelry retailer could be had for $7.66, just 0.31 times book value, and just under two-thirds of net current asset value. Shares of this 1952 store chain... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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