Wrong investment grade

Hi serenity,
thank you for your work.

I was analyzing Exacompta and from my calculations the stock should be an enterprising grade.
I confronted my numbers with the ones displayed on serenity stocks and they are the same but in the final desciption of the Graham result tab is written that it's a NCAV (net-net) investment grade.

Why? Am I missing something or it's a site's malfunction?

Thanks in advance,

Stocks Discussed: 
Exacompta Clairefontaine SA (EXAC.PA)

Dear Giacomo,

Thank you for your forum post!

Exacompta Clairefontaine SA (EXAC.PA) does have excellent numbers, and does clear almost all qualitative requirements for the Enterprising Graham grade except:

4. Earnings growth: Last year's earnings more than those of 1966.
Benjamin Graham, Chapter 15: Stock Selection for the Enterprising Investor, The Intelligent Investor.

For said criterion #4, Serenity compares last year's earnings to that of 4 years ago.

Thank you again for your forum post!

Graham Resources