What is Acino Holding AG Earnings Yield (Joel Greenblatt) %?
Acino Holding AG's Enterprise Value for the quarter that ended in Dec. 2013 was €422.5 Mil.
Acino Holding AG's EBIT for the trailing twelve months (TTM) ended in Dec. 2013 was €-15.0 Mil. Acino Holding AG's Earnings Yield (Joel Greenblatt) for the quarter that ended in Dec. 2013 was -3.62%.
The historical rank and industry rank for Acino Holding AG's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
FRA:S3H'
s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: -3.6 Med: 3.85 Max: 27.1
Current: -3.6
During the past 11 years, the highest Earnings Yield (Joel Greenblatt) of Acino Holding AG was 27.10%. The lowest was -3.60%. And the median was 3.85%.
FRA:S3H's Earnings Yield (Joel Greenblatt) % is not ranked
in the Drug Manufacturers industry.
Industry Median: 2.57
vs FRA:S3H: -3.60
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Acino Holding AG's Forward Rate of Return (Yacktman) % for the quarter that ended in Dec. 2013 was -17.79%. The Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Acino Holding AG Earnings Yield (Joel Greenblatt) % Historical Data
The historical data trend for Acino Holding AG's Earnings Yield (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
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Acino Holding AG Earnings Yield (Joel Greenblatt) % Chart
For the Drug Manufacturers - General subindustry, Acino Holding AG's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Acino Holding AG's Earnings Yield (Joel Greenblatt) % Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Acino Holding AG's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Acino Holding AG's Earnings Yield (Joel Greenblatt) % falls into.
Acino Holding AG Earnings Yield (Joel Greenblatt) % Calculation
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Acino Holding AGs Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Dec. 2013 is calculated as
For company reported semi-annually or annually, GuruFocus only calculate annual data for Earnings Yield (Joel Greenblatt) and apply the annual figure to corresponding quarter.
Acino Holding AG (FRA:S3H) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Acino Holding AG Earnings Yield (Joel Greenblatt) % Related Terms
Thank you for viewing the detailed overview of Acino Holding AG's Earnings Yield (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Acino Holding AG is a Switzerland-based company engaged in the pharmaceutical industry. The Company develops, manufactures, and markets pharmaceuticals in novel drug delivery forms internationally. It is divided into four segments Business to Consumer (BtC); Business to Business (BtB); Technology marketing (TM); and Production (Prod). The BtC segment comprises all direct marketing activities. Under the company's "Acino Switzerland" brand and, with the promise of Swiss quality, the company sells its products in emerging markets around the globe. This reporting segment includes the business purchased from Mepha/Cephalon in the Middle East, Africa, Latin America and Asia. The BtB segment comprises Acino's business with its internally developed products, for which the company also owns the intellectual property rights. Acino develops and produces high-quality medicines with proven active ingredients and modern drug delivery systems and grants licenses for them to leading pharmaceutical and generic pharmaceutical companies worldwide. The technology marketing segment comprises a broad spectrum of fully integrated contract services, including procurement, contract development, production and packaging for companies in the life sciences industry. On behalf of these customers, Acino develops a comprehensive product pipeline on the basis of its special technological know-how. This includes both new types of medicines as well as projects with innovative drug delivery systems for established active ingredients. The production segment is responsible for the manufacturing of products and the supplying of the other three segments, and generates turnover through the reimbursement of its services. The manufacturing costs of products are credited to the production segment at standard prices along with remuneration in the form of a mark-up for materials and production costs.
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