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Max Trust (ASX:MXQ) EBIT : A$21.46 Mil (TTM As of Jun. 2013)


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What is Max Trust EBIT?

Max Trust's earnings before interest and taxes (EBIT) for the six months ended in Jun. 2013 was A$21.46 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jun. 2013 was A$21.46 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Max Trust's annualized ROC % for the quarter that ended in Jun. 2013 was 15.87%. Max Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was 166.21%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Max Trust's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was 528.71%.

Max Trust EBIT Historical Data

The historical data trend for Max Trust's EBIT 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.

* Premium members only.

Max Trust EBIT Chart

Max Trust Annual Data
Trend Jun07 Jun08 Jun09 Jun10 Jun11 Jun12 Jun13
EBIT
Get a 7-Day Free Trial -20.42 64.25 53.61 1.44 21.46

Max Trust Semi-Annual Data
Jun07 Jun08 Jun09 Jun10 Jun11 Jun12 Jun13
EBIT Get a 7-Day Free Trial -20.42 64.25 53.61 1.44 21.46

Competitive Comparison of Max Trust's EBIT

For the Asset Management subindustry, Max Trust's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

Max Trust's EV-to-EBIT Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Max Trust's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Max Trust's EV-to-EBIT falls into.


Max Trust EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. EBIT for the trailing twelve months (TTM) ended in Jun. 2013 was A$21.46 Mil.

* 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.

Max Trust  (ASX:MXQ) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Max Trust's annualized ROC % for the quarter that ended in Jun. 2013 is calculated as:

ROC % (Q: Jun. 2013 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2012 ) + Invested Capital (Q: Jun. 2013 ))/ count )
=12.271 * ( 1 - 0% )/( (116.959 + 37.656)/ 2 )
=12.271/77.3075
=15.87 %

where

Invested Capital(Q: Jun. 2012 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=178.701 - 0.475 - ( 142.945 - max(0, 117.434 - 178.701+142.945))
=116.959

Invested Capital(Q: Jun. 2013 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=111.715 - 0.491 - ( 108.382 - max(0, 38.147 - 111.715+108.382))
=37.656

Note: The Operating Income data used here is one times the annual (Jun. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Max Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2013 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2012  Q: Jun. 2013
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=21.455/( ( (0 + max(25.816, 0)) + (0 + max(-7.348, 0)) )/ 2 )
=21.455/( ( 25.816 + 0 )/ 2 )
=21.455/12.908
=166.21 %

where Working Capital is:

Working Capital(Q: Jun. 2012 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 33.592) - (0.475 + 0 + 7.301)
=25.816

Working Capital(Q: Jun. 2013 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(0 + 0 + 1.81) - (0.491 + 0 + 8.667)
=-7.348

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Jun. 2013) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Max Trust's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Jun. 2013 )
=21.455/4.058
=528.71 %

* 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.

Max Trust EBIT Related Terms

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Max Trust (ASX:MXQ) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Max Trust (ASX:MXQ) » Definitions » EBIT
Comparable Companies
ASX:ARC TSXV:LITT LSE:KZG LSE:ALGW TSX:OSP STU:FAK XSWX:NEWN HAM:IRPA NGM:TCAB B TSX:TXT.UN TSX:HGI.UN XTER:M3B HAM:M5S NSE:LFIC IST:DAGHL WAR:EFE TSX:HBL.UN TSX:AAB ASX:MPR TSX:CDD.UN
Traded in Other Exchanges
N/A
Address
Website
http://www.thetrustcompany.com.au
Allco Max Securities & Mortgage Trust (AXQ) ('Max´) is a lending vehicle which writes loans into structured finance transactions predominantly originated by Allco, and purchases investment grade debt on wholesale markets. AXQ's Investment Manager is Allco Funds Management Limited.

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