Merafe Resources (JSE:MRF) EBIT : R2,355 Mil (TTM As of Dec. 2023)

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What is Merafe Resources EBIT?

Merafe Resources's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2023 was R892 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was R2,355 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Merafe Resources's annualized ROC % for the quarter that ended in Dec. 2023 was 25.46%. Merafe Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 46.68%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Merafe Resources's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 149.31%.

Merafe Resources EBIT Historical Data

The historical data trend for Merafe Resources'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.

Merafe Resources EBIT Chart

Merafe Resources Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

EBIT

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-1,865.32

-1,344.04

2,326.83

1,949.68

2,354.78

Merafe Resources Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
EBIT	Get a 7-Day Free Trial															1,522.28	1,279.79	669.89	1,463.13	891.66

Competitive Comparison of Merafe Resources's EBIT

For the Other Industrial Metals & Mining subindustry, Merafe Resources'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.

Merafe Resources's EV-to-EBIT Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Merafe Resources's EV-to-EBIT distribution charts can be found below:

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

Merafe Resources 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.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was R2,355 Mil.

Merafe Resources (JSE:MRF) EBIT Explanation

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

Merafe Resources's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1324.164 * ( 1 - 20.94% )	/	( (4027.828	+	4194.551)	/ 2 )
=	1046.8840584	/	4111.1895
=	25.46 %

where

	Invested Capital		(Q: Jun. 2023 )
=	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	))
=	6524.192	-	892.732	-	( 1603.632	-	max(0, 931.405	-	5239.301	+	1603.632	))
=	4027.828

	Invested Capital		(Q: Dec. 2023 )
=	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	))
=	6661.294	-	810.936	-	( 1655.807	-	max(0, 983.918	-	5181.538	+	1655.807	))
=	4194.551

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

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

Merafe Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1783.31	/	( ( (1188.276 + max(2708.166, 0))	+	(1387.714 + max(2356.658, 0)) )	/	2 )
=	1783.31	/	( ( 3896.442	+	3744.372 )	/	2 )
=	1783.31	/	3820.407
=	46.68 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1224.075	+	2411.594	+	9.0949470177293E-13)	-	(892.732	+	0	+	34.771)
=	2708.166

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1354.882	+	1916.476	+	66.07)	-	(810.936	+	0	+	169.834)
=	2356.658

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

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

Merafe Resources's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	2354.78	/	1577.126
	=	149.31 %

Merafe Resources EBIT Related Terms

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Merafe Resources (JSE:MRF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » Merafe Resources Ltd (JSE:MRF) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

RZT:Germany

Address

35 Ballyclare Drive, Building B, 2nd floor, Ballyoaks Office Park, Bryanston, ZAF, 2191

Website

https://www.meraferesources.co.za

Merafe Resources Ltd through its wholly-owned subsidiary, Merafe Ferrochrome and Mining Proprietary Limited, participates in chrome mining and the beneficiation of chrome ore into ferrochrome. The Glencore-Merafe Chrome Venture (Venture) operates five ferrochrome smelters, twenty-two ferrochrome furnaces, and nine mines, situated in the North-West, Limpopo, and Mpumalanga provinces of South Africa. The company has operating mines namely, Waterval mine; Marikana West; and Kroondal Gemini. The Group has one reportable segment being the mining and beneficiation of chrome ore into ferrochrome and associated minerals.