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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
IEC Electronics's Owner Earnings per Share (TTM) ended in Jun. 2021 was $-0.86. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for IEC Electronics's Owner Earnings per Share (TTM) or its related term are showing as below:
During the past 13 years, the highest Price-to-Owner-Earnings ratio of IEC Electronics was 173.47. The lowest was 0.00. And the median was 13.64.
IEC Electronics's Earnings per Share (Diluted) for the three months ended in Jun. 2021 was $0.09. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2021 was $0.38. It's PE Ratio ratio for today is 40.37.
IEC Electronics's EPS without NRI for the three months ended in Jun. 2021 was $0.09. Its EPS without NRI for the trailing twelve months (TTM) ended in Jun. 2021 was $0.38. It's PE Ratio without NRI ratio for today is 40.37.
The historical data trend for IEC Electronics's Owner Earnings per Share (TTM) 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.
IEC Electronics Annual Data | |||||||||||||||||||||
Trend | Sep11 | Sep12 | Sep13 | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | 1.14 | -0.19 | 0.41 | -1.30 | 1.02 |
IEC Electronics Quarterly Data | ||||||||||||||||||||
Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | 0.30 | 1.02 | 0.22 | 0.08 | -0.86 |
For the Electronic Components subindustry, IEC Electronics's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.
For the Hardware industry and Technology sector, IEC Electronics's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where IEC Electronics's Price-to-Owner-Earnings falls into.
In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
To make it simple, then you will have:
Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)
IEC Electronics's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | 4.1 | |
Depreciation, Depletion and Amortization | 4.6 | |
Change In Deferred Tax | 0.5 | |
5Y Average of Maintenance Capital Expenditure | 5.0 | |
Change In Working Capital | -13.8 | |
Shares Outstanding (Diluted Average) | 11.0 |
1. Start with "Net Income" from income statement. IEC Electronics's Net Income for the trailing twelve months (TTM) ended in Jun. 2021 was $4.1 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. IEC Electronics's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2021 was $4.6 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
IEC Electronics's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2021 was $0.5 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $5.0 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
IEC Electronics's 5-Year Average Maintenance Capital Expenditure = $5.0 Mil
5. "Change In Working Capital" is from cashflow statement. IEC Electronics's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2021 was $-13.8 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
6. IEC Electronics's Shares Outstanding (Diluted Average) for the months ended in Jun. 2021 was 11.049 Mil.
IEC Electronics's Onwer Earnings Per Share for Jun. 2021 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( 4.142 | + | 4.575 | + | 0.467 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 4.9564257056391 | + | -13.771) | / | 11.049 |
= | -0.86 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 15.34 | / | -0.86 | |
= | 0 |
* 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.
Be Aware
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Thank you for viewing the detailed overview of IEC Electronics's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Jeremy R Nowak | director | C/O API TECHNOLOGIES CORP ONE NORTH WACKER DRIVE SUITE 4400 CHICAGO IL 60606 |
Charles P Hadeed | director | 35 VANTAGE POINT DRIVE, ROCHESTER NY 14624 |
Jeffrey T Schlarbaum | director, officer: President and CEO | 105 NORTON STREET, NEWARK NY 14513 |
Michael W Osborne | director | 105 NORTON STREET NEWARK NY 14513 |
Andrew M Laurence | director | C/O API TECHNOLOGIES CORP., ONE NORTH WACKER DRIVE SUITE 4400, CHICAGO IL 60606 |
Keith M Butler | director | 105 NORTON STREET NEWARK NY 14513 |
Thomas L Barbato | officer: CFO | 105 NORTON STREET, NEWARK NY 14513 |
Lynn J Hartrick | director | 105 NORTON STREET NEWARK NY 14513 |
Michael Thomas Williams | officer: VP, Finance and CFO | 54 BARCHAN DUNE RISE VICTOR NY 14564 |
Jens Hauvn | officer: SVP, Operations | C/O IEC ELECTRONICS CORP. 105 NORTON STREET NEWARK NY 14513 |
Eric Singer | director | 323 SUNNY ISLES BLVD., SUITE 700, SUNNY ISLES BEACH FL 33160 |
W Barry Gilbert | officer: CEO & Chairman of the Board | C/O IEC ELECTRONICS CORP. NEWARK NY 14513 |
Brett Eugene Mancini | officer: VP Bus Devel & Eng Serv | 12 SANDPIPER LANE PITTSFORD NY 14534 |
John Carlton Johnson | director | 24450 MEADOW ROAD PO BOX 1093 CLARK CO 80428 |
Florence Distefano Hudson | director | 1 WINSOR PLACE PURCHASE NY 10577 |
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