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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)."
Fuel Systems Solutions's Owner Earnings per Share (TTM) ended in Mar. 2016 was $0.00. It's Price-to-Owner-Earnings ratio for today is 0.
The historical rank and industry rank for Fuel Systems Solutions's Owner Earnings per Share (TTM) or its related term are showing as below:
Fuel Systems Solutions's Earnings per Share (Diluted) for the three months ended in Mar. 2016 was $-0.36. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2016 was $-2.30. It's PE Ratio ratio for today is At Loss.
Fuel Systems Solutions's EPS without NRI for the three months ended in Mar. 2016 was $-0.36. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2016 was $-2.30. It's PE Ratio without NRI ratio for today is At Loss.
The historical data trend for Fuel Systems Solutions'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.
Fuel Systems Solutions Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -0.32 | -1.59 | -0.05 | -2.39 | -1.86 |
Fuel Systems Solutions Quarterly Data | ||||||||||||||||||||
Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | |
Owner Earnings per Share (TTM) | Get a 7-Day Free Trial | -3.18 | -0.60 | -1.63 | -1.86 | -2.01 |
For the Auto Parts subindustry, Fuel Systems Solutions'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 Vehicles & Parts industry and Consumer Cyclical sector, Fuel Systems Solutions's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Fuel Systems Solutions'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)
Fuel Systems Solutions's Owner Earnings per Share (TTM) Calculation:
TTM / Last Quarter | Average of Last 20 Quarters | |
Net Income | -41.7 | |
Depreciation, Depletion and Amortization | 10.1 | |
Change In Deferred Tax | 0.1 | |
5Y Average of Maintenance Capital Expenditure | 9.6 | |
Change In Working Capital | 4.7 | |
Shares Outstanding (Diluted Average) | 18.1 |
1. Start with "Net Income" from income statement. Fuel Systems Solutions's Net Income for the trailing twelve months (TTM) ended in Mar. 2016 was $-41.7 Mil.
2. "Depreciation, Depletion and Amortization" is from cashflow statement. Fuel Systems Solutions's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2016 was $10.1 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.
Fuel Systems Solutions's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2016 was $0.1 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $9.6 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.
Fuel Systems Solutions's 5-Year Average Maintenance Capital Expenditure = $9.6 Mil
5. "Change In Working Capital" is from cashflow statement. Fuel Systems Solutions's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2016 was $4.7 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. Fuel Systems Solutions's Shares Outstanding (Diluted Average) for the months ended in Mar. 2016 was 18.094 Mil.
Fuel Systems Solutions's Onwer Earnings Per Share for Mar. 2016 is calculated as:
Owner Earnings per Share (TTM) | |||||
= | ( Net Income | + | Depreciation, Depletion and Amortization | + | Change In Deferred Tax |
= | ( -41.739 | + | 10.147 | + | 0.099 |
- | 5Y Avg of Maintenance CAPEX | + | Change In Working Capital ) | / | Shares Outstanding (Diluted Average) |
- | 9.6163632004183 | + | 4.699) | / | 18.094 |
= | 0.00 |
Price-to-Owner-Earnings | = | Current Price | / | Owner Earnings per Share (TTM) |
= | 5.40 | / | 0.00 | |
= | 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 Fuel Systems Solutions's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.
Kevin Douglas | 10 percent owner, other: 13(d)(3) group | 300A DRAKES LANDING ROAD, SUITE 200, GREENBRAE CA 94904 |
Douglas Family Trust | 10 percent owner, other: 13(d)(3) group | 300A DRAKES LANDING ROAD, SUITE 200, GREENBRAE CA 94904 |
James & Jean Douglas Irrevocable Descendants Trust | 10 percent owner, other: 13(d)(3) group | 300A DRAKES LANDING ROAD, SUITE 200, GREENBRAE CA 94904 |
Douglas James E Iii | 10 percent owner, other: 13(d)(3) group | 300A DRAKES LANDING ROAD, SUITE 200, GREENBRAE CA 94904 |
Michelle Douglas | 10 percent owner, other: 13(d)(3) group | 125 E. SIR FRANCIS DRAKE BLVD., SUITE 400, LARKSPUR CA 94939 |
Steven R Becker | director, other: Member of 13D 10% Group | 5525 NAKOMA DRIVE, DALLAS TX 75209 |
Northern Right Capital Management, L.p. | other: Member of 13D 10% Group | 9 OLD KINGS HWY. S., 4TH FLOOR, DARIEN CT 06820 |
Bc Advisors Llc | other: Member of 13D 10% Group | 500 CRESCENT COURT, SUITE 230, DALLAS TX 75201 |
Northern Right Capital (qp), L.p. | other: Member of 13D 10% Group | 9 OLD KINGS HWY. S., 4TH FLOOR, DARIEN CT 06820 |
Matthew A Drapkin | other: Member of 13D 10% Group | 10 CORBIN DRIVE, 3RD FLOOR, DARIEN CT 06820 |
Becker Drapkin Partners Slv, Ltd. | other: Member of 13D 10% Group | C/O MAPLES CORPORATE SERVICES LIMITED, UGLAND HOUSE, PO BOX 309, GRAND CAYMAN E9 KY1-1104 |
Troy A Clarke | director | C/O FUEL SYSTEMS SOLUTIONS, INC., 780 THIRD AVE. 25TH FLOOR, NEW YORK NY 10017 |
Pietro Bersani | officer: CHIEF FINANCIAL OFFICER | C/O FUEL SYSTEMS SOLUTIONS, INC., 780 THIRD AVE. 25TH FLOOR, NEW YORK NY 10017 |
Becker Drapkin Partners, L.p. | other: Member of 13D 10% Group | 500 CRESCENT COURT, SUITE 230, DALLAS TX 75201 |
William J Young | director | 3030 SOUTH SUSAN STREET, SANTA ANA CA 92704 |
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