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Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. EnLink Midstream Partners LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2018 was 5.71%.
The historical rank and industry rank for EnLink Midstream Partners LP's ROC (Joel Greenblatt) % or its related term are showing as below:
EnLink Midstream Partners LP's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The historical data trend for EnLink Midstream Partners LP's ROC (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.
EnLink Midstream Partners LP Annual Data | |||||||||||||||||||||
Trend | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | |||||||||||
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | -2.08 | 11.29 | -24.08 | -7.31 | 4.95 |
EnLink Midstream Partners LP Quarterly Data | ||||||||||||||||||||
Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | |
ROC (Joel Greenblatt) % | Get a 7-Day Free Trial | 11.25 | 7.56 | 6.53 | 9.92 | 5.71 |
For the Oil & Gas Midstream subindustry, EnLink Midstream Partners LP's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (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.
For the Oil & Gas industry and Energy sector, EnLink Midstream Partners LP's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where EnLink Midstream Partners LP's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
ROC (Joel Greenblatt) % | = | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) |
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Working Capital | (Q: Jun. 2018 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (73.2 | + | 60.8 | + | 22.9) | - | (776.9 | + | 0 | + | 94) |
= | -714 |
Working Capital | (Q: Sep. 2018 ) | ||||||||||
= | (Accounts Receivable | + | Total Inventories | + | Other Current Assets) | - | (Accounts Payable & Accrued Expense | + | Defer. Rev. | + | Other Current Liabilities) |
= | (198 | + | 153.4 | + | 12.5) | - | (973.1 | + | 0 | + | 101.1) |
= | -710.3 |
When net working capital is negative, 0 is used.
So ROC (Joel Greenblatt) % of EnLink Midstream Partners LP for the quarter that ended in Sep. 2018 can be restated as:
ROC (Joel Greenblatt) % | (Q: Sep. 2018 ) | ||||||
= | EBIT | / | Average of (Net fixed Assets | + | Net Working Capital) | ||
= | EBIT | / | Average of (Property, Plant and Equipment | + | Net Working Capital) | ||
Q: Jun. 2018 | Q: Sep. 2018 | ||||||
= | EBIT | / | ( ( (Property, Plant and Equipment + Net Working Capital) | + | (Property, Plant and Equipment + Net Working Capital) ) | / | count ) |
= | 389.6 | / | ( ( (6763.2 + max(-714, 0)) | + | (6875.7 + max(-710.3, 0)) ) | / | 2 ) |
= | 389.6 | / | ( ( 6763.2 | + | 6875.7 ) | / | 2 ) |
= | 389.6 | / | 6819.45 | ||||
= | 5.71 % |
Note: The EBIT data used here is four times the quarterly (Sep. 2018) EBIT data.
* 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.
EnLink Midstream Partners LP (NYSE:ENLK) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.
Thank you for viewing the detailed overview of EnLink Midstream Partners LP's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Gip Iii Stetson Gp, Llc | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
Global Infrastructure Investors Iii, Llc | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
Gip Iii Stetson Aggregator I, L.p. | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
Global Infrastructure Gp Iii, L.p. | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
Gip Iii Stetson Aggregator Ii, L.p. | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
Gip Iii Stetson I, L.p. | director, 10 percent owner | C/O GLOBAL INFRASTRUCTURE PARTNERS, 1345 AVENUE OF THE AMERICAS, 30TH FLOOR, NEW YORK NY 10105 |
West Street International Infrastructure Partners Iii, L.p. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
Alaina K Brooks | director, officer: EVP, CL&AO, & Secretary | 2501 CEDAR SPRINGS, SUITE 100, DALLAS TX 75201 |
West Street European Infrastructure Partners Iii, L.p. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
Broad Street Infrastructure Advisors Iii, L.l.c. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
Broad Street Energy Advisors Aiv-1, L.l.c. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
Enfield Holdings Advisors, Inc. | 10 percent owner | 301 COMMERCE STREET, FORT WORTH TX 76102 |
Enfield Holdings, L.p. | 10 percent owner | 301 COMMERCE STREET, FORT WORTH TX 76102 |
West Street Global Infrastructure Partners Iii, L.p. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282-2198 |
West Street Energy Partners Offshore Aiv-1, L.p. | 10 percent owner | 200 WEST STREET, NEW YORK NY 10282 |
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