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BCE ROC (Joel Greenblatt) %

: 18.36% (As of Jun. 2021)
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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. BCE's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2021 was 18.36%.

The historical rank and industry rank for BCE's ROC (Joel Greenblatt) % or its related term are showing as below:

NYSE:BCE' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 16.03   Med: 21.98   Max: 28.01
Current: 18.11

16.03
28.01

During the past 13 years, BCE's highest ROC (Joel Greenblatt) % was 28.01%. The lowest was 16.03%. And the median was 21.98%.

NYSE:BCE's ROC (Joel Greenblatt) % is ranked higher than
64% of the 236 Companies
in the Telecommunication Services industry.

( Industry Median: 6.67 vs. NYSE:BCE: 18.11 )

BCE's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -5.40% per year.


BCE ROC (Joel Greenblatt) % Historical Data

The historical data trend for BCE'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.

* Premium members only.

BCE Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
ROC (Joel Greenblatt) %
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 23.82 22.66 20.10 21.32 16.26

BCE Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
ROC (Joel Greenblatt) % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 10.13 19.33 17.83 17.83 18.36

Competitive Comparison

For the Telecom Services subindustry, BCE'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.

   

BCE ROC (Joel Greenblatt) % Distribution

For the Telecommunication Services industry and Communication Services sector, BCE's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where BCE's ROC (Joel Greenblatt) % falls into.



BCE ROC (Joel Greenblatt) % Calculation

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: Mar. 2021 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2583.339963402 + 365.18418330814 + 805.95114965391) - (3961.3334394144 + 606.25348078606 + 0)
=-813.11162383642

Working Capital(Q: Jun. 2021 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2654.6644844517 + 342.06219312602 + 871.52209492635) - (4322.4222585925 + 627.65957446809 + 0)
=-1081.8330605565

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of BCE for the quarter that ended in Jun. 2021 can be restated as:

ROC (Joel Greenblatt) %(Q: Jun. 2021 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2021  Q: Jun. 2021
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=4068.7397708674/( ( (21775.797597263 + max(-813.11162383642, 0)) + (22548.281505728 + max(-1081.8330605565, 0)) )/ 2 )
=4068.7397708674/( ( 21775.797597263 + 22548.281505728 )/ 2 )
=4068.7397708674/22162.039551496
=18.36 %

Note: The EBIT data used here is four times the quarterly (Jun. 2021) 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.


BCE  (NYSE:BCE) 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.


BCE ROC (Joel Greenblatt) % Related Terms

Thank you for viewing the detailed overview of BCE's ROC (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.


BCE Business Description

BCE logo
Industry
Address
1 Carrefour Alexander-Graham-Bell, Building A, 7th Floor, Verdun, QC, CAN, H3E 3B3
BCE is both a wireless and Internet service provider, offering wireless, broadband, television, and landline phone services in Canada. It is one of the big three national wireless carriers, with its roughly 10 million customers constituting about 30% of the market. It is also the ILEC (incumbent local exchange carrier--the legacy telephone provider) throughout much of the eastern half of Canada, including in the most populous Canadian provinces--Ontario and Quebec. Additionally, BCE has a media segment, which holds television, radio, and digital media assets. BCE licenses the Canadian rights to movie channels including HBO, Showtime, and Starz. In 2020, the wireline segment accounted for 55% of total EBITDA, while wireless composed 38%, and media provided the remainder.

BCE Headlines

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