Japan Metropolitan Fund Investment (TSE:8953) ROC (Joel Greenblatt) %

: 3.06% (As of Aug. 2023)

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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. Japan Metropolitan Fund Investment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Aug. 2023 was 3.06%.

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

TSE:8953' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 2.9 Med: 3.24 Max: 3.32
Current: 3.06

During the past 13 years, Japan Metropolitan Fund Investment's highest ROC (Joel Greenblatt) % was 3.32%. The lowest was 2.90%. And the median was 3.24%.

TSE:8953's ROC (Joel Greenblatt) % is ranked worse than
74% of 573 companies
in the REITs industry
Industry Median: 115.85 vs TSE:8953: 3.06

Japan Metropolitan Fund Investment's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -1.60% per year.

Japan Metropolitan Fund Investment ROC (Joel Greenblatt) % Historical Data

The historical data trend for Japan Metropolitan Fund Investment'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.

Japan Metropolitan Fund Investment Annual Data

Trend

Aug13

Aug14

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

ROC (Joel Greenblatt) %

3.28

3.24

3.32

2.90

3.15

Japan Metropolitan Fund Investment Semi-Annual Data
	Aug14	Feb15	Aug15	Feb16	Aug16	Feb17	Aug17	Feb18	Aug18	Feb19	Aug19	Feb20	Aug20	Feb21	Aug21	Feb22	Aug22	Feb23	Aug23	Feb24
ROC (Joel Greenblatt) %																3.25	2.99	3.04	3.06	3.05

Competitive Comparison

For the REIT - Retail subindustry, Japan Metropolitan Fund Investment'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.

Japan Metropolitan Fund Investment ROC (Joel Greenblatt) % Distribution

For the REITs industry and Real Estate sector, Japan Metropolitan Fund Investment's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where Japan Metropolitan Fund Investment's ROC (Joel Greenblatt) % falls into.

Japan Metropolitan Fund Investment 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: Feb. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1155.29	+	0	+	20962.516)	-	(5633.065	+	0	+	8320.513)
=	8164.228

	Working Capital		(Q: Aug. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1039.176	+	0	+	22516.718)	-	(5610.629	+	0	+	8585.788)
=	9359.477

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of Japan Metropolitan Fund Investment for the quarter that ended in Aug. 2023 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Aug. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Feb. 2023		Q: Aug. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	35306.358	/	( ( (1142422.837 + max(8164.228, 0))	+	(1147471.982 + max(9359.477, 0)) )	/	2 )
=	35306.358	/	( ( 1150587.065	+	1156831.459 )	/	2 )
=	35306.358	/	1153709.262
=	3.06 %

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

Japan Metropolitan Fund Investment (TSE:8953) 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.

Japan Metropolitan Fund Investment ROC (Joel Greenblatt) % Related Terms

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Japan Metropolitan Fund Investment (TSE:8953) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Japan Metropolitan Fund Investment Corp (TSE:8953) » Definitions » ROC (Joel Greenblatt) %

Comparable Companies

Traded in Other Exchanges

JRFIF:USA

Address

Marunouchi 2-chome, Tokyo Building 7-3, Chiyoda-ku, Tokyo, JPN, 100-6420

Website

https://www.jmf-reit.com

Japan Metropolitan Fund Investment Corp is a Japanese real estate investment trust that specialises in retail properties. The company principally generates revenue from leasing properties to tenants, which include supermarkets, clothing and accessory stores, cosmetic shops, general merchandise stores, and entertainment venues. The company's properties are located domestically in urban and suburban areas, with approximately half in the Greater Tokyo metropolitan area and the remaining in Osaka, Nagoya and surrounding areas, and other major cities.

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