What is Caplease, Earnings Yield (Joel Greenblatt) %?
Caplease,'s Enterprise Value for the quarter that ended in Jun. 2013 was €829.4 Mil.
Caplease,'s EBIT for the trailing twelve months (TTM) ended in Jun. 2013 was €3.9 Mil. Caplease,'s Earnings Yield (Joel Greenblatt) for the quarter that ended in Jun. 2013 was 0.47%.
The historical rank and industry rank for Caplease,'s Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
FRA:DBJ's Earnings Yield (Joel Greenblatt) % is not ranked *
in the REITs industry.
Industry Median: 2.89 * Ranked among companies with meaningful Earnings Yield (Joel Greenblatt) % only.
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Caplease,'s Forward Rate of Return (Yacktman) % for the quarter that ended in Jun. 2013 was 12.00%. The Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Caplease, Earnings Yield (Joel Greenblatt) % Historical Data
The historical data trend for Caplease,'s Earnings Yield (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.
Competitive Comparison of Caplease,'s Earnings Yield (Joel Greenblatt) %
For the REIT - Office subindustry, Caplease,'s Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (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.
Caplease,'s Earnings Yield (Joel Greenblatt) % Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Caplease,'s Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Caplease,'s Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Caplease,s Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Dec. 2012 is calculated as
Caplease,'s EBIT for the trailing twelve months (TTM) ended in Jun. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €3.9 Mil.
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Caplease, Earnings Yield (Joel Greenblatt) % Related Terms
Thank you for viewing the detailed overview of Caplease,'s Earnings Yield (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
CapLease, Inc. was incorporated in Maryland. The Company completed its initial public offering in March 2004. It is a real estate investment trust, or REIT, that invests mainly in single tenant commercial real estate assets subject to long-term leases to high credit quality tenants. It focuses on properties that are subject to a net lease, or a lease that requires the tenant to pay all or substantially all expenses normally associated with the ownership of the property, such as utilities, real estate taxes, insurance and routine maintenance. The Company also has made and expects to continue to make investments in single tenant properties where the owner has exposure to property expenses when it determines it could sufficiently underwrite that exposure and isolate a predictable cash flow. The Company has two complimentary business lines: owning single tenant properties and making first mortgage loans and other debt investments on single tenant properties. It conducts its business through a number of subsidiaries. The Company owns most of its owned properties through its predecessor and operating partnership, Caplease, LP (the 'Operating Partnership'). It is the indirect sole general partner of, and owns approximately 99.6% of the common equity of, the Operating Partnership. The Company is subject to competition in each of its business segments. It competes with specialty finance companies, insurance companies, commercial banks, investment banks, savings and loan associations, mortgage bankers, mutual funds, institutional investors, pension funds, hedge funds, other lenders, governmental bodies and individuals and other entities, including REITs.
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