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Kayne Anderson Energy Development Co  (NYSE:KED) Earnings Yield (Joel Greenblatt) %: 0.00% (As of May. 2017)

Kayne Anderson Energy Development Co's Enterprise Value for the quarter that ended in May. 2017 was $272.33 Mil. Kayne Anderson Energy Development Co's EBIT for the trailing twelve months (TTM) ended in May. 2017 was $21.39 Mil. Kayne Anderson Energy Development Co's Earnings Yield (Joel Greenblatt) for the quarter that ended in May. 2017 was 0.00%.

NYSE:KED' s Earnings Yield (Joel Greenblatt) % Range Over the Past 10 Years
Min: -6   Max: 24
Current: 7.12

-6
24

During the past 10 years, the highest Earnings Yield (Joel Greenblatt) of Kayne Anderson Energy Development Co was 24.00%. The lowest was -6.00%. And the median was 7.20%.

NYSE:KED's Earnings Yield (Joel Greenblatt) % is ranked lower than
65% of the 1614 Companies
in the Global industry.

( Industry Median: 5.40 vs. NYSE:KED: 7.12 )

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) %. Kayne Anderson Energy Development Co's Forward Rate of Return (Yacktman) % for the quarter that ended in May. 2017 was 0.00%. 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.


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Kayne Anderson Energy Development Co Annual Data

Nov07 Nov08 Nov09 Nov10 Nov11 Nov12 Nov13 Nov14 Nov15 Nov16
Earnings Yield (Joel Greenblatt) % Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.29 21.46 11.19 -51.28 7.49

Kayne Anderson Energy Development Co Semi-Annual Data

May07 Nov07 May08 Nov08 May09 Nov09 May10 Nov10 May11 Nov11 May12 Nov12 Nov13 May14 Nov14 May15 Nov15 May16 Nov16 May17
Earnings Yield (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 4.96 -51.28 1.27 7.49 0.00

Competitive Comparison
* 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.


Calculation

In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.

Kayne Anderson Energy Development Cos Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Nov. 2016 is calculated as

Earnings Yield (Joel Greenblatt)=EBIT/Enterprise Value
=21.392/285.755
=7.49 %

Kayne Anderson Energy Development Co's Earnings Yield (Joel Greenblatt) for the quarter that ended in May. 2017 is calculated as

Earnings Yield (Joel Greenblatt)=EBIT (TTM)/Enterprise Value
=21.392/272.33
=7.86 %

For company reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data. Kayne Anderson Energy Development Co's EBIT for the trailing twelve months (TTM) ended in May. 2017 was $21.39 Mil.



Explanation

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.

Forward Rate of Return (Yacktman) % based on Don Yacktman's definition is a better measure of the expected rate of return for a stock.


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