Real Estate (ASX:RNC) EBIT : A$3.44 Mil (TTM As of Dec. 2013)

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What is Real Estate EBIT?

Real Estate's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2013 was A$1.54 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2013 was A$3.44 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Real Estate's annualized ROC % for the quarter that ended in Dec. 2013 was 6.58%. Real Estate's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was 497.58%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Real Estate's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was 7.18%.

Real Estate EBIT Historical Data

The historical data trend for Real Estate's EBIT 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.

Real Estate EBIT Chart

Real Estate Annual Data

Trend

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

EBIT

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-3.41

-1.98

-2.00

16.78

3.79

Real Estate Semi-Annual Data
	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13
EBIT	Get a 7-Day Free Trial													15.29	1.49	1.89	1.90	1.54

Competitive Comparison of Real Estate's EBIT

For the Real Estate Services subindustry, Real Estate's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

Real Estate's EV-to-EBIT Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Real Estate's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Real Estate's EV-to-EBIT falls into.

Real Estate EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2013 adds up the semi-annually data reported by the company within the most recent 12 months, which was A$3.44 Mil.

Real Estate (ASX:RNC) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Real Estate's annualized ROC % for the quarter that ended in Dec. 2013 is calculated as:

	ROC % (Q: Dec. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2013 )	+	Invested Capital (Q: Dec. 2013 ))	/ count )
=	3.046 * ( 1 - 5.74% )	/	( (46.292	+	41.034)	/ 2 )
=	2.8711596	/	43.663
=	6.58 %

where

	Invested Capital		(Q: Jun. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	42.357	-	2.27	-	( 3.074	-	max(0, 9.954	-	3.749	+	3.074	))
=	46.292

	Invested Capital		(Q: Dec. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	42.344	-	3.116	-	( 1.849	-	max(0, 5.196	-	3.39	+	1.849	))
=	41.034

Note: The Operating Income data used here is two times the semi-annual (Dec. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Real Estate's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2013		Q: Dec. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3.08	/	( ( (0.49 + max(-8.808, 0))	+	(0.748 + max(-4.696, 0)) )	/	2 )
=	3.08	/	( ( 0.49	+	0.748 )	/	2 )
=	3.08	/	0.619
=	497.58 %

where Working Capital is:

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.146)	-	(2.27	+	0.653	+	6.031)
=	-8.808

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	4.4408920985006E-16)	-	(3.116	+	0.198	+	1.382)
=	-4.696

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2013) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Real Estate's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2013 )
	=	3.438	/	47.850
	=	7.18 %

Real Estate EBIT Related Terms

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Real Estate (ASX:RNC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Real Estate Corp Ltd (ASX:RNC) » Definitions » EBIT

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Address

Website

http://www.run.com.au

Run Corp Limited (RNC) is a specialist residential property management company that operates over 20,000 residential properties under management in Melbourne, Sydney, and Brisbane. During the fiscal year 2008, the company launched a new service, branded Agentplus, providing real estate agents with a packaged back-office solution.

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