AZ Electronic Materials (FRA:OAZ) EBIT : €86.5 Mil (TTM As of Dec. 2013)

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What is AZ Electronic Materials EBIT?

AZ Electronic Materials's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2013 was €42.0 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2013 was €86.5 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. AZ Electronic Materials's annualized ROC % for the quarter that ended in Dec. 2013 was 5.18%. AZ Electronic Materials's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was 39.18%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. AZ Electronic Materials's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was 4.68%.

AZ Electronic Materials EBIT Historical Data

The historical data trend for AZ Electronic Materials'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.

AZ Electronic Materials EBIT Chart

AZ Electronic Materials Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

EBIT

-273.64

-19.88

115.44

109.65

84.83

AZ Electronic Materials Semi-Annual Data
	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13
EBIT	Get a 7-Day Free Trial			56.62	52.36	59.59	44.50	41.98

Competitive Comparison of AZ Electronic Materials's EBIT

For the Specialty Chemicals subindustry, AZ Electronic Materials'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.

AZ Electronic Materials's EV-to-EBIT Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, AZ Electronic Materials's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where AZ Electronic Materials's EV-to-EBIT falls into.

AZ Electronic Materials 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 €86.5 Mil.

AZ Electronic Materials (FRA:OAZ) EBIT Explanation

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

AZ Electronic Materials'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 )
=	88.038 * ( 1 - 48.32% )	/	( (899.14	+	857.093)	/ 2 )
=	45.4980384	/	878.1165
=	5.18 %

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	))
=	1076.36	-	105.741	-	( 71.479	-	max(0, 126.965	-	242.105	+	71.479	))
=	899.14

	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	))
=	1012.51	-	75.409	-	( 80.008	-	max(0, 137.897	-	241.192	+	80.008	))
=	857.093

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:

AZ Electronic Materials'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 )
=	83.95	/	( ( (160.393 + max(62.308, 0))	+	(151.621 + max(54.239, 0)) )	/	2 )
=	83.95	/	( ( 222.701	+	205.86 )	/	2 )
=	83.95	/	214.2805
=	39.18 %

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)
=	(110.137	+	59.427	+	1.062)	-	(105.741	+	0	+	2.577)
=	62.308

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(86.651	+	54.385	+	20.148)	-	(75.409	+	0	+	31.536)
=	54.239

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:

AZ Electronic Materials's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2013 )
	=	86.47	/	1846.288
	=	4.68 %

AZ Electronic Materials EBIT Related Terms

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AZ Electronic Materials (FRA:OAZ) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » AZ Electronic Materials SA (FRA:OAZ) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.azem.com

AZ Electronic Materials SA is a Luxembourg- based company engaged in producing and supplying specialty chemicals. It focuses on three business areas Integrated Circuits which involves dielectrics, underlayers, yield enhancers, CMP slurries and pattern enhancers, Display Materials and AZ products such as specialty chemicals and materials used in integrated circuits and devise as well as flat panel displays and photolithographic printing.

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