Emira Property Fund (JSE:EMI) EBIT: R1,214 Mil (TTM As of Mar. 2026)

What is Emira Property Fund EBIT?

Emira Property Fund JSE:EMI -1.60% 59 EBIT is R1,214 Mil as of Mar. 2026. GuruFocus rates JSE:EMI with a GF Score™ of 59/100 and a GF Value™ of R8.66 (Significantly Overvalued). The stock has 7 warning signs investors should review.

Emira Property Fund's earnings before interest and taxes (EBIT) for the six months ended in Mar. 2026 was R487 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was R1,214 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Emira Property Fund's annualized ROC % for the quarter that ended in Mar. 2026 was 3.84%. Emira Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 99.39%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Emira Property Fund's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.20%.

Emira Property Fund (JSE:EMI) EBIT Explanation

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

Emira Property Fund's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	590.304 * ( 1 - 0.74% )	/	( (15767.013	+	14714.899)	/ 2 )
=	585.9357504	/	15240.956
=	3.84 %

where

	Invested Capital		(Q: Sep. 2025 )
=	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	))
=	16458.855	-	353.458	-	( 339.132	-	max(0, 1162.639	-	1501.023	+	339.132	))
=	15767.013

	Invested Capital		(Q: Mar. 2026 )
=	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	))
=	16388.743	-	103.445	-	( 1570.399	-	max(0, 972.738	-	3211.467	+	1570.399	))
=	14714.899

Note: The Operating Income data used here is two times the semi-annual (Mar. 2026) data.

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

Emira Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	974.976	/	( ( (73.755 + max(698.226, 0))	+	(73.75 + max(1116.15, 0)) )	/	2 )
=	974.976	/	( ( 771.981	+	1189.9 )	/	2 )
=	974.976	/	980.9405
=	99.39 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(142.352	+	0	+	993.681)	-	(353.458	+	0	+	84.349)
=	698.226

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(7.989	+	0	+	1508.701)	-	(103.445	+	0	+	297.095)
=	1116.15

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Mar. 2026) EBIT data.

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

Emira Property Fund's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Mar. 2026 )
	=	1213.794	/	10835.055
	=	11.20 %

* 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.

Emira Property Fund EBIT Related Terms

Emira Property Fund EBIT Historical Data

* Premium members only.

The historical data trend for Emira Property Fund's EBIT can be seen below:

Emira Property Fund EBIT Chart

Emira Property Fund Annual Data

Trend

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Mar24

Mar25

Mar26

EBIT

Get a 7-Day Free Trial

857.34

1,368.34

1,124.44

2,965.41

1,213.79

Emira Property Fund Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Sep23	Mar24	Sep24	Mar25	Sep25	Mar26
EBIT	Get a 7-Day Free Trial															717.94	1,750.65	1,214.77	726.31	487.49

JSE:EMI vs VICI, WPC: EBIT Comparison

For the REIT - Diversified subindustry, Emira Property Fund'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.

Emira Property Fund EV-to-EBIT vs REITs Industry

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

* The bar in red indicates where Emira Property Fund's EV-to-EBIT falls into.

Save Embed

59GF Score

Emira Property Fund Ltd JSE:EMI

EBIT is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Emira Property Fund 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 Mar. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was R1,214 Mil.

Frequently Asked Questions Learn more about EBIT →

What does a EBIT of R1,214 Mil mean?

Emira Property Fund (JSE:EMI) has a EBIT of R1,214 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Emira Property Fund.

Is Emira Property Fund's EBIT too high?

Emira Property Fund's current EBIT is R1,214 Mil. Overall, Emira Property Fund has a GF Score™ of 59/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Emira Property Fund's EBIT compare to VICI and WPC?

Emira Property Fund's EBIT of R1,214 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good EBIT for a REITs company?

A good EBIT depends on the REITs industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high EBIT mean?

A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Emira Property Fund. Emira Property Fund's current EBIT is R1,214 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Emira Property Fund stock overvalued right now?

Based on GuruFocus' analysis, Emira Property Fund (JSE:EMI) is currently considered Significantly Overvalued. The stock's GF Value™ is R8.66, compared to a current price of R13.57 — trading 56.7% above its estimated fair value. The current EBIT is R1,214 Mil. Emira Property Fund's overall GF Score™ is 59/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is EBIT calculated?

EBIT is calculated from a company's financial statements. For Emira Property Fund (JSE:EMI), the current EBIT is R1,214 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Emira Property Fund (JSE:EMI) Overvalued in 2026?

Based on GuruFocus' analysis, Emira Property Fund stock appears to be overvalued. The current stock price of R13.57 is trading 56.7% above its estimated GF Value™ of R8.66. GuruFocus considers Emira Property Fund to be Significantly Overvalued.

Key valuation signals for JSE:EMI:

EBIT: R1,214 Mil
GF Value™: R8.66 vs. price of R13.57 (56.7% above fair value)
GF Score™: 59/100 with 7 warning signs

No single metric tells the full story. See the JSE:EMI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Emira Property Fund Business Description

Industry Real Estate REITs

Comparable Companies JSE:SEA JSE:HET JSE:BTN JSE:OCT JSE:SAC JSE:OAS JSE:ATT JSE:NRL ASX:GMG VICI WPC BSP:HSRE11 ASX:SGP XPAR:COV ASX:CHC ASX:GPT MEX:FUNO11 LSE:LAND LSE:BLND ASX:MGR

Address 33 Sloane Street, 1st Floor, Block A, Knightsbridge Office Park, Bryanston, Johannesburg, GT, ZAF, 2191

Website https://www.emira.co.za

Emira Property Fund Ltd is a South African real estate investment trust. The company's portfolio consists of office, retail, residential, and industrial properties. The majority of the properties are in Gauteng, with the others in the Western Cape and KwaZulu-Natal. The company operates through five segments, namely: Office; Retail; Industrial; Residential; and Corporate. The office segment comprises commercial properties. The retail segment includes shopping centers. The industrial segment consists of industrial properties. The residential segment comprises directly held residential property, and the corporate segment comprises the South African administration activities of the Group.

59GF Score

Get the complete analysis for JSE:EMI

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R13.57

Price

R8.66

GF Value

View JSE:EMI Analysis

See EBIT data for all stocks →