MAS (JSE:MSP) EBIT : R2,770 Mil (TTM As of Dec. 2023)

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What is MAS EBIT?

MAS's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2023 was R1,827 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was R2,770 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MAS's annualized ROC % for the quarter that ended in Dec. 2023 was 3.91%. MAS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 613.49%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. MAS's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 14.87%.

MAS EBIT Historical Data

The historical data trend for MAS'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.

MAS EBIT Chart

MAS Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

EBIT

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1,399.16

-382.51

1,338.99

2,570.66

2,456.16

MAS Semi-Annual Data
	Feb13	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
EBIT	Get a 7-Day Free Trial															1,143.26	1,506.31	1,363.88	943.01	1,826.60

Competitive Comparison of MAS's EBIT

For the Real Estate - Diversified subindustry, MAS'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.

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

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

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

MAS 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. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was R2,770 Mil.

MAS (JSE:MSP) EBIT Explanation

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

MAS's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1228.708 * ( 1 - 9.79% )	/	( (27674.148	+	28997.94)	/ 2 )
=	1108.4174868	/	28336.044
=	3.91 %

where

	Invested Capital		(Q: Jun. 2023 )
=	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	))
=	29935.324	-	293.987	-	( 1967.189	-	max(0, 1371.214	-	3931.026	+	1967.189	))
=	27674.148

	Invested Capital		(Q: Dec. 2023 )
=	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	))
=	31006.584	-	465.312	-	( 1661.916	-	max(0, 732.572	-	2275.904	+	1661.916	))
=	28997.94

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

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

MAS's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3653.208	/	( ( (9.322 + max(1028.038, 0))	+	(4.917 + max(148.676, 0)) )	/	2 )
=	3653.208	/	( ( 1037.36	+	153.593 )	/	2 )
=	3653.208	/	595.4765
=	613.49 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(190.129	+	1195.118	+	91.875)	-	(293.987	+	0	+	155.097)
=	1028.038

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(582.432	+	31.556	+	0)	-	(465.312	+	0	+	0)
=	148.676

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	2769.612	/	18631.360
	=	14.87 %

MAS EBIT Related Terms

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MAS (JSE:MSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » MAS PLC (JSE:MSP) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

N/A

Address

Abate Rigord Street, Suite 11, Penthouse Level, Marina Business Centre, Ta’ Xbiex, MLT, VG1110

Website

https://www.masrei.com

MAS PLC is a commercial real estate development company that operates throughout mostly Western Europe, as well as Central and Eastern Europe. The company acquires, develops, and manages retail, office, industrial, and hotel properties. The group's investment property comprises income-generating property, development property, and land bank division. The group holds an interest in properties such as Whitbread hotels and Arches, Bruchsal, Nova Park, Stara Zagora, Chippenham, and others. The company geographically operates in Romania, Bulgaria, Poland, Germany and UK. It derives its majority Revenue from Romania.