Songbird Estates (LSE:SBD) EBIT : £1,114.5 Mil (TTM As of Jun. 2014)

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What is Songbird Estates EBIT?

Songbird Estates's earnings before interest and taxes (EBIT) for the six months ended in Jun. 2014 was £376.8 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Jun. 2014 was £1,114.5 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Songbird Estates's annualized ROC % for the quarter that ended in Jun. 2014 was 13.47%. Songbird Estates's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2014 was 135.61%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Songbird Estates's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Jun. 2014 was 43.65%.

Songbird Estates EBIT Historical Data

The historical data trend for Songbird Estates'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.

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Songbird Estates EBIT Chart

Songbird Estates Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

EBIT

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608.90

729.20

-148.40

269.20

1,102.70

Songbird Estates Semi-Annual Data
	Dec04	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14
EBIT	Get a 7-Day Free Trial															209.30	59.90	365.00	737.70	376.80

Competitive Comparison of Songbird Estates's EBIT

For the Real Estate Services subindustry, Songbird Estates'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.

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

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

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

Songbird Estates 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 Jun. 2014 adds up the semi-annually data reported by the company within the most recent 12 months, which was £1,114.5 Mil.

Songbird Estates (LSE:SBD) EBIT Explanation

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

Songbird Estates's annualized ROC % for the quarter that ended in Jun. 2014 is calculated as:

	ROC % (Q: Jun. 2014 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2013 )	+	Invested Capital (Q: Jun. 2014 ))	/ count )
=	1123.6 * ( 1 - 9.77% )	/	( (7363	+	7692)	/ 2 )
=	1013.82428	/	7527.5
=	13.47 %

where

	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	))
=	7382	-	163.9	-	( 588.4	-	max(0, 776.9	-	632	+	588.4	))
=	7363

	Invested Capital		(Q: Jun. 2014 )
=	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	))
=	7763	-	133.7	-	( 1122.5	-	max(0, 1278.8	-	1216.1	+	1122.5	))
=	7692

Note: The Operating Income data used here is two times the semi-annual (Jun. 2014) data.

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

Songbird Estates's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2014 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2014 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2013		Q: Jun. 2014
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	753.6	/	( ( (1110.3 + max(-260.9, 0))	+	(1.1 + max(-176.9, 0)) )	/	2 )
=	753.6	/	( ( 1110.3	+	1.1 )	/	2 )
=	753.6	/	555.7
=	135.61 %

where Working Capital is:

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(7	+	0	+	36.6)	-	(163.9	+	0	+	140.6)
=	-260.9

	Working Capital		(Q: Jun. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(9	+	0	+	84.6)	-	(133.7	+	0	+	136.8)
=	-176.9

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Jun. 2014) EBIT data.

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

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

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Jun. 2014 )
	=	1114.5	/	2553.367
	=	43.65 %

Songbird Estates EBIT Related Terms

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Songbird Estates (LSE:SBD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Songbird Estates PLC (LSE:SBD) » Definitions » EBIT

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Address

Website

Songbird Estates PLC was incorporated on February 13, 2004 in England and Wales. The Company, through its subsidiary, Canary Wharf Group is engaged in property investment and development and is currently focused on the development of the Estate and an adjacent development to the east of Canary Wharf.

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