Exemplar REITail (JSE:EXP) Operating Income: R882 Mil (TTM As of Feb. 2026)


JSE:EXP Exemplar REITail Ltd JSE:EXP
73 GF Score
Price R18.00
GF Value R15.73
Valuation Modestly Overvalued
! 6 Warning Signs
View Full Analysis

What is Exemplar REITail Operating Income?

Exemplar REITail JSE:EXP 73 Operating Income is R882 Mil as of Feb. 2026. GuruFocus rates JSE:EXP with a GF Score™ of 73/100 and a GF Value™ of R15.73 (Modestly Overvalued). The stock has 6 warning signs investors should review.

Exemplar REITail's Operating Income for the six months ended in Feb. 2026 was R448 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was R882 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Exemplar REITail's Operating Income for the six months ended in Feb. 2026 was R448 Mil. Exemplar REITail's Revenue for the six months ended in Feb. 2026 was R779 Mil. Therefore, Exemplar REITail's Operating Margin % for the quarter that ended in Feb. 2026 was 57.53%.

Exemplar REITail's 5-Year average Growth Rate for Operating Margin % was -0.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Exemplar REITail's annualized ROC % for the quarter that ended in Feb. 2026 was 7.71%. Exemplar REITail's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 746.18%.

Exemplar REITail  (JSE:EXP) Operating Income Explanation

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

Exemplar REITail's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=896.68 * ( 1 - 1.29% )/( (10858.186 + 12101.87)/ 2 )
=885.112828/11480.028
=7.71 %

where

Invested Capital(Q: Aug. 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))
=10775.766 - 248.044 - ( 63.663 - max(0, 506.089 - 175.625+63.663))
=10858.186

Invested Capital(Q: Feb. 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))
=11710.547 - 62.841 - ( 65.912 - max(0, 639.989 - 185.825+65.912))
=12101.87

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

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

Exemplar REITail's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2450.102/( ( (323.431 + max(-413.586, 0)) + (333.277 + max(-191.572, 0)) )/ 2 )
=2450.102/( ( 323.431 + 333.277 )/ 2 )
=2450.102/328.354
=746.18 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(87.458 + 0 + 0) - (248.044 + 0 + 253)
=-413.586

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(41.917 + 0 + 42.277) - (62.841 + 0 + 212.925)
=-191.572

When net working capital is negative, 0 is used.

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

3. Operating Income is also linked to Operating Margin %:

Exemplar REITail's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=448.34/779.314
=57.53 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Exemplar REITail Operating Income Related Terms

Exemplar REITail Operating Income Historical Data

* Premium members only.

The historical data trend for Exemplar REITail's Operating Income 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.

Exemplar REITail Operating Income Chart

Exemplar REITail Annual Data
Trend Feb16 Feb17 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 512.51 641.56 719.66 789.78 882.25

Exemplar REITail Semi-Annual Data
Feb15 Feb16 Feb17 Aug17 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 385.90 373.62 416.16 433.91 448.34
JSE:EXP
73GF Score
Exemplar REITail Ltd JSE:EXP
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Exemplar REITail Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was R882 Mil.

* 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.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of R882 Mil mean?
Exemplar REITail (JSE:EXP) has a Operating Income of R882 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Exemplar REITail and its competitors.
Is Exemplar REITail's Operating Income too high?
Exemplar REITail's current Operating Income is R882 Mil. Overall, Exemplar REITail has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Exemplar REITail's Operating Income compare to SPG and O?
Exemplar REITail's Operating Income of R882 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 Operating Income for a REITs company?
A good Operating Income depends on the REITs industry context. However, Operating Income 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 Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Exemplar REITail and its competitors. Exemplar REITail's current Operating Income is R882 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exemplar REITail stock overvalued right now?
Based on GuruFocus' analysis, Exemplar REITail (JSE:EXP) is currently considered Modestly Overvalued. The stock's GF Value™ is R15.73, compared to a current price of R18.00 — trading 14.4% above its estimated fair value. The current Operating Income is R882 Mil. Exemplar REITail's overall GF Score™ is 73/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Exemplar REITail (JSE:EXP), the current Operating Income is R882 Mil as of Feb. 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 Exemplar REITail (JSE:EXP) Overvalued in 2026?

Based on GuruFocus' analysis, Exemplar REITail stock appears to be overvalued. The current stock price of R18.00 is trading 14.4% above its estimated GF Value™ of R15.73. GuruFocus considers Exemplar REITail to be Modestly Overvalued.

Key valuation signals for JSE:EXP:

  • Operating Income: R882 Mil
  • GF Value™: R15.73 vs. price of R18.00 (14.4% above fair value)
  • GF Score™: 73/100 with 6 warning signs

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

Exemplar REITail Business Description

Industry Real EstateREITs
Address 204 Von Willich Avenue, Clubview, Centurion, Gauteng, ZAF, 0157
Exemplar REITail Ltd is a real estate investment trust which develops, owns and manages township and rural retail real estate. The company is the only fund in the country focused purely on retail in under-serviced areas that offers stakeholders investment opportunities. The company's retail segments based on geography consist of Gauteng, Mpumalanga, KwaZulu-Natal, Limpopo, Eastern and Western Cape.
73GF Score

Get the complete analysis for JSE:EXP

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

R18.00
Price
R15.73
GF Value