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Janus (BOM:542924) Owner Earnings per Share (TTM) : -1.36 (As of Mar. 2024)


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What is Janus Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

Janus's Owner Earnings per Share (TTM) ended in Mar. 2024 was ₹-1.36. It's Price-to-Owner-Earnings ratio for today is 0.


The historical rank and industry rank for Janus's Owner Earnings per Share (TTM) or its related term are showing as below:


During the past 8 years, the highest Price-to-Owner-Earnings ratio of Janus was 86.14. The lowest was 33.25. And the median was 45.80.


BOM:542924's Price-to-Owner-Earnings is not ranked *
in the Building Materials industry.
Industry Median: 13.995
* Ranked among companies with meaningful Price-to-Owner-Earnings only.

Janus's Earnings per Share (Diluted) for the six months ended in Mar. 2024 was ₹0.16. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was ₹0.28. It's PE Ratio ratio for today is 24.29.

Janus's EPS without NRI for the six months ended in Mar. 2024 was ₹0.16. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2024 was ₹0.28. It's PE Ratio without NRI ratio for today is 24.29.


Janus Owner Earnings per Share (TTM) Historical Data

The historical data trend for Janus's Owner Earnings per Share (TTM) 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.

Janus Owner Earnings per Share (TTM) Chart

Janus Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial - -0.46 0.08 -1.14 -1.36

Janus Semi-Annual Data
Mar17 Mar18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.08 - -1.14 - -1.36

Competitive Comparison of Janus's Owner Earnings per Share (TTM)

For the Building Materials subindustry, Janus's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.


Janus's Price-to-Owner-Earnings Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Janus's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where Janus's Price-to-Owner-Earnings falls into.



Janus Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

Janus's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 3.7
Depreciation, Depletion and Amortization 1.6
Change In Deferred Tax 0.0
5Y Average of Maintenance Capital Expenditure 5.1
Change In Working Capital -18.1
Shares Outstanding (Diluted Average) 13.2

1. Start with "Net Income" from income statement. Janus's Net Income for the trailing twelve months (TTM) ended in Mar. 2024 was ₹3.7 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Janus's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2024 was ₹1.6 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. Janus's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2024 was ₹0.0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ₹5.1 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

Janus's 5-Year Average Maintenance Capital Expenditure = ₹5.1 Mil

5. "Change In Working Capital" is from cashflow statement. Janus's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2024 was ₹-18.1 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. Janus's Shares Outstanding (Diluted Average) for the months ended in Mar. 2024 was 13.211 Mil.

Janus's Onwer Earnings Per Share for Mar. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 3.699 +1.59+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-5.131+-18.108)/13.211
=-1.36

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=6.80/-1.36
=0

* 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.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


Janus Owner Earnings per Share (TTM) Related Terms

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Janus (BOM:542924) Business Description

Traded in Other Exchanges
N/A
Address
M Sunderji Road, B-704, Prakriti Apartments, K K W Mill Compound, Thane (West), Thane, MH, IND, 400053
Janus Corp Ltd is engaged in the provision of civil construction, land and site development, landfilling, fencing walls, erection of hoardings, and in the trading of various construction related materials such as cement, iron & steel, sand, soil, aluminum. It is also engaged in Media and Consulting, hospitality support services, and trading of agro products.

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