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National United Resources Holdings (HKSE:00254) Owner Earnings per Share (TTM) : 0.04 (As of Jun. 2024)


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What is National United Resources Holdings 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)."

National United Resources Holdings's Owner Earnings per Share (TTM) ended in Jun. 2024 was HK$0.04. It's Price-to-Owner-Earnings ratio for today is 0.88.


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

HKSE:00254' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 0.67   Med: 2.62   Max: 18.21
Current: 0.84


During the past 13 years, the highest Price-to-Owner-Earnings ratio of National United Resources Holdings was 18.21. The lowest was 0.67. And the median was 2.62.


HKSE:00254's Price-to-Owner-Earnings is ranked better than
98.25% of 515 companies
in the Business Services industry
Industry Median: 12.15 vs HKSE:00254: 0.84

National United Resources Holdings's Earnings per Share (Diluted) for the six months ended in Dec. 2023 was HK$-0.01. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2023 was HK$-0.00. It's PE Ratio (TTM) ratio for today is At Loss.

National United Resources Holdings's EPS without NRI for the six months ended in Dec. 2023 was HK$-0.01. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2023 was HK$-0.01. It's PE Ratio without NRI ratio for today is At Loss.


National United Resources Holdings Owner Earnings per Share (TTM) Historical Data

The historical data trend for National United Resources Holdings'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.

National United Resources Holdings Owner Earnings per Share (TTM) Chart

National United Resources Holdings Annual Data
Trend Jun13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Jun24
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only -0.05 0.05 -0.01 0.04 -

National United Resources Holdings Semi-Annual Data
Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Jun23 Dec23 Jun24
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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.04 - - - -

Competitive Comparison of National United Resources Holdings's Owner Earnings per Share (TTM)

For the Rental & Leasing Services subindustry, National United Resources Holdings'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.


National United Resources Holdings's Price-to-Owner-Earnings Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, National United Resources Holdings's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where National United Resources Holdings's Price-to-Owner-Earnings falls into.



National United Resources Holdings 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)

National United Resources Holdings's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income -8.63
Depreciation, Depletion and Amortization 0.00
Change In Deferred Tax 0.00
5Y Average of Maintenance Capital Expenditure 4.55
Change In Working Capital 0.00
Shares Outstanding (Diluted Average) 4,081.62

1. Start with "Net Income" from income statement. National United Resources Holdings's Net Income for the trailing twelve months (TTM) ended in Jun. 2024 was HK$-8.63 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. National United Resources Holdings's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2024 was HK$0.00 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. National United Resources Holdings's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2024 was HK$0.00 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = HK$4.55 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.

National United Resources Holdings's 5-Year Average Maintenance Capital Expenditure = HK$4.55 Mil

5. "Change In Working Capital" is from cashflow statement. National United Resources Holdings's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2024 was HK$0.00 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. National United Resources Holdings's Shares Outstanding (Diluted Average) for the months ended in Jun. 2024 was 4081.617 Mil.

National United Resources Holdings's Onwer Earnings Per Share for Jun. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( -8.629 +0+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-4.5526666666667+0)/4081.617
=0.04

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=0.035/0.04
=0.88

* 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.


National United Resources Holdings Owner Earnings per Share (TTM) Related Terms

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National United Resources Holdings Business Description

Traded in Other Exchanges
N/A
Address
213 Queen's Road East, Unit 2806, 28th Floor, Wu Chung House, Wanchai, Hong Kong, HKG
National United Resources Holdings Ltd is an investment holding company. The company is engaged in car rental and shuttle bus services business through the TMTC Group. The TMTC Group has 700 electric buses and fuel buses over vehicles in total with capacity of 5 to 59 seats. The car rental and shuttle bus services business serves with particular capacity requirements, type of vehicles, point to point services, contracted tailor-made services, routes/commute served with specified timetable to employees/students of institutional customers between the working places/schools to different residential communities; car rental without chauffeur; and car rental with chauffeur for trip on business, leisure and various government grand events purposes.
Executives
Ji Kaiping 2201 Interest of corporation controlled by you
Thousand Joy Limited 2101 Beneficial owner
Guo Peiyuan 2201 Interest of corporation controlled by you
Hontin Ocean Resources Limited 2101 Beneficial owner
Tian Xin 2101 Beneficial owner
Hot Mediatech Group Pte. Ltd. 2101 Beneficial owner
Li Jiayi 2201 Interest of corporation controlled by you

National United Resources Holdings Headlines

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