GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Trematon Capital Investments Ltd (JSE:TMT) » Definitions » Owner Earnings per Share (TTM)

Trematon Capital Investments (JSE:TMT) Owner Earnings per Share (TTM) : 0.35 (As of Aug. 2023)


View and export this data going back to 1997. Start your Free Trial

What is Trematon Capital Investments 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)."

Trematon Capital Investments's Owner Earnings per Share (TTM) ended in Aug. 2023 was R0.35. It's Price-to-Owner-Earnings ratio for today is 5.97.


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

JSE:TMT' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.89   Med: 14.63   Max: 104.17
Current: 5.67


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Trematon Capital Investments was 104.17. The lowest was 1.89. And the median was 14.63.


JSE:TMT's Price-to-Owner-Earnings is ranked better than
69.06% of 737 companies
in the Real Estate industry
Industry Median: 10.54 vs JSE:TMT: 5.67

Trematon Capital Investments's Earnings per Share (Diluted) for the six months ended in Feb. 2024 was R0.04. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Feb. 2024 was R0.34. It's PE Ratio ratio for today is 6.15.

Trematon Capital Investments's EPS without NRI for the six months ended in Feb. 2024 was R0.04. Its EPS without NRI for the trailing twelve months (TTM) ended in Feb. 2024 was R-0.04. It's PE Ratio without NRI ratio for today is At Loss.


Trematon Capital Investments Owner Earnings per Share (TTM) Historical Data

The historical data trend for Trematon Capital Investments'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.

Trematon Capital Investments Owner Earnings per Share (TTM) Chart

Trematon Capital Investments Annual Data
Trend Aug14 Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.13 -0.17 -0.14 0.04 0.35

Trematon Capital Investments Semi-Annual Data
Aug14 Feb15 Aug15 Feb16 Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24
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 - 0.35 -

Competitive Comparison of Trematon Capital Investments's Owner Earnings per Share (TTM)

For the Real Estate Services subindustry, Trematon Capital Investments'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.


Trematon Capital Investments's Price-to-Owner-Earnings Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Trematon Capital Investments's Price-to-Owner-Earnings distribution charts can be found below:

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



Trematon Capital Investments 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)

Trematon Capital Investments's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 71.6
Depreciation, Depletion and Amortization 15.5
Change In Deferred Tax 0.0
5Y Average of Maintenance Capital Expenditure 37.5
Change In Working Capital 30.1
Shares Outstanding (Diluted Average) 225.8

1. Start with "Net Income" from income statement. Trematon Capital Investments's Net Income for the trailing twelve months (TTM) ended in Aug. 2023 was R71.6 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Trematon Capital Investments's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Aug. 2023 was R15.5 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. Trematon Capital Investments's Change In Deferred Tax for the trailing twelve months (TTM) ended in Aug. 2023 was R0.0 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = R37.5 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.

Trematon Capital Investments's 5-Year Average Maintenance Capital Expenditure = R37.5 Mil

5. "Change In Working Capital" is from cashflow statement. Trematon Capital Investments's Change In Working Capital for the trailing twelve months (TTM) ended in Aug. 2023 was R30.1 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. Trematon Capital Investments's Shares Outstanding (Diluted Average) for the months ended in Aug. 2023 was 225.829 Mil.

Trematon Capital Investments's Onwer Earnings Per Share for Aug. 2023 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 71.578 +15.451+0
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-37.464+30.059)/225.829
=0.35

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=2.09/0.35
=5.97

* 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.


Trematon Capital Investments Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of Trematon Capital Investments's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


Trematon Capital Investments (JSE:TMT) Business Description

Traded in Other Exchanges
N/A
Address
42 Hans Strijdom Avenue, 3rd Floor, Aria North Wharf, Foreshore, Cape Town, WC, ZAF, 8001
Trematon Capital Investments Ltd operates as an investment holding company. The company's operating segment includes Property investments; Education; UK investments and Corporate and other. The company generates maximum revenue from the Property investments segment. The Property investments segment derived income from the sale of investment property and inventory, rental income on investment property, dividend income, and others.

Trematon Capital Investments (JSE:TMT) Headlines

No Headlines