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Bollore SE (XPAR:BOL) Owner Earnings per Share (TTM) : 0.25 (As of Dec. 2023)


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What is Bollore SE 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)."

Bollore SE's Owner Earnings per Share (TTM) ended in Dec. 2023 was €0.25. It's Price-to-Owner-Earnings ratio for today is 23.24.


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

XPAR:BOL' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.89   Med: 11.27   Max: 33.45
Current: 22.77


During the past 13 years, the highest Price-to-Owner-Earnings ratio of Bollore SE was 33.45. The lowest was 1.89. And the median was 11.27.


XPAR:BOL's Price-to-Owner-Earnings is ranked worse than
69.8% of 447 companies
in the Media - Diversified industry
Industry Median: 12.46 vs XPAR:BOL: 22.77

Bollore SE's Earnings per Share (Diluted) for the six months ended in Dec. 2023 was €0.00. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Dec. 2023 was €0.04. It's PE Ratio ratio for today is 145.25.

Bollore SE's EPS without NRI for the six months ended in Dec. 2023 was €-0.00. Its EPS without NRI for the trailing twelve months (TTM) ended in Dec. 2023 was €0.00. It's PE Ratio without NRI ratio for today is 1,936.67.


Bollore SE Owner Earnings per Share (TTM) Historical Data

The historical data trend for Bollore SE'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.

Bollore SE Owner Earnings per Share (TTM) Chart

Bollore SE Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.48 0.59 2.27 1.29 0.25

Bollore SE Semi-Annual Data
Jun14 Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23
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 2.27 - 1.29 - 0.25

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

For the Entertainment subindustry, Bollore SE'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.


Bollore SE's Price-to-Owner-Earnings Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Bollore SE's Price-to-Owner-Earnings distribution charts can be found below:

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



Bollore SE 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)

Bollore SE's Owner Earnings per Share (TTM) Calculation:

Last Year Average of Last 5 Years
Net Income 269
Depreciation, Depletion and Amortization 639
Change In Deferred Tax 198
5Y Average of Maintenance Capital Expenditure 501
Change In Working Capital 123
Shares Outstanding (Diluted Average) 2,882

1. Start with "Net Income" from income statement. Bollore SE's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was €269 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. Bollore SE's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Dec. 2023 was €639 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. Bollore SE's Change In Deferred Tax for the trailing twelve months (TTM) ended in Dec. 2023 was €198 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = €501 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.

Bollore SE's 5-Year Average Maintenance Capital Expenditure = €501 Mil

5. "Change In Working Capital" is from cashflow statement. Bollore SE's Change In Working Capital for the trailing twelve months (TTM) ended in Dec. 2023 was €123 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. Bollore SE's Shares Outstanding (Diluted Average) for the months ended in Dec. 2023 was 2882.397 Mil.

Bollore SE's Onwer Earnings Per Share for Dec. 2023 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 268.5 +639+198
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-500.703+123.1)/2882.397
=0.25

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=5.81/0.25
=23.24

* 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.


Bollore SE Owner Earnings per Share (TTM) Related Terms

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Bollore SE (XPAR:BOL) Business Description

Traded in Other Exchanges
Address
31-32, quai de Dion-Bouton, Puteaux Cedex, Paris, FRA, 92811
Bollore SE is an infrastructure company domiciled in France. The company organizes itself into four segments: transportation and logistics, oil logistics, communication, and Electricity storage and systems. The transportation and logistics segment offers freight forwarding and logistics services. The oil logistics segment distributes oil and fuel. The communication segment provides advertising, cinema, and telecommunications services. The electricity storage and systems segment is engaged in the production and sale of electric batteries and their applications. The firm generates most of the revenue from the communications segment.

Bollore SE (XPAR:BOL) Headlines

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