Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Spindox SpA's forward rate of return for was 19.94%.
The historical rank and industry rank for Spindox SpA's Forward Rate of Return (Yacktman) % or its related term are showing as below:
MIL:SPN'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 19.92 Med: 19.94 Max: 19.95
Current: 19.95
During the past 6 years, Spindox SpA's highest Forward Rate of Return was 19.95. The lowest was 19.92. And the median was 19.94.
MIL:SPN's Forward Rate of Return (Yacktman) % is not ranked
in the Software industry.
Industry Median: 13.095
vs MIL:SPN: 19.95
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Spindox SpA (MIL:SPN) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Spindox SpA Forward Rate of Return (Yacktman) % Related Terms
Spindox SpA Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Spindox SpA's Forward Rate of Return (Yacktman) % 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.
Spindox SpA Forward Rate of Return (Yacktman) % Chart
MIL:SPN vs IBM, ACN, CTSH: Forward Rate of Return (Yacktman) % Comparison
For the Information Technology Services subindustry, Spindox SpA's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Spindox SpA Forward Rate of Return (Yacktman) % vs Software Industry
For the Software industry and Technology sector, Spindox SpA's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Spindox SpA's Forward Rate of Return (Yacktman) % falls into.
Spindox SpA Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
Spindox SpA's Forward Rate of Return of Dec. 2024 is
Forward Rate of Return
=
Normalized Free Cash Flow
/
Price
+
5-Year EBITDA Growth Rate
=
-0.0065
/
10.3
+
0.2
=
19.94 %
* 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.
What does a Forward Rate of Return (Yacktman) % of 19.94% mean?
Spindox SpA (MIL:SPN) has a Forward Rate of Return (Yacktman) % of 19.94% as of Dec. 2024. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Spindox SpA and its competitors. This is near median its historical median of 19.94. Over the past decade, Spindox SpA's Forward Rate of Return (Yacktman) % has ranged from 19.92 to 19.95.
Is Spindox SpA's Forward Rate of Return (Yacktman) % too high?
Spindox SpA's current Forward Rate of Return (Yacktman) % of 19.94% is near median its 10-year median of 19.94. Over the past 10 years, this metric has ranged from a low of 19.92 to a high of 19.95. The Software industry median Forward Rate of Return (Yacktman) % is 13.10. Spindox SpA's value of 19.94% is 52.3% above this industry median. Overall, Spindox SpA has a GF Score™ of 57/100, reflecting its overall financial health beyond just this single metric.
How does Spindox SpA's Forward Rate of Return (Yacktman) % compare to IBM and ACN?
Spindox SpA's Forward Rate of Return (Yacktman) % of 19.94% can be compared against companies in the Software industry. The industry median Forward Rate of Return (Yacktman) % is 13.10. Spindox SpA's value of 19.94% is 52.3% above this benchmark. Historically, Spindox SpA's own Forward Rate of Return (Yacktman) % has ranged from 19.92 to 19.95 over the past decade. While the company's 10-year median is 19.94 vs. the industry median of 13.10, Spindox SpA has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for a Software company?
The median Forward Rate of Return (Yacktman) % among Software companies is 13.10, based on 1,378 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Spindox SpA's current Forward Rate of Return (Yacktman) % of 19.94% is 52.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Spindox SpA and its competitors. For the Software industry, the median Forward Rate of Return (Yacktman) % is 13.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Spindox SpA's current Forward Rate of Return (Yacktman) % is 19.94%, which is near median its own 10-year median of 19.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Spindox SpA stock overvalued right now?
Spindox SpA (MIL:SPN) has a current Forward Rate of Return (Yacktman) % of 19.94%. The stock's GF Value™ is €10.82, compared to a current price of €12.95 — trading 19.7% above its estimated fair value. The current Forward Rate of Return (Yacktman) % is 19.94%, which is near median its 10-year median of 19.94 and 52.3% above the Software industry median of 13.10. Spindox SpA's overall GF Score™ is 57/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Spindox SpA (MIL:SPN), the current Forward Rate of Return (Yacktman) % is 19.94% as of Dec. 2024. 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 Spindox SpA (MIL:SPN) Overvalued in 2026?
Based on GuruFocus' analysis, Spindox SpA stock appears to be overvalued.
The current stock price of €12.95 is trading 19.7% above its estimated GF Value™ of €10.82.
Key valuation signals for MIL:SPN:
Forward Rate of Return (Yacktman) %: 19.94% (near median its 10-year median of 19.94)
GF Value™: €10.82 vs. price of €12.95 (19.7% above fair value)
Industry Position: 52.3% above the Software median
No single metric tells the full story. See the MIL:SPN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Spindox SpA operates in the Information and Communication Technology services and products market. It offers consulting, IT and network engineering services, AI technological solutions, and research support in the Italian market.
57GF Score
Get the complete analysis for MIL:SPN
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIL:SPN has been successfully added to your 
