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Black Sea PropertyAQSE:BSP ROC (Joel Greenblatt) % is 14.51% as of Dec. 2025, which is 92% below its 10-year median of 176.01. The stock has 8 warning signs investors should review. Among 1,749 Real Estate companies, Black Sea Property ranks worse than 59.29% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Black Sea Property's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 14.51%.
The historical rank and industry rank for Black Sea Property's ROC (Joel Greenblatt) % or its related term are showing as below:
AQSE:BSP'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -0.66 Med: 176.01 Max: 3725
Current: 7.56
During the past 10 years, Black Sea Property's highest ROC (Joel Greenblatt) % was 3725.00%. The lowest was -0.66%. And the median was 176.01%.
AQSE:BSP's ROC (Joel Greenblatt) % is ranked worse than 59.29% of 1749
companies
in the Real Estate industry
Industry Median: 13
vs AQSE:BSP: 7.56
Black Sea Property's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -74.10% per year.
Black Sea Property (AQSE:BSP) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Black Sea Property ROC (Joel Greenblatt) % Related Terms
Black Sea Property ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Black Sea Property's ROC (Joel Greenblatt) % 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.
AQSE:BSP vs CBRE, BEKE, JLL: ROC (Joel Greenblatt) % Comparison
For the Real Estate Services subindustry, Black Sea Property's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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.
Black Sea Property ROC (Joel Greenblatt) % vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Black Sea Property's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Black Sea Property's ROC (Joel Greenblatt) % falls into.
Black Sea Property ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.
* 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 ROC (Joel Greenblatt) % of 14.51% mean?
Black Sea Property (AQSE:BSP) has a ROC (Joel Greenblatt) % of 14.51% as of Dec. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Sea Property and its competitors. This is 92% below median its historical median of 176.01. According to the industry distribution chart, Black Sea Property ranks #1037 out of 1749 companies in the Real Estate industry, placing it in the top 59.3%.
Is Black Sea Property's ROC (Joel Greenblatt) % too high?
Black Sea Property's current ROC (Joel Greenblatt) % of 14.51% is 92% below median its 10-year median of 176.01. The Real Estate industry median ROC (Joel Greenblatt) % is 13.00. Black Sea Property's value of 14.51% is 11.6% above this industry median. Based on the distribution chart, Black Sea Property ranks #1037 out of 1749 companies in the Real Estate industry, which is below the industry midpoint.
How does Black Sea Property's ROC (Joel Greenblatt) % compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Black Sea Property ranks #1037 out of 1749 companies for ROC (Joel Greenblatt) %. This places Black Sea Property in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 13.00. Black Sea Property's value of 14.51% is 11.6% above this benchmark. While the company's 10-year median is 176.01 vs. the industry median of 13.00, Black Sea Property 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 ROC (Joel Greenblatt) % for a Real Estate company?
The median ROC (Joel Greenblatt) % among Real Estate companies is 13.00, based on 1,749 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Sea Property's current ROC (Joel Greenblatt) % of 14.51% is 11.6% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Black Sea Property and its competitors. For the Real Estate industry, the median ROC (Joel Greenblatt) % is 13.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Sea Property's current ROC (Joel Greenblatt) % is 14.51%, which is 92% below median its own 10-year median of 176.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Sea Property stock overvalued right now?
Based on GuruFocus' analysis, Black Sea Property (AQSE:BSP) is currently considered Fairly Valued. The stock's GF Value™ is €0.02, compared to a current price of €0.02 — trading right at its estimated fair value. The current ROC (Joel Greenblatt) % is 14.51%, which is 92% below median its 10-year median of 176.01 and 11.6% above the Real Estate industry median of 13.00. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Black Sea Property (AQSE:BSP), the current ROC (Joel Greenblatt) % is 14.51% as of Dec. 2025. 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.
Black Sea Property PLC is a real estate company focused on investments in Bulgaria. It seeks to generate capital gains through development, financing and sale of property in Bulgaria, including the prime areas of Bulgaria's Black Sea coast, the ski resorts and the capital, Sofia. The Board is seeking to create a diverse portfolio of opportunistic and value-added Bulgarian real estate assets, including development land, partially completed construction projects and completed buildings.
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