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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. Fundo DE Investimento Imobiliario Votorantim Shopping's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2025 was 585.94%.
BSP:VSHO11's ROC (Joel Greenblatt) % is ranked better than 68.92% of 576
companies
in the REITs industry
Industry Median: 169.935
vs BSP:VSHO11: 585.94
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.
* 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.
* 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.
Fundo DE Investimento Imobiliario Votorantim Shopping ROC (Joel Greenblatt) % vs REITs Industry
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 one times the annual (Jun. 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 585.94% mean?
Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) has a ROC (Joel Greenblatt) % of 585.94% as of Jun. 2025. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. This is 32% below median its historical median of 860.12. Over the past decade, Fundo DE Investimento Imobiliario Votorantim Shopping's ROC (Joel Greenblatt) % has ranged from 417.57 to 3,292.64. According to the industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #179 out of 576 companies in the REITs industry, placing it in the top 31.1%.
Is Fundo DE Investimento Imobiliario Votorantim Shopping's ROC (Joel Greenblatt) % too high?
Fundo DE Investimento Imobiliario Votorantim Shopping's current ROC (Joel Greenblatt) % of 585.94% is 32% below median its 10-year median of 860.12. Over the past 10 years, this metric has ranged from a low of 417.57 to a high of 3,292.64. The REITs industry median ROC (Joel Greenblatt) % is 169.94. Fundo DE Investimento Imobiliario Votorantim Shopping's value of 585.94% is 244.8% above this industry median. Based on the distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #179 out of 576 companies in the REITs industry, which is above the industry midpoint. Overall, Fundo DE Investimento Imobiliario Votorantim Shopping has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fundo DE Investimento Imobiliario Votorantim Shopping's ROC (Joel Greenblatt) % compare to SPG and O?
According to the REITs industry distribution chart, Fundo DE Investimento Imobiliario Votorantim Shopping ranks #179 out of 576 companies for ROC (Joel Greenblatt) %. This puts Fundo DE Investimento Imobiliario Votorantim Shopping in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 169.94. Fundo DE Investimento Imobiliario Votorantim Shopping's value of 585.94% is 244.8% above this benchmark. Historically, Fundo DE Investimento Imobiliario Votorantim Shopping's own ROC (Joel Greenblatt) % has ranged from 417.57 to 3,292.64 over the past decade. While the company's 10-year median is 860.12 vs. the industry median of 169.94, Fundo DE Investimento Imobiliario Votorantim Shopping 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 REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 169.94, based on 576 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. Fundo DE Investimento Imobiliario Votorantim Shopping's current ROC (Joel Greenblatt) % of 585.94% is 244.8% 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 Fundo DE Investimento Imobiliario Votorantim Shopping and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 169.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fundo DE Investimento Imobiliario Votorantim Shopping's current ROC (Joel Greenblatt) % is 585.94%, which is 32% below median its own 10-year median of 860.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fundo DE Investimento Imobiliario Votorantim Shopping stock overvalued right now?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) is currently considered Modestly Undervalued. The stock's GF Value™ is R$86.82, compared to a current price of R$72.65 — trading 16.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 585.94%, which is 32% below median its 10-year median of 860.12 and 244.8% above the REITs industry median of 169.94. Fundo DE Investimento Imobiliario Votorantim Shopping's overall GF Score™ is 78/100 with 2 warning signs to review. 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 Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11), the current ROC (Joel Greenblatt) % is 585.94% as of Jun. 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.
Is Fundo DE Investimento Imobiliario Votorantim Shopping (BSP:VSHO11) Overvalued in 2026?
Based on GuruFocus' analysis, Fundo DE Investimento Imobiliario Votorantim Shopping stock appears to be undervalued.
The current stock price of R$72.65 is trading 16.3% below its estimated GF Value™ of R$86.82.
GuruFocus considers Fundo DE Investimento Imobiliario Votorantim Shopping to be Modestly Undervalued.
Key valuation signals for BSP:VSHO11:
ROC (Joel Greenblatt) %: 585.94% (32% below median its 10-year median of 860.12)
GF Value™: R$86.82 vs. price of R$72.65 (16.3% below fair value)
Industry Position: 244.8% above the REITs median (#179 of 576)
No single metric tells the full story. See the BSP:VSHO11 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fundo DE Investimento Imobiliario Votorantim Shopping is a closed-end fund with an indefinite term, divided into registered, book-entry shares that correspond to ideal fractions of its assets. The fund's objective is to provide shareholders with returns on their investment through the partial or total acquisition of real estate, real rights over real estate, including shares, units of special purpose entities or units of real estate investment funds, for the purpose of commercial exploitation of real estate ventures related to shopping centers and related activities, such as strip malls, outlets or power centers.
78GF Score
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ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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