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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. Thungela Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -95.86%.
The historical rank and industry rank for Thungela Resources's ROC (Joel Greenblatt) % or its related term are showing as below:
CHIX:TGAl'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -62.42 Med: 38.43 Max: 175.21
Current: -36.92
During the past 8 years, Thungela Resources's highest ROC (Joel Greenblatt) % was 175.21%. The lowest was -62.42%. And the median was 38.43%.
CHIX:TGAl's ROC (Joel Greenblatt) % is ranked worse than 77.47% of 182
companies
in the Other Energy Sources industry
Industry Median: 2.13
vs CHIX:TGAl: -36.92
Thungela Resources's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
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.
Thungela Resources ROC (Joel Greenblatt) % Related Terms
Thungela Resources ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Thungela Resources'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.
CHIX:TGAL vs CNR: ROC (Joel Greenblatt) % Comparison
For the Thermal Coal subindustry, Thungela Resources'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.
Thungela Resources ROC (Joel Greenblatt) % vs Other Energy Sources Industry
For the Other Energy Sources industry and Energy sector, Thungela Resources's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Thungela Resources's ROC (Joel Greenblatt) % falls into.
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 -95.86% mean?
Thungela Resources (CHIX:TGAL) has a ROC (Joel Greenblatt) % of -95.86% 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 Thungela Resources and its competitors. According to the industry distribution chart, Thungela Resources ranks #141 out of 182 companies in the Other Energy Sources industry, placing it in the top 77.5%.
Is Thungela Resources' ROC (Joel Greenblatt) % too high?
Thungela Resources' current ROC (Joel Greenblatt) % is -95.86%. Based on the distribution chart, Thungela Resources ranks #141 out of 182 companies in the Other Energy Sources industry, which is in the bottom quartile relative to peers. Overall, Thungela Resources has a GF Score™ of 65/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thungela Resources' ROC (Joel Greenblatt) % compare to CNR?
According to the Other Energy Sources industry distribution chart, Thungela Resources ranks #141 out of 182 companies for ROC (Joel Greenblatt) %. This places Thungela Resources in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 2.13. 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 an Other Energy Sources company?
The median ROC (Joel Greenblatt) % among Other Energy Sources companies is 2.13, based on 182 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. 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 Thungela Resources and its competitors. For the Other Energy Sources industry, the median ROC (Joel Greenblatt) % is 2.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thungela Resources's current ROC (Joel Greenblatt) % is -95.86%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thungela Resources stock overvalued right now?
Based on GuruFocus' analysis, Thungela Resources (CHIX:TGAL) is currently considered Modestly Undervalued. The stock's GF Value™ is £5.16, compared to a current price of £4.46 — trading 13.6% below its estimated fair value. The current ROC (Joel Greenblatt) % is -95.86%. Thungela Resources' overall GF Score™ is 65/100 with 7 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 Thungela Resources (CHIX:TGAL), the current ROC (Joel Greenblatt) % is -95.86% 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.
Is Thungela Resources (CHIX:TGAL) Overvalued in 2026?
Based on GuruFocus' analysis, Thungela Resources stock appears to be undervalued.
The current stock price of £4.46 is trading 13.6% below its estimated GF Value™ of £5.16.
GuruFocus considers Thungela Resources to be Modestly Undervalued.
Key valuation signals for CHIX:TGAL:
ROC (Joel Greenblatt) %: -95.86%
GF Value™: £5.16 vs. price of £4.46 (13.6% below fair value)
No single metric tells the full story. See the CHIX:TGAL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thungela Resources Ltd is a pure-play producer and exporter of thermal coal with operations in South Africa and Australia. The group focuses on high-quality coal reserves and marketable production, positioning as a key player in the energy market by delivering coal through world-class ports, and powering nations. It owns interests in various mining operations, namely Goedehoop, Greenside, Isibonelo, Khwezela, AAIC, Mafube Coal Mining, and Butsanani Energy which consist of both underground and open cast mines located in the Mpumalanga province of South Africa. Its operational segments are Opencast, Underground, and Services.
65GF Score
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