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AECIJSE:AFE -0.45%66 ROC (Joel Greenblatt) % is 17.48% as of Dec. 2025, which is 30% below its 10-year median of 24.80. GuruFocus rates JSE:AFE with a GF Score™ of 66/100 and a GF Value™ of R91.15 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 1,605 Chemicals companies, AECI ranks better than 71.28% 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. AECI's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 17.48%.
The historical rank and industry rank for AECI's ROC (Joel Greenblatt) % or its related term are showing as below:
JSE:AFE'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 16.6 Med: 24.8 Max: 36.85
Current: 18.09
During the past 13 years, AECI's highest ROC (Joel Greenblatt) % was 36.85%. The lowest was 16.60%. And the median was 24.80%.
JSE:AFE's ROC (Joel Greenblatt) % is ranked better than 71.28% of 1605
companies
in the Chemicals industry
Industry Median: 9.47
vs JSE:AFE: 18.09
AECI's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.60% 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.
The historical data trend for AECI'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.
JSE:AFE vs LIN, SHW, ECL: ROC (Joel Greenblatt) % Comparison
For the Specialty Chemicals subindustry, AECI'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.
AECI ROC (Joel Greenblatt) % vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, AECI's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where AECI'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 17.48% mean?
AECI (JSE:AFE) has a ROC (Joel Greenblatt) % of 17.48% 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 AECI and its competitors. This is 30% below median its historical median of 24.80. Over the past decade, AECI's ROC (Joel Greenblatt) % has ranged from 16.60 to 36.85. According to the industry distribution chart, AECI ranks #461 out of 1605 companies in the Chemicals industry, placing it in the top 28.7%.
Is AECI's ROC (Joel Greenblatt) % too high?
AECI's current ROC (Joel Greenblatt) % of 17.48% is 30% below median its 10-year median of 24.80. Over the past 10 years, this metric has ranged from a low of 16.60 to a high of 36.85. The Chemicals industry median ROC (Joel Greenblatt) % is 9.47. AECI's value of 17.48% is 84.6% above this industry median. Based on the distribution chart, AECI ranks #461 out of 1605 companies in the Chemicals industry, which is above the industry midpoint. Overall, AECI has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does AECI's ROC (Joel Greenblatt) % compare to LIN and SHW?
According to the Chemicals industry distribution chart, AECI ranks #461 out of 1605 companies for ROC (Joel Greenblatt) %. This puts AECI in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 9.47. AECI's value of 17.48% is 84.6% above this benchmark. Historically, AECI's own ROC (Joel Greenblatt) % has ranged from 16.60 to 36.85 over the past decade. While the company's 10-year median is 24.80 vs. the industry median of 9.47, AECI 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 Chemicals company?
The median ROC (Joel Greenblatt) % among Chemicals companies is 9.47, based on 1,605 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. AECI's current ROC (Joel Greenblatt) % of 17.48% is 84.6% 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 AECI and its competitors. For the Chemicals industry, the median ROC (Joel Greenblatt) % is 9.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AECI's current ROC (Joel Greenblatt) % is 17.48%, which is 30% below median its own 10-year median of 24.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AECI stock overvalued right now?
Based on GuruFocus' analysis, AECI (JSE:AFE) is currently considered Significantly Overvalued. The stock's GF Value™ is R91.15, compared to a current price of R120.76 — trading 32.5% above its estimated fair value. The current ROC (Joel Greenblatt) % is 17.48%, which is 30% below median its 10-year median of 24.80 and 84.6% above the Chemicals industry median of 9.47. AECI's overall GF Score™ is 66/100 with 6 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 AECI (JSE:AFE), the current ROC (Joel Greenblatt) % is 17.48% 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 AECI (JSE:AFE) Overvalued in 2026?
Based on GuruFocus' analysis, AECI stock appears to be overvalued.
The current stock price of R120.76 is trading 32.5% above its estimated GF Value™ of R91.15.
GuruFocus considers AECI to be Significantly Overvalued.
Key valuation signals for JSE:AFE:
ROC (Joel Greenblatt) %: 17.48% (30% below median its 10-year median of 24.80)
GF Value™: R91.15 vs. price of R120.76 (32.5% above fair value)
Industry Position: 84.6% above the Chemicals median (#461 of 1605)
No single metric tells the full story. See the JSE:AFE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AECI Ltd is a diversified group operating predominantly in the chemicals industry. The company performs its various business activities in the following reportable segments: AECI Mining, AECI Chemicals, AECI Managed Businesses, and AECI Property Services and Corporate. A majority of its revenue is generated from the AECI Mining segment, which provides a mine-to-mineral solution for the international mining sector. The offerings under this segment include commercial explosives, initiating systems, blasting services, and surfactants for explosives manufacture across the value chain to chemicals for ore beneficiation and tailings treatment. Geographically, the group generates a majority of its revenue from Africa, followed by Asia-Pacific, Europe, North America, and Latin America.
66GF Score
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