HiWave Technologies (LSE:HIW) ROC (Joel Greenblatt) % : -775.45% (As of Sep. 2012)

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What is HiWave Technologies ROC (Joel Greenblatt) %?

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. HiWave Technologies's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2012 was -775.45%.

The historical rank and industry rank for HiWave Technologies's ROC (Joel Greenblatt) % or its related term are showing as below:

LSE:HIW' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -1722.8 Med: -316.3 Max: -65.9
Current: -599.1

During the past 13 years, HiWave Technologies's highest ROC (Joel Greenblatt) % was -65.90%. The lowest was -1722.80%. And the median was -316.30%.

LSE:HIW's ROC (Joel Greenblatt) % is not ranked
in the Hardware industry.
Industry Median: 9.985 vs LSE:HIW: -599.10

HiWave Technologies's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.

HiWave Technologies ROC (Joel Greenblatt) % Historical Data

The historical data trend for HiWave Technologies'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.

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HiWave Technologies ROC (Joel Greenblatt) % Chart

HiWave Technologies Annual Data

Trend

Jun03

Jun04

Jun05

Jun06

Jun07

Jun08

Jun09

Jun10

Sep11

Sep12

ROC (Joel Greenblatt) %

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-644.92

-130.11

-274.17

-223.85

-190.08

HiWave Technologies Semi-Annual Data
	Dec02	Jun03	Dec03	Jun04	Dec04	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Mar12	Sep12
ROC (Joel Greenblatt) %	Get a 7-Day Free Trial															-322.85	-620.31	-392.77	-638.78	-775.45

Competitive Comparison of HiWave Technologies's ROC (Joel Greenblatt) %

For the Electronic Components subindustry, HiWave Technologies'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.

HiWave Technologies's ROC (Joel Greenblatt) % Distribution in the Hardware Industry

For the Hardware industry and Technology sector, HiWave Technologies's ROC (Joel Greenblatt) % distribution charts can be found below:

* The bar in red indicates where HiWave Technologies's ROC (Joel Greenblatt) % falls into.

HiWave Technologies 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:

ROC (Joel Greenblatt) %

EBIT

Average of (Net fixed Assets

Net Working Capital)

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.

	Working Capital		(Q: Mar. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0.292	+	0.939)	-	(0.842	+	0	+	0.361)
=	0.028

	Working Capital		(Q: Sep. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0.224	+	0.783)	-	(0.627	+	0	+	0)
=	0.38

When net working capital is negative, 0 is used.

So ROC (Joel Greenblatt) % of HiWave Technologies for the quarter that ended in Sep. 2012 can be restated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2012 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2012		Q: Sep. 2012
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-3.032	/	( ( (0.204 + max(0.028, 0))	+	(0.17 + max(0.38, 0)) )	/	2 )
=	-3.032	/	( ( 0.232	+	0.55 )	/	2 )
=	-3.032	/	0.391
=	-775.45 %

Note: The EBIT data used here is two times the semi-annual (Sep. 2012) EBIT data.

HiWave Technologies (LSE:HIW) 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.

Joel Greenblatt uses his definition of Return on Capital and Earnings Yield (Joel Greenblatt) % to rank companies.

HiWave Technologies ROC (Joel Greenblatt) % Related Terms

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