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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. Aedes SpA's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2025 was 105.72%.
The historical rank and industry rank for Aedes SpA's ROC (Joel Greenblatt) % or its related term are showing as below:
MIL:AEDES'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -95.56 Med: -31.46 Max: 56.03
Current: 35.51
During the past 13 years, Aedes SpA's highest ROC (Joel Greenblatt) % was 56.03%. The lowest was -95.56%. And the median was -31.46%.
MIL:AEDES's ROC (Joel Greenblatt) % is ranked worse than 65.92% of 584
companies
in the REITs industry
Industry Median: 179.775
vs MIL:AEDES: 35.51
Aedes SpA's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -22.00% 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.
The historical data trend for Aedes SpA'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.
MIL:AEDES vs SPG, O, KIM: ROC (Joel Greenblatt) % Comparison
For the REIT - Retail subindustry, Aedes SpA'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.
Aedes SpA ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Aedes SpA's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Aedes SpA'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 (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 105.72% mean?
Aedes SpA (MIL:AEDES) has a ROC (Joel Greenblatt) % of 105.72% 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 Aedes SpA and its competitors. According to the industry distribution chart, Aedes SpA ranks #385 out of 584 companies in the REITs industry, placing it in the top 65.9%.
Is Aedes SpA's ROC (Joel Greenblatt) % too high?
Aedes SpA's current ROC (Joel Greenblatt) % is 105.72%. The REITs industry median ROC (Joel Greenblatt) % is 179.78. Aedes SpA's value of 105.72% is 41.2% below this industry median. Based on the distribution chart, Aedes SpA ranks #385 out of 584 companies in the REITs industry, which is below the industry midpoint. Overall, Aedes SpA has a GF Score™ of 37/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Aedes SpA's ROC (Joel Greenblatt) % compare to SPG and O?
According to the REITs industry distribution chart, Aedes SpA ranks #385 out of 584 companies for ROC (Joel Greenblatt) %. This places Aedes SpA in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 179.78. Aedes SpA's value of 105.72% is 41.2% below this benchmark. 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 179.78, based on 584 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. Aedes SpA's current ROC (Joel Greenblatt) % of 105.72% is 41.2% below 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 Aedes SpA and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 179.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aedes SpA's current ROC (Joel Greenblatt) % is 105.72%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aedes SpA stock overvalued right now?
Based on GuruFocus' analysis, Aedes SpA (MIL:AEDES) is currently considered Possible Value Trap. The stock's GF Value™ is €5.89, compared to a current price of €0.86 — trading 85.4% below its estimated fair value. The current ROC (Joel Greenblatt) % is 105.72% and 41.2% below the REITs industry median of 179.78. Aedes SpA's overall GF Score™ is 37/100 with 4 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 Aedes SpA (MIL:AEDES), the current ROC (Joel Greenblatt) % is 105.72% 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 Aedes SpA (MIL:AEDES) Overvalued in 2026?
Based on GuruFocus' analysis, Aedes SpA stock appears to be undervalued.
The current stock price of €0.86 is trading 85.4% below its estimated GF Value™ of €5.89.
GuruFocus considers Aedes SpA to be Possible Value Trap.
Key valuation signals for MIL:AEDES:
ROC (Joel Greenblatt) %: 105.72%
GF Value™: €5.89 vs. price of €0.86 (85.4% below fair value)
Industry Position: 41.2% below the REITs median (#385 of 584)
No single metric tells the full story. See the MIL:AEDES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aedes SpA operates in the real estate sector in Italy and internationally. Its two business lines, acquiring income properties to compete with the performances of European REITs and, on the other, creating a new generation of shopping and leisure centers through its pipeline development.
37GF 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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