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Bulgarian Real Estate Fund REITXBUL:BREF -1.16%73 ROC (Joel Greenblatt) % is 53,386.67% as of Mar. 2026, which is 839% above its 10-year median of 5,686.76. GuruFocus rates XBUL:BREF with a GF Score™ of 73/100 and a GF Value™ of €15.86 (Possible Value Trap). The stock has 4 warning signs investors should review. Among 584 REITs companies, Bulgarian Real Estate Fund REIT ranks better than 53.25% 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. Bulgarian Real Estate Fund REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 53,386.67%.
The historical rank and industry rank for Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % or its related term are showing as below:
XBUL:BREF'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 128.91 Med: 5686.76 Max: 85725
Current: 221.6
During the past 13 years, Bulgarian Real Estate Fund REIT's highest ROC (Joel Greenblatt) % was 85725.00%. The lowest was 128.91%. And the median was 5686.76%.
XBUL:BREF's ROC (Joel Greenblatt) % is ranked better than 53.25% of 584
companies
in the REITs industry
Industry Median: 178.7
vs XBUL:BREF: 221.60
Bulgarian Real Estate Fund REIT (XBUL:BREF) 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.
* 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.
Bulgarian Real Estate Fund REIT ROC (Joel Greenblatt) % Chart
XBUL:BREF vs VICI, WPC: ROC (Joel Greenblatt) % Comparison
For the REIT - Diversified subindustry, Bulgarian Real Estate Fund REIT'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.
Bulgarian Real Estate Fund REIT ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % falls into.
Bulgarian Real Estate Fund REIT 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:
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 four times the quarterly (Mar. 2026) 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 53,386.67% mean?
Bulgarian Real Estate Fund REIT (XBUL:BREF) has a ROC (Joel Greenblatt) % of 53,386.67% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Bulgarian Real Estate Fund REIT and its competitors. This is 839% above median its historical median of 5,686.76. Over the past decade, Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % has ranged from 128.91 to 85,725.00. According to the industry distribution chart, Bulgarian Real Estate Fund REIT ranks #273 out of 584 companies in the REITs industry, placing it in the top 46.7%.
Is Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % too high?
Bulgarian Real Estate Fund REIT's current ROC (Joel Greenblatt) % of 53,386.67% is 839% above median its 10-year median of 5,686.76. Over the past 10 years, this metric has ranged from a low of 128.91 to a high of 85,725.00. The REITs industry median ROC (Joel Greenblatt) % is 178.70. Bulgarian Real Estate Fund REIT's value of 53,386.67% is 29775% above this industry median. Based on the distribution chart, Bulgarian Real Estate Fund REIT ranks #273 out of 584 companies in the REITs industry, which is above the industry midpoint. Overall, Bulgarian Real Estate Fund REIT has a GF Score™ of 73/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bulgarian Real Estate Fund REIT's ROC (Joel Greenblatt) % compare to VICI and WPC?
According to the REITs industry distribution chart, Bulgarian Real Estate Fund REIT ranks #273 out of 584 companies for ROC (Joel Greenblatt) %. This puts Bulgarian Real Estate Fund REIT in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 178.70. Bulgarian Real Estate Fund REIT's value of 53,386.67% is 29775% above this benchmark. Historically, Bulgarian Real Estate Fund REIT's own ROC (Joel Greenblatt) % has ranged from 128.91 to 85,725.00 over the past decade. While the company's 10-year median is 5,686.76 vs. the industry median of 178.70, Bulgarian Real Estate Fund REIT 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 178.70, 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. Bulgarian Real Estate Fund REIT's current ROC (Joel Greenblatt) % of 53,386.67% is 29775% 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 Bulgarian Real Estate Fund REIT and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 178.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bulgarian Real Estate Fund REIT's current ROC (Joel Greenblatt) % is 53,386.67%, which is 839% above median its own 10-year median of 5,686.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bulgarian Real Estate Fund REIT stock overvalued right now?
Based on GuruFocus' analysis, Bulgarian Real Estate Fund REIT (XBUL:BREF) is currently considered Possible Value Trap. The stock's GF Value™ is €15.86, compared to a current price of €2.55 — trading 83.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 53,386.67%, which is 839% above median its 10-year median of 5,686.76 and 29775% above the REITs industry median of 178.70. Bulgarian Real Estate Fund REIT's overall GF Score™ is 73/100 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 Bulgarian Real Estate Fund REIT (XBUL:BREF), the current ROC (Joel Greenblatt) % is 53,386.67% as of Mar. 2026. 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 Bulgarian Real Estate Fund REIT (XBUL:BREF) Overvalued in 2026?
Based on GuruFocus' analysis, Bulgarian Real Estate Fund REIT stock appears to be undervalued.
The current stock price of €2.55 is trading 83.9% below its estimated GF Value™ of €15.86.
GuruFocus considers Bulgarian Real Estate Fund REIT to be Possible Value Trap.
Key valuation signals for XBUL:BREF:
ROC (Joel Greenblatt) %: 53,386.67% (839% above median its 10-year median of 5,686.76)
GF Value™: €15.86 vs. price of €2.55 (83.9% below fair value)
Industry Position: 29775% above the REITs median (#273 of 584)
No single metric tells the full story. See the XBUL:BREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bulgarian Real Estate Fund REIT Business Description
Bulgarian Real Estate Fund REIT is a special investment purpose joint-stock entity seated in the Republic of Bulgaria. The main activity of the fund is investing the cash funds raised through securities issuance in real property /securitization of real property/ through the purchase of ownership rights and other real rights over real property, carrying out construction and improvements therein for the purpose of making it available for management, renting, leasing and/or sale. Its investment objective is to achieve capital appreciation by means of diversified investments in business buildings, residential and other high-class properties, retail premises and agricultural land on the territory of Bulgaria.
73GF Score
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