Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Black Sea Property's annualized return on capital (ROC %) for the quarter that ended in Dec. 2025 was 0.94%.
As of today (2026-08-03), Black Sea Property's WACC % is 5.08%. Black Sea Property's ROC % is -0.18% (calculated using TTM income statement data).
Black Sea Property earns returns that do not match up to its cost of capital. It will destroy value as it grows.
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Black Sea Property's WACC % is 5.08%. Black Sea Property's ROC % is -0.18% (calculated using TTM income statement data).
Black Sea Property earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Black Sea Property ROC % Related Terms
Black Sea Property ROC % Historical Data
* Premium members only.
The historical data trend for Black Sea Property's ROC % 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.
Note:
The Operating Income data used here is two times the semi-annual (Dec. 2025) data.
The tax rate is limited to between 0% and 100%.
* 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.
Black Sea Property (AQSE:BSP) has a ROC % of 0.94% as of Dec. 2025. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Black Sea Property and its competitors.
Is Black Sea Property's ROC % too high?
Black Sea Property's current ROC % is 0.94%. The Real Estate industry median ROC % is 2.15. Black Sea Property's value of 0.94% is 56.3% below this industry median.
How does Black Sea Property's ROC % compare to CBRE and BEKE?
Black Sea Property's ROC % of 0.94% can be compared against companies in the Real Estate industry. The industry median ROC % is 2.15. Black Sea Property's value of 0.94% is 56.3% 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 % for a Real Estate company?
The median ROC % among Real Estate companies is 2.15, based on 1,755 companies in the industry. Companies in the top quartile (top 25%) have a ROC % significantly above this median, while those in the bottom quartile fall well below. However, ROC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Black Sea Property's current ROC % of 0.94% is 56.3% 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 % mean?
A high ROC % can signal that a stock is expensive relative to its fundamentals. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Black Sea Property and its competitors. For the Real Estate industry, the median ROC % is 2.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Black Sea Property's current ROC % is 0.94%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Black Sea Property stock overvalued right now?
Based on GuruFocus' analysis, Black Sea Property (AQSE:BSP) is currently considered Fairly Valued. The stock's GF Value™ is €0.02, compared to a current price of €0.02 — trading right at its estimated fair value. The current ROC % is 0.94% and 56.3% below the Real Estate industry median of 2.15. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC % calculated?
ROC % is calculated from a company's financial statements. For Black Sea Property (AQSE:BSP), the current ROC % is 0.94% 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.
Black Sea Property PLC is a real estate company focused on investments in Bulgaria. It seeks to generate capital gains through development, financing and sale of property in Bulgaria, including the prime areas of Bulgaria's Black Sea coast, the ski resorts and the capital, Sofia. The Board is seeking to create a diverse portfolio of opportunistic and value-added Bulgarian real estate assets, including development land, partially completed construction projects and completed buildings.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
AQSE:BSP has been successfully added to your 
