Immobiliare Grande Distribuzione SiiQ SpA (FRA:IF81) ROC % : 5.40% (As of Dec. 2024)

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What is Immobiliare Grande Distribuzione SiiQ SpA ROC %?

ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Immobiliare Grande Distribuzione SiiQ SpA's annualized return on capital (ROC %) for the quarter that ended in Dec. 2024 was 5.40%.

As of today (2025-03-26), Immobiliare Grande Distribuzione SiiQ SpA's WACC % is 8.42%. Immobiliare Grande Distribuzione SiiQ SpA's ROC % is 5.21% (calculated using TTM income statement data). Immobiliare Grande Distribuzione SiiQ SpA earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Immobiliare Grande Distribuzione SiiQ SpA ROC % Historical Data

The historical data trend for Immobiliare Grande Distribuzione SiiQ SpA'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.

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Immobiliare Grande Distribuzione SiiQ SpA ROC % Chart

Immobiliare Grande Distribuzione SiiQ SpA Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

ROC %

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3.80

4.32

4.25

5.01

5.09

Immobiliare Grande Distribuzione SiiQ SpA Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
ROC %	Get a 7-Day Free Trial															5.22	5.62	5.40	4.55	5.40

Immobiliare Grande Distribuzione SiiQ SpA ROC % Calculation

Immobiliare Grande Distribuzione SiiQ SpA's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2024 is calculated as:

	ROC % (A: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2023 )	+	Invested Capital (A: Dec. 2024 ))	/ count )
=	99.498 * ( 1 - -0.97% )	/	( (2061.088	+	1889.015)	/ 2 )
=	100.4631306	/	1975.0515
=	5.09 %

where

	Invested Capital		(A: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2060.742	-	27.146	-	( 6.069	-	max(0, 76.664	-	49.172	+	6.069	))
=	2061.088

	Invested Capital		(A: Dec. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1853.486	-	16.587	-	( 4.741	-	max(0, 101.605	-	49.489	+	4.741	))
=	1889.015

Immobiliare Grande Distribuzione SiiQ SpA's annualized Return on Capital (ROC %) for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	91.256 * ( 1 - -11.95% )	/	( (1892.836	+	1889.015)	/ 2 )
=	102.161092	/	1890.9255
=	5.40 %

where

	Invested Capital		(Q: Sep. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1862.468	-	17.72	-	( 5.849	-	max(0, 94.897	-	46.809	+	5.849	))
=	1892.836

	Invested Capital		(Q: Dec. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	1853.486	-	16.587	-	( 4.741	-	max(0, 101.605	-	49.489	+	4.741	))
=	1889.015

Note: The Operating Income data used here is four times the quarterly (Dec. 2024) data.

Immobiliare Grande Distribuzione SiiQ SpA (FRA:IF81) ROC % Explanation

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, Immobiliare Grande Distribuzione SiiQ SpA's WACC % is 8.42%. Immobiliare Grande Distribuzione SiiQ SpA's ROC % is 5.21% (calculated using TTM income statement data). Immobiliare Grande Distribuzione SiiQ SpA 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.

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Immobiliare Grande Distribuzione SiiQ SpA Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Immobiliare Grande Distribuzione SiiQ SpA (FRA:IF81) » Definitions » ROC %

Comparable Companies

Traded in Other Exchanges

IMMQF:USA IGD:Italy 0STP:UK IF81:Germany

Address

Via Trattati Comunitari, Europei 1957-2007, 13, Bologna, ITA, 40127

Website

https://www.gruppoigd.it

Immobiliare Grande Distribuzione SiiQ SpA is a real estate company that manages and develops shopping centers in Italy. It operates in three main business segments which include core business properties, services, and trading. It generates a majority of its revenue from the core business properties segment. The company provides various services related to the real estate sector, including the promotion of newly opened, expanded, or restructured centers, rotation of existing retailers, and facility management services, such as security, cleaning, and ordinary maintenance.

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