Turnall Holdings (XZIM:TURN.ZW) ROC % : -8.41% (As of Jun. 2024)

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What is Turnall Holdings 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 %. Turnall Holdings's annualized return on capital (ROC %) for the quarter that ended in Jun. 2024 was -8.41%.

As of today (2025-04-12), Turnall Holdings's WACC % is 10.35%. Turnall Holdings's ROC % is -4.21% (calculated using TTM income statement data). Turnall Holdings earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Turnall Holdings ROC % Historical Data

The historical data trend for Turnall Holdings'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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Turnall Holdings ROC % Chart

Turnall Holdings Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

ROC %

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-24.84

7.75

-5.57

14.84

17.52

Turnall Holdings Semi-Annual Data
	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun23	Jun24
ROC %	Get a 7-Day Free Trial														187.85	10.36	26.62	-4.41	-8.41

Turnall Holdings ROC % Calculation

Turnall Holdings's annualized Return on Capital (ROC %) for the fiscal year that ended in Dec. 2018 is calculated as:

	ROC % (A: Dec. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2017 )	+	Invested Capital (A: Dec. 2018 ))	/ count )
=	222.874 * ( 1 - 34.74% )	/	( (896.403	+	763.53)	/ 2 )
=	145.4475724	/	829.9665
=	17.52 %

where

	Invested Capital		(A: Dec. 2017 )
=	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	))
=	913.481	-	334.405	-	( 5.577	-	max(0, 478.564	-	161.237	+	5.577	))
=	896.403

	Invested Capital		(A: Dec. 2018 )
=	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	))
=	985.359	-	210.89	-	( 10.939	-	max(0, 243.143	-	302.501	+	10.939	))
=	763.53

Turnall Holdings's annualized Return on Capital (ROC %) for the quarter that ended in Jun. 2024 is calculated as:

	ROC % (Q: Jun. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Jun. 2024 ))	/ count )
=	-67.722 * ( 1 - 3% )	/	( (0	+	780.743)	/ 1 )
=	-65.69034	/	780.743
=	-8.41 %

where

	Invested Capital		(Q: Jun. 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	))
=	0	-	0	-	( 0	-	max(0, 0	-	0	+	0	))
=	0

	Invested Capital		(Q: Jun. 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	))
=	978.683	-	186.921	-	( 11.019	-	max(0, 231.4	-	346.711	+	11.019	))
=	780.743

Note: The Operating Income data used here is two times the semi-annual (Jun. 2024) data.

Turnall Holdings (XZIM:TURN.ZW) 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, Turnall Holdings's WACC % is 10.35%. Turnall Holdings's ROC % is -4.21% (calculated using TTM income statement data). Turnall Holdings 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.

Turnall Holdings ROC % Related Terms

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Turnall Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Turnall Holdings Ltd (XZIM:TURN.ZW) » Definitions » ROC %

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Traded in Other Exchanges

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Address

5 Glasgow Road, Workington, P.O. Box 3985, Southerton, Harare, ZWE

Website

https://www.turnall.co.zw

Turnall Holdings Ltd is a Zimbabwe-based company, which is engaged in the production of building and construction materials comprising corrugated sheeting, flat sheets, pressure pipes, sewer pipes, concrete roofing tiles, and related accessories. It operates through segments, which include Building Products, Piping products, Concrete tiles, and Construction. The Building Products segment which earns the majority of revenue is engaged in the production of roofing sheets, flat sheets, and molded goods. Its Piping products segment is engaged in the production of water and sewer reticulation pipes. The Concrete tile segment is engaged in the production of concrete roofing products. Geographically, it derives maximum revenue from Zimbabwe.

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