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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Exemplar REITail's Sloan Ratio for the quarter that ended in Feb. 2026 was 13.64%.
As of Feb. 2026, Exemplar REITail has a Sloan Ratio of 13.64%, indicating there is a warning stage of accrual build up.
Exemplar REITail (JSE:EXP) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Feb. 2026, Exemplar REITail has a Sloan Ratio of 13.64%, indicating there is a warning stage of accrual build up.
Exemplar REITail Sloan Ratio % Related Terms
Exemplar REITail Sloan Ratio % Historical Data
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The historical data trend for Exemplar REITail's Sloan Ratio % 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.
For the REIT - Retail subindustry, Exemplar REITail's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Exemplar REITail Sloan Ratio % vs REITs Industry
For the REITs industry and Real Estate sector, Exemplar REITail's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Exemplar REITail's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Exemplar REITail's Sloan Ratio for the fiscal year that ended in Feb. 2026 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
Exemplar REITail's Net Income for the trailing twelve months (TTM) ended in Feb. 2026 was 423.447 (Aug. 2025 ) + 994.147 (Feb. 2026 ) = R1,418 Mil.
Exemplar REITail's Cash Flow from Operations for the trailing twelve months (TTM) ended in Feb. 2026 was 34.75 (Aug. 2025 ) + 53.619 (Feb. 2026 ) = R88 Mil.
Exemplar REITail's Cash Flow from Investing for the trailing twelve months (TTM) ended in Feb. 2026 was -97.219 (Aug. 2025 ) + -171.429 (Feb. 2026 ) = R-269 Mil.
* 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.
Exemplar REITail (JSE:EXP) has a Sloan Ratio % of 13.64% as of Feb. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Exemplar REITail and its competitors.
Is Exemplar REITail's Sloan Ratio % too high?
Exemplar REITail's current Sloan Ratio % is 13.64%. Overall, Exemplar REITail has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Exemplar REITail's Sloan Ratio % compare to SPG and O?
Exemplar REITail's Sloan Ratio % of 13.64% can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a REITs company?
A good Sloan Ratio % depends on the REITs industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Exemplar REITail and its competitors. Exemplar REITail's current Sloan Ratio % is 13.64%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Exemplar REITail stock overvalued right now?
Based on GuruFocus' analysis, Exemplar REITail (JSE:EXP) is currently considered Modestly Overvalued. The stock's GF Value™ is R15.82, compared to a current price of R18.00 — trading 13.8% above its estimated fair value. The current Sloan Ratio % is 13.64%. Exemplar REITail's overall GF Score™ is 73/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Exemplar REITail (JSE:EXP), the current Sloan Ratio % is 13.64% as of Feb. 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 Exemplar REITail (JSE:EXP) Overvalued in 2026?
Based on GuruFocus' analysis, Exemplar REITail stock appears to be overvalued.
The current stock price of R18.00 is trading 13.8% above its estimated GF Value™ of R15.82.
GuruFocus considers Exemplar REITail to be Modestly Overvalued.
Key valuation signals for JSE:EXP:
Sloan Ratio %: 13.64%
GF Value™: R15.82 vs. price of R18.00 (13.8% above fair value)
No single metric tells the full story. See the JSE:EXP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Exemplar REITail Ltd is a real estate investment trust which develops, owns and manages township and rural retail real estate. The company is the only fund in the country focused purely on retail in under-serviced areas that offers stakeholders investment opportunities. The company's retail segments based on geography consist of Gauteng, Mpumalanga, KwaZulu-Natal, Limpopo, Eastern and Western Cape.
73GF Score
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