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.
H E S Beheer NV's Sloan Ratio for the quarter that ended in Jun. 2014 was 21.20%.
As of Jun. 2014, H E S Beheer NV has a Sloan Ratio of 21.20%, indicating there is a warning stage of accrual build up.
H E S Beheer NV Sloan Ratio % Historical Data
The historical data trend for H E S Beheer NV'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.
Competitive Comparison of H E S Beheer NV's Sloan Ratio %
For the Integrated Freight & Logistics subindustry, H E S Beheer NV'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.
H E S Beheer NV's Sloan Ratio % Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, H E S Beheer NV's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where H E S Beheer NV's Sloan Ratio % falls into.
H E S Beheer NV Sloan Ratio % Calculation
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.
H E S Beheer NV's Sloan Ratio for the fiscal year that ended in Dec. 2013 is calculated as
For company reported semi-annually, GuruFocus uses latest two semi-annual data as the TTM data.
H E S Beheer NV's Net Income for the trailing twelve months (TTM) ended in Jun. 2014 was 2.5 (Dec. 2013 ) + 9.3 (Jun. 2014 ) = €11.8 Mil.
H E S Beheer NV's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2014 was 9.517 (Dec. 2013 ) + 25.1 (Jun. 2014 ) = €34.6 Mil.
H E S Beheer NV's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2014 was 2.764 (Dec. 2013 ) + -101.7 (Jun. 2014 ) = €-98.9 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.
H E S Beheer NV (LTS:0OOB) 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 Jun. 2014, H E S Beheer NV has a Sloan Ratio of 21.20%, indicating there is a warning stage of accrual build up.
H E S Beheer NV Sloan Ratio % Related Terms
Thank you for viewing the detailed overview of H E S Beheer NV's Sloan Ratio % provided by GuruFocus.com. Please click on the following links to see related term pages.
H.E.S. Beheer NV was formed in 1908. It is a holding company for independent subsidiaries and associated companies which provide logistic services in ports. The core activity is stevedoring, involving the loading and unloading of dry and liquid bulk products into and from seagoing vessels, coasters, lighters, trains and trucks and large-scale open-air and covered storage. Most of these bulk products are destined for industrial end-users, mainly as raw materials for the energy market, the steel and aluminium industry and the food industry. The Company is also active in the UK. One of the associates has establishments in several countries, including France, Germany, Belgium and Poland. The core activities of this company are stevedoring and inland shipping.
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