HomeCo Daily Needs REIT (ASX:HDN) EBIT : A$66.2 Mil (TTM As of Dec. 2023)

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What is HomeCo Daily Needs REIT EBIT?

HomeCo Daily Needs REIT's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2023 was A$25.6 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was A$66.2 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. HomeCo Daily Needs REIT's annualized ROC % for the quarter that ended in Dec. 2023 was 5.12%. HomeCo Daily Needs REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 133.51%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. HomeCo Daily Needs REIT's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 1.62%.

HomeCo Daily Needs REIT EBIT Historical Data

The historical data trend for HomeCo Daily Needs REIT's EBIT 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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HomeCo Daily Needs REIT EBIT Chart

HomeCo Daily Needs REIT Annual Data

Trend

Jun22

Jun23

EBIT

358.10

160.40

HomeCo Daily Needs REIT Semi-Annual Data
	Dec21	Jun22	Dec22	Jun23	Dec23
EBIT	129.00	229.10	119.80	40.60	25.60

Competitive Comparison of HomeCo Daily Needs REIT's EBIT

For the REIT - Retail subindustry, HomeCo Daily Needs REIT's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

HomeCo Daily Needs REIT's EV-to-EBIT Distribution in the REITs Industry

For the REITs industry and Real Estate sector, HomeCo Daily Needs REIT's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where HomeCo Daily Needs REIT's EV-to-EBIT falls into.

HomeCo Daily Needs REIT EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was A$66.2 Mil.

HomeCo Daily Needs REIT (ASX:HDN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

HomeCo Daily Needs REIT's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	241 * ( 1 - 0% )	/	( (4773.4	+	4639)	/ 2 )
=	241	/	4706.2
=	5.12 %

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	))
=	4825.4	-	105.8	-	( 16.2	-	max(0, 106	-	52.2	+	16.2	))
=	4773.4

	Invested Capital		(Q: 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	))
=	4714.2	-	60.6	-	( 14.6	-	max(0, 103.9	-	193.1	+	14.6	))
=	4639

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

HomeCo Daily Needs REIT's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	51.2	/	( ( (0 + max(-72.6, 0))	+	(0 + max(76.7, 0)) )	/	2 )
=	51.2	/	( ( 0	+	76.7 )	/	2 )
=	51.2	/	38.35
=	133.51 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(3.4	+	0	+	29.8)	-	(105.8	+	0	+	0)
=	-72.6

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(6.1	+	0	+	174.3)	-	(60.6	+	0	+	43.1)
=	76.7

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

HomeCo Daily Needs REIT's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	66.2	/	4098.652
	=	1.62 %

HomeCo Daily Needs REIT EBIT Related Terms

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HomeCo Daily Needs REIT (ASX:HDN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » HomeCo Daily Needs REIT (ASX:HDN) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

N/A

Address

1 Macquarie Place, Level 7, Gateway, Sydney, NSW, AUS, 2000

Website

https://www.home-co.com.au

HomeCo Daily Needs REIT, or HomeCo, is an externally managed property trust run by HMC Capital which also runs HealthCo Healthcare and Wellness REIT and unlisted funds. HomeCo targets 50% of assets in neighbourhood malls, 30% large-format, and 20% in health and services. After merging with Aventus Retail REIT in 2022, HomeCo is overweight large-format (just under half its portfolio) and underweight neighbourhood (one third of the portfolio), with health and services slightly below target. The plan is to move back to the target via redevelopment and tenant remixing, and potentially acquisitions. HomeCo seeks tenant leases before commencing developments, so we expect development opportunities will arise gradually, as population growth adds demand in HomeCo's catchments.

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