"Problem is, I would be surprised if ROE's are above 15% in the next 5 yesrs."
Interesting.
Why do you say that, @MarsC?
ROE is today running at around 19%, which is no different to what it was in 2001/2, which is as far back as I have captured the company's financial results. And ROE is some 300bp-400bp higher than it was five years ago, despite the significant increase in the company's fixed asset base in the intervening period (albeit there is sure to be some sort of a cyclical influence in that ROE improvement).
So what are you seeing in the core business that leads you to contemplate a (somewhat significant return fade) in coming years?
Or is it that you think the HVAC and Viadux ventures will be dilutive to returns?
Ann: FY 2018 Half Year Announcement, page-9
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