You're right - a little bearish perhaps - but who wouldn't be when the operating margin has gone 5, 4, 3, 2, 1+% over the last five years. ROA picture is similar, ROE also on a five year decline. Maybe I'm a newbie - but i'm just reporting on the facts based on company accounts over the last five years - i'm not engaged in speculation, just the facts...
2016 Guidance Affirmed, page-178
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