One other thing Roger, PGW ROIC was over 10%
That is well above their cost of capital, a lot of economic value added here I reckon.
Over the long term the value of PGW is how much their returns are in excess of the cost of capital and PGW doing very well in this respect.
Geek note: MVA = NPV of future EVA. MVA is market cap less equity, EVA is economic value added (excess returns over cost of capital).
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