The company paid very high dividend (almost 100%) so no profit is added to accumulated reserve of the company. Due to this, Book value of company would see limited growth. However, same would also reflected in very high ROCE and RONW ratio, as net worth is very low and not growing, while profit is increasing. Further, generally in my understanding, high RONW business with growth are generally traded at relatively higher P/E multiples. My understanding may be wrong, so reader shall do his/her own due diligence.
Discl: Same as last post
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