DB 德银：全球投资资本的现金回报率研究

20页 英文 09.25

Not financially, but operationally
Although financial gearing in the ‘industrial’ part of the market is low,
corporates have enjoyed a supreme period of increased productivity and
profitability. We calculate that the cash return on capital invested (CROCI) for
our universe is nearly 10%, some 400 basis points above most estimates of
the long run real return on equities. We suspect that at least part of this is
because of a high level of operational gearing.

Table of contents
Market Small Talk.............................................................................. 3
Geared up ............................................................................................................………………3
Sector Straight Talk .......................................................................... 9
Examining high returns .............................................................................................................9
Sector Recommendation ........................................................................................................11
Stock Pep-talk.................................................................................. 13
Adecco...................................................................................................................................13
Suzuki Motor..........................................................................................................................14
Kimberly-Clark .........................................................................................................................15
CROCI Values movers.............................................................................................................16
Extreme valuations..................................................................................................................17
Portfolio Shop Talk.......................................................................... 18
The Value Portfolio ..................................................................................................................19
The Core Portfolio ...................................................................................................................19
The GARP Portfolio ..................................................................................................................20
The Pipedream Portfolio ..........................................................................................................20