Sweet dreams, page-21

Im not speaking for craft here, but i think the problem is with long term ROE/ROC.

If TGA only have an ROE of 16%, it also means their return on capital has dropped. Given every bit of capital has a cost, if the difference between the ROC and the cost of that capital drops, each dollar of growth is worth less, hence the lower valuation.

Management transparency allows shareholders to see this coming, rather than have to read into ROE performance hurdles.

That said, I await crafts response - always worth reading.