Quarterly predictions, page-661

"When we looked at the ROCE trend of Grange Resources (ASX:GRR) we really liked what we saw.
What is Return On Capital Employed (ROCE)?

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Grange Resources, this is the formula:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.45 = AU$436m ÷ (AU$1.1b - AU$160m) (Based on the trailing twelve months to December 2021).
Thus, Grange Resources has an ROCE of 45%. That's a fantastic return and not only that, it outpaces the average of 8.4% earned by companies in a similar industry.

Over the last five years, returns on capital employed have risen substantially to 45%. The amount of capital employed has increased too, by 144%. So we're very much inspired by what we're seeing at Grange Resources thanks to its ability to profitably reinvest capital.
Our Take On Grange Resources' ROCE

To sum it up, Grange Resources has proven it can reinvest in the business and generate higher returns on that capital employed, which is terrific. Since the stock has returned a staggering 967% to shareholders over the last five years, it looks like investors are recognizing these changes."