You're right Roy2U, we're just using slightly different numbers...

You're right Roy2U, we're just using slightly different numbers to base our ROE calcs. I've got ~12% for this FY and you've got ~11.3% against current book. Over the years, MCP has consistently delivered ROE of 10%-20%, so I'm surprised the shares don't trade at p/e multiples of 10 to 20. Blawdy, infrastructure plays trade at p/e of 20 and ROE of 2-5% :/

I think it's also more relevant for traders/investors looking to buy in to look at returns against market based equity (rather than equity that's displayed in the books).