p/e=8 only, page-8

If you don't assume the worst case, and say that CAB will only pass on 1% of the fee to networks/operators, then the loss is substantially lessened.

Furthermore, CAB have a significant advantage because of the eTICKET, which could potentially have other fees added to it. Not sure of the details, but it's probably something worth exploring.

As for the ROE, I agree, however these regulations essentially mean less competition. In theory, this regulatory change should mean a smaller investment is required to maintain a your competitive advantage, because it's less attractive to other players. This should also translate to less staff, but again, this is purely theoretical at the moment.

I actually think the ROE/ROC within the Buses and Coaches segment is of greater concern.