solid first half, page-18

"but it does help find the cream from the... Well you know what."

Not really see it's all about forecasting take a look at tcl it's cashflow is growing at a 45 degree angle with an internal rate of return of say 11-12%. But it has a Roe of 4-5% .

the goodwill for wes is what is making the roe look bad but goodwill only represents the original cost not the current value so you need to be able to look past that.

See if you owned a business and you bought woolworths witch has a book value of $6.15 but you paid $24.5 based on you DCF or whatever then what will happen to your balance sheet. Goodwill doesn't change anything about the cashflows of assets, it only changes on paper the roe figure it's there to balance the balance sheet that's it.

From what i see there isn't much else that makes wes outshine wow except the supermarkets and the extra leverage in resources short term.