I thought about the acquisition possibility, but that would be...

I thought about the acquisition possibility, but that would be funded mostly by debt (or by issuing shares - which might be worse), meaning ROE shouldn't really drop if it's the former. Of course, this could result in intangibles to me amortised that may impact statutory NPAT, but if funded by debt, it's unlikely this would drop ROE by that much. And that's also ignoring the fact that they calculate ROE on underlying NPAT.

Furthering the idea of increasing receivables - if these were finance lease receivables for the RR business, there would be a retail margin attached, which should mitigate any impact to headline NPAT. Other business units would need huge growth in receivables to impact the group's ROE by almost 3%... (although I'm being lazy right now and not doing the maths properly, so I may be wrong)

No matter which way I think about this, an ROE target of 16% is not good