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Re: FWDThose EBIT Margins look a bit different to what I have[ATTACH]49350[/ATTACH]The run up from early 2000's looks fairly obvious – the real question is whether the 23 year regression line of the margin is representative of underlying business improvement? The answer has a big impact on where margins may bottom.Margin is only part of the profitability equation the other half is asset utilisation which tends to be equally important for true cyclical companies.
Re: FWD
Those EBIT Margins look a bit different to what I have
[ATTACH]49350[/ATTACH]
The run up from early 2000's looks fairly obvious – the real question is whether the 23 year regression line of the margin is representative of underlying business improvement? The answer has a big impact on where margins may bottom.
Margin is only part of the profitability equation the other half is asset utilisation which tends to be equally important for true cyclical companies.
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