EFTA01466396Set 10
2013-12-11105p20,860w
increase in oil demand over recent
years.
Figure 7: 2013 versus 2007 — EV/NCI (x) and CROCI (%) for main EM markets ... EFTA01466409
16%
EV/NCI (2007) - LHS EV/NCI (2013) - LHS CROCI (2007) - RHS CROCI (2013) - RHS
Source: Deutsche Bank, Bloomberg Finance LP
Page 8
Deutsche Bank AG/London
EFTA01466410
11 December ... some GEM markets and sectors, especially in terms
of replacement cost (Figure 7 - EV/NCI is a reasonable proxy for
replacement cost), mean that any positive turn in sentiment is likely
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01466396.pdf
EFTA01462583Set 10
2014-01-3120p3,111w
1P/BV vs. ROE and EV/NCI vs. CROCI is for CROCI global universe during 2012,
using average share price where necessary. Companies with negative P/BVs
have been
removed from both, along ... insured I May lose value
4
Companies with
P/BVs
Enterprise value / net capital invested (EV/NCI)
Cash Return On Capital Invested (CROCI) Invested (CROCI)
Economic P/E
EFTA01462589
Economic P/E: EV/NCI ... CROCI1
R2 = 0.7517
EV/NCI
CROCI
EFTA01462590
CROCI selection methodology
regional
pp
Overview of country, regional and global CROCI indices
Large-cap selection pools excluding financials)
(S&P 500 Index, EuroSTOXX
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01462583.pdf