Thanks for sharing the insights from the event.

How do you calculate ROIC in such cases? If you include intangibles it is difficult to find a lot of serial acquirers with ROIC>20%.

Thanks again.

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I usually try to find nuggets that inform me on pre-tax profit, I look at ROIC and FCF margins over time, including and excluding goodwill. Sometimes you might find more info that give you more precise estimate. Because of this opaqueness, judging management well and long-term financials are important signs that "they know what they are doing".

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