2003全球交通投資回報分析報告－摩根(PDF 80頁)

We rev IEw investment returns for global surface transport s TOCks
In this report, we compare historical and forecast return on EQu ITy and
return on invested cap ITal for the 44 largest s TOCks in our global
universe as add ITional metrics to use when valuing our s TOCks.
? Surface Transport beat its cost of cap ITal over five years, on our analysis
Overall, the industry’s 9% return on cap ITal is ahead of the current
r EQuired rate of return of 6.5%, on our estimates, due mostly to the
performance of non-asset-based compan IEs. We estimate return on
EQu ITy for surface transport s TOCks averages near 13%.
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