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  "notes": "The chart illustrates how different growth drivers (ROE vs COE) impact valuation multiples over time.",
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      "kind": "callout",
      "text": "In reality efficiency gains are likely to be eroded quickly",
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      "text": "Chart 6: Effect of Different Sources of Growth on the PE Ratio",
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      "kind": "legend",
      "text": "(1) Efficiency gains (2) ROE > COE (3) ROE = COE (4) Inflation only (5) ROE < COE",
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      "text": "Source: UBS Warburg. Note: Assumes perpetual growth arising from: (1) perpetual efficiency gains = the long-term growth rate; (2) and (5) reinvestment at a 3% premium/discount to COE; (3) reinvestment at COE; (4) inflationary growth only",
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      "text": "Implicit in the above formula is the assumption that efficiency gains are achieved in perpetuity. Because efficiency gains are likely to be eroded fairly quickly, a more realistic multiple would lie between this multiple and the fair value PE ratio under an assumption of normal reinvestment.",
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      "text": "Valuation Multiples: A Primer",
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