We expect ROACE
to grow from 15% in 2010 to 20% by 2012, reaching ROACE
levels of Rosneft and TNK-BP.
BG expects ROACE
to be 11-12pc in 2003, instead of the 13pc originally forecast, although 2006's target of 14pc remains unchanged.
07 and an annualized operating ROACE
of nearly 11%.
Commenting on the second quarter 2013 financial results, Albert Benchimol, President and CEO of AXIS Capital said "For the year-to-date, we have delivered a very healthy annualized operating ROACE
We also believe that Bashneft will be able to maintain an average peer group ROACE
ratio of 23-25% throughout the period of our DCF forecast.
7% and 13% by 2015, respectively, while ROACE
is projected to be 31.
We expect the company to post a 2009E ROACE
of 38%, which would be the strongest in the sector.
We expect 2009-18E EBITDA and net income CAGRs of 21% and 23%, respectively, with an average ROACE
of over 30%, which is higher than Russian oil majors' 25%.
The ROA and ROACE
for the fourth quarter of 2008 were 0.
These measures, as well as EBITDA and ROACE
, provide a more consistent view of performance than the closest GAAP equivalent for management and investors.