C14.7. Thehigherthe anticipated return onnetoperating assets(RNOA) relative to theanticipated growth in net operating assets, the higher will

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C14.7. Thehigherthe anticipated return onnetoperating assets(RNOA) relative to theanticipated growth in net operating assets, the higher will be the unlevered priceto-

book ratio. Is this correct?

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Financial Statement Analysis And Security Valuation

ISBN: 9780071267809

4th International Edition

Authors: Penman-Stephen-H, Steven Penman

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