State of the North American Pulp & Paper Industry - The Center for ...
State of the North American Pulp & Paper Industry - The Center for ...
State of the North American Pulp & Paper Industry - The Center for ...
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<strong>Industry</strong> Per<strong>for</strong>mance<br />
–<br />
ROTC Vs. Cost <strong>of</strong> Capital<br />
Cost <strong>of</strong> Capi ital<br />
Return &<br />
20%<br />
15%<br />
10%<br />
5%<br />
ROTC averages 7% vs.<br />
ROTC Averages 7 % vs.<br />
11% cost <strong>of</strong> capital<br />
11% Cost <strong>of</strong> Capital<br />
0%<br />
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002<br />
Return On Total Capital<br />
Cost <strong>of</strong> Capital<br />
Returns<br />
Average 4<br />
Points Below<br />
Target --<br />
Rational<br />
Investors Will<br />
Not Allocate<br />
Capital To <strong>The</strong><br />
Poorly<br />
Per<strong>for</strong>ming<br />
Sector & Firms<br />
11
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