Ann: Intention to demerge Coles - Briefing Presentation, page-40

In a completely meaningless way. Unless you believe it is indicative of WES's future performance. Ie, that WES will continue making acquisitions at similar premiums to acquired NTA's which cannot sustain commensurate returns, and thus that it is actually reflective of incremental returns-on-capital going forward.

For me, it is a perennial question. What tells us more about the prospective future, returns-on-tangible-capital, or returns-on-goodwill-bloated-capital? I think one tells us more about the economics of the underlying business and the other tells us more about the management.