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Liam Polkinghorne, Investment Analyst at Hyperion Asset Management answers Alan Kohler’s question, "What’s the most important tool for valuing a company?". Talking to The Constant Investor, Liam discusses Hyperion’s view that ‘return on capital’ is the best approach to appraise the quality of a business. He states that “a business’s ability to maintain or increase its return on capital over time is usually a good indicator that the business possesses a sustainable competitive advantage, and is certainly a good place to start when looking for long-term investment ideas.”
Read the story here: What’s the most important tool for valuing a company? - The Constant Investor
