ITC is the one stock today which is splitting investing community in half

 

It has got attention from even famed traders

 

As good students of history we will go back to what Mr. Buffett had to say on management efficiency

“Unrestricted earnings should be retained only where there is a reasonable prospect – backed preferably by historical evidence or, when appropriate by a thoughtful analysis of the future – that for every dollar retained by the corporation, at least one dollar of market value will be created for owners. This will happen only if the capital retained produces incremental earnings equal to, or above, those generally available to investors.”

1984 Shareholder Letter

Now let’s put ITC’s management to this test, steps are easy

1. Calculate retained earnings of ITC (net profits – dividends)
2. Sum retained earnings for rolling five years
3. Measure market cap delta against every rupee retained

here is the result

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