Operating efficiency gains and aggressive repurchases have delivered attractive returns to shareholders over the past decade. Will these trends continue?
First time I read your reports and I must say this one on UPC is very thorough and well written. Perhaps one thing would be interesting to know what happened to the pricing power of the business given that it seems that overall volume went up, but revenues did not seem grow faster than volume. In other words is this a business that moves essentially with volumes? Anyway thank for publishing the "full monty" version of it. I appreciate. Best Stefano
First time I read your reports and I must say this one on UPC is very thorough and well written. Perhaps one thing would be interesting to know what happened to the pricing power of the business given that it seems that overall volume went up, but revenues did not seem grow faster than volume. In other words is this a business that moves essentially with volumes? Anyway thank for publishing the "full monty" version of it. I appreciate. Best Stefano