YEAR ROE% 2003 29.2 2004 32.2 2005 32.2 2006 31.3 2007 31.3 2008 31.3 2009 32.2 2010 37.2
As you can see, BATS has enjoyed high returns on equity, which seem to be getting even better. As you might expect, its share price has done rather well over the period. Over 10 years to 1 Aug 2010, the Footsie returned -17% (dividends excluded), whilst the share price over the same period rose 448% (dividends also excluded). The PER started out at 9, and has since risen to 13. So some of the increase is due to the PER re-rating. Nevertheless, the share price has done well on account of the rising earnings of the company, assisted by the high ROE.