And just to be clear, if we exclude some impairments, which were recorded in 2019 and 2020, the ROCE today would be 13.7%, an improvement of nearly 6% on a capital base of €14 billion.

Source: https://seekingalpha.com/article/4582024-solvay-sa-svysf-q4-2022-earnings-call-transcript?source=feed_all_articles

For VZ, my analysis suggests that the reinvestment rate is about 10% and the ROCE is about 30%.

Source: https://seekingalpha.com/article/4609882-lumen-vs-verizon-the-dividend-lesson?source=feed_all_articles

Is there an industry that provides less ROCE than natural gas industry?

Source: https://seekingalpha.com/article/4654168-uso-crude-oil-could-fall-to-the-mid-50s?source=feed_all_articles