Bogdanka's ROE has been oscillating in the range of 10-15% in the last five years. On the other hand, price to book value has been increasing from around 1.0x in 2008 to more than 2.0x at the end of 2012.
When looking at the earnings multiple, the stock moved from around PE of 11x in 2009 to PE of 16x in 2010-2012
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