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In the long term, Royal Mail still looks attractive given the cashflows and scope for efficiency gains, which is Woodford's argument.
Furthermore, UK science is already efficient and only work judged excellent is funded, so there is not much scope for efficiency savings from cutting grants.
He therefore sees the rationale for separating ownership and management, since asset-light firms, having more variable costs, have more scope for efficiency gains.
Exergy analysis indicates largest thermodynamic losses in the gasifier and during combustion, providing additional scope for efficiency enhancement.
The largest exergy destruction is observed in the gas turbine combustor and reformer units, providing additional scope for efficiency enhancement.
Sir Peter identified the scope for efficiency gains of 2.5% a year, which would build up to an annual saving of £21.5 billion in 2007-08.The sum is impressive, but the benchmark against which these savings are to be measured has remained something of a mystery.
Similar(51)
On the other hand, the exchanges' differing trading rules may limit the scope for efficiencies.
No doubt some of the cash was wasted and anyone who has worked in an institution with guaranteed income, from BBC to NHS, knows there is scope for efficiencies.
There is still plenty of scope for improving efficiency.
"In all countries, there is scope for energy efficiency, which both reduces emissions and saves money.
There is considerable scope for energy efficiency improvements to the housing stock in the Netherlands.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com