in South Africa. Figure 64: South African equities — P/BV (x) versus ROE (%) 0 1 2 3 4 5 6 EFTA01466482 7 5 Consumer Stap. Healthcare Consumer Discr. Telecom Industrials Energy Financials Materials Figure 65: Relative EV/NCI and CROCI of South Africa versus GEM (calculated as SA value/GEM v