ROIC Deep Cuts Part II:
Brand Capital, Goodwill & ROIC Pitfalls

  • Author:
    Geoff Robinson
  • Level: 
    Intermediate to advanced
  • Study time:
    1 hour
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Course overview
Part II moves from measuring ROIC to stress-testing it. We integrate brand capital into invested capital so returns reflect the cash required to sustain pricing power. Next, we examine the ‘capital mirage’: how reported ROIC can punish long-horizon builders while flattering asset strippers who shrink the denominator. From there we tackle the ROIC trap—why mean reversion narratives can hide genuine structural change, both positive and negative. Finally, we cut through goodwill noise, separating acquisition accounting from real operating performance so you don’t mistake deal artifacts for economic returns. You’ll leave with adjustments and red flags you can apply in any model.

What's included?

  • 4 videos
  • Because the easiest ROIC stories are often the most dangerous.
  • Insights from a #1 ranked data-driven analyst

Who should watch this playlist? 

Analysts and investors who already use ROIC and want to avoid being fooled by accounting and narrative shortcuts. This playlist is for anyone evaluating acquisitive companies, brand-heavy businesses, or firms in transition—where goodwill, brand spend, and denominator games can distort “returns.” Best for advanced modeling, peer reviews, and thesis risk checks.

Why TheInvestmentAnalyst.com?

We are the only training house that is able to bring top-ranked analyst experience into your classroom. We buck the trend. Most training businesses recruit junior ex-bankers to become their trainer. Our instructors cut their teeth teaching and then gain senior experience with investment banks.

We believe, you could not be in better hands.

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Geoff Robinson
FCA FMVA MFM

Thought leader, instructor, writer, financial influencer, Former UBS Managing Director and 8x #1 ranked analysts EMEA Institutional Investor Survey
ABOUT Geoff
Geoff has had a varied career. He was a Managing Director within UBS Equity Research, leading their Global Fundamental Analytics franchise. During this time, he was #1, ranked 10x in the EMEA Institutional Investor Survey. Before UBS, he was a material equity investor and LBO co-investor in two market exited training consultancies. Geoff has a passion for learning and is well-known for his ability to break down complex subject matter and distil it to an audience in a digestible and engaging manner. He brings this passion to TheInvestmentAnalyst.com. 
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