Why, you may ask, can't the FPC therefore instruct the banks to leave the denominator alone and simply increase the numerator, by going to their shareholders for more equity capital?
The analyst is concerned with the growth rate of cash flow (the numerator) and the interest rate by which those cash flows are discounted (the denominator).
In essence, this creates an equation in which the variable numerator among coaches, resources, is divided over a constant denominator, wins and losses against the same pool of competition.