Interesting Finch. Mind you, the intangibles are unlikely to be 100% of the purchase price as in most cases there would be at least some tangibles included. however your theory makes sense.
I just did something similar, however working off the uplift in intangibles from Dec 2010 to Dec 2012 to get a feel for more recent purchases.
2010 was ebit $8M off intangibles $60M.
So $141M increase in intangibles would add $35M to ebit @ 25%.
If no other change, and $0 organic growth, half yearly should be $21.5M.
So, they're still 20% below where they should be as a minimum, with ni organic growth and assuming no tangibles. Hmmm.
GEM Price at posting:
$3.20 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)