VOC 0.00% $5.49 vocus group limited

Getting cold feet, page-302

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    Updated my table with TPG results, dont have customer intangibles for TLS, and goodwill from H1
    Column 1 Column 2 Column 3 Column 4
    0   VOC TPG TLS
    1 Property, plant and equipment 1,543.0 1,055.5 21,350.0
    2 Intangible assets – Goodwill 1,475.1 1,911.0 1,346.0
    3 Intangible assets – Customer Intangibles 293.1 208.7 ?
    4 Intangible assets – Other 445.8 512.8 8,212.0
    5 Other 89.0 11.8 4,464.0
    6 Total Non-Current Assets 3,846.0 3,699.8 34,271.0
    7 Loans and borrowings 1,079.5 872.4 14,808.0
    8 Other 392.2 71.7 3,606.0
    9 Total Non-Current Liabilities 1,471.7 944.1 18,414.0
    10 Net Non-Current Assets 2,374.2 2,755.7 15,857.0
    11 Total Current Assets 327.5 211.2 7,862.0
    12 Total Current Liabilities 396.8 567.6 9,159.0
    13 Net Current Assets (69.3) (356.4) (1,297.0)
    14 NET ASSETS[/B] 2,305.0 2,399.3 14,560.0
    15 NET ASSETS – GOODWILL[/B] 829.9 488.3 13,214.0
    16 NET ASSETS – Goodwill – Customer Intangibles[/B] 536.8 279.6  
    17 Shares 622.2 924.7 11,893.3
    18 Net Assets per Share $3.70 $2.59 $1.22
    19 Net Assets per Share (ex. Goodwill) $1.33 $0.53 $1.11
    20 Net Assets per Share (ex. Goodwill, Customer Int.) $0.86 $0.30  

    I think excluding Goodwill and Customer Intangibles is a better way of comparing forward value.
    Perhaps there are other intangibles i should exclude as well, like Software (which would make VOC look worse), not sure. Definitely some intangibles have stronger 'transferable value' than other, like IRU and Spectrum.
 
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