Analysis of MXC when compared to CPH, page-55

Do you know what subjective means, all forecasts are subjective. I think you're looking for the word objective. Any process by which a value of something is estimated is being subjective. It comes down to how loose the inputs of that forecast are. They can be quite accurate and objective if sufficient market data is available (which believe it or not doesn't mean explicit performance of its own business unit, comps to peers suffice for start up operations with IP).

As per the FY18 accounts, page 20, the intangible assets are listed under non-current assets. You can't list an asset under equity. In very simple terms book value is shareholder equity, that's the definition when you don't breakdown beyond totals. The reality is a proper book value calculation doesn't include things like intangibles because their saleability is questions irrespective of the type of business because they are more subjective. Quite easy to look this all up.

https://www.asx.com.au/asxpdf/20180903/pdf/43xz82lxd2zfm5.pdf

My thoughts are that there is good will that will be tested at some point depending on what it comprises of. This is not unique to MXC and quite a common thing to assess as required for many companies, including large companies that buy revenue producing assets. Market is already telling you that it doesn't believe. You're making a lot of something out of nothing. Either way MXC isn't a good business and the intangibles (which you say matter but don't) are not a driver of that.