A bid would have to be north of $5.00, page-37

Trying to compare intangibles to other companies

I subtract goodwill, because its pretty much just a made up number thats there for historical reasons, and doesnt reflect future balance sheet movements, then divide it by NPAT. (and i am just making this metric up as i go along, so take with a grain of salt)

TPG has a ratio of about 3, VOC is about 16, so Non-goodwill intangibles is definitely of differentiation between TPG and VOC, (TLS was about 4.4, but was comparing a different period).

It could simply be because we are growing faster, but also it could be representing some of the baggage we have picked up along the way, is going to weigh us down for a few (>4) years.