TWE 1.62% $11.54 treasury wine estates limited

What is TWE Worth Ex-China?, page-111

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    and then you have intangibles of $1.3b.
    so
    a)nta is $1.3 billion less at around $2.3b (nta is the number that should be focused on, not book value)

    b) that $1.3b of intangibles now has a high risk of being written down as the auditors adjust downwards the carrying value of the asset. This will hit the p&l
 
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