Ann: First Half Trading Update, page-42

Intangibles are very valuable in many companies. Think of google, Microsoft and Apple or McDonald's. most of their value comes from intangibles like brand awareness , intellectual property and customer loyalty. Another burger chain can open up doing much the same as McDonald's - maybe even better burgers for cheaper but they will still struggle to compete .

imagine trying to start a competing business to APM without all the history, staff and government connections? That's intangible value

they will use this asset to make circa $130m npat this year as well as paying off some debt. At todays market cap that is an 18% return after tax.

debt is still an issue though. They should forego dividend and pay down $130M of debt to relieve the fears of shareholders.