I had a quick look at COH's report yesterday. The balance sheet and cash flow statement, IMO, tell the story.
Cash Flow - COH are not generating enough free cash to pay dividends and so are borrowing money. IMO, either the dividends will need to be suspended for a while or there will need to be an equity raising to manage the balance sheet stress.
Balance Sheet - while lots of companies have intangibles on the bal sheet, COH appears to have intangibles as a significant proportion of their assets. If you redo the balance sheet with zero or 1/4 of the intangibles, and borrowings continue, then the balance sheet will become very stretched very quickly.
HT1
Ann: Half Year Report & Accounts , page-14
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