$1.3b of intangibles including a big chunk for IP as well as a big chunk of capitalised costs (which I assume is for seeds) Cannot for the life of me see how they can validate the goodwill for the Euro and US businesses when they are mature and havent made cost of capital (ever). So seeds are out, $900m proceeds in , debt down but you are left with a crap business that, ex intangibles, is worth a book of c$3 per share. Last year they came up with a value of $55 and $67m of goodwill for US and Europe. If that is the case, get rid of them at book rather than sell the only potentially decent part of the business
NUF Price at posting:
$2.81 Sentiment: Hold Disclosure: Held
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