Rubik RFL use seven years, which is conservative. I ignore...

Rubik RFL use seven years, which is conservative.

I ignore intangibles in my analysis. GLH small scale means that R&D is going to make up a large % of sales for a few years yet hence free cash will be low. This will change over time if the business continues to execute on its plan.

For me it is unreasonable to expect R&D to just drop off once the product has past Beta testing. R&D is required to keep a competitive market position, hence I treat 100% as an expense.

I would instead look at the number of dollars invested in R&D and other and compare that to revenue growth. Intangibles are just noise.