Good points presented by Rstuff.
However I have found Codan to be good in fact over good in their presentation of problematic balance sheet items, for example the inventory and debt blow out.
They do amortizes, currently at 8 plus after depreciation so that covers R&D and intangible assets to some extent. Probably some of the acquisitions goodwill etc will catchup in the future but there is a policy of expensing balance sheet items, which is good.
cheers
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| CDA (ASX) Chart |