I think Net Assets pet Share as a valuation comparison could be misleading. Especially when PPE and Goodwill can be written down/impaired. If you look at Return on Assets or even EBITDA Return on Assets, TPG blows Vocus away.
Column 1 Column 2 Column 3 0 in mil Vocus TPG 1 Underlying Net Profit $152.30 $417.30 2 Underlying EBITDA $366.40 $835.00 3 Total Non-Current Assets $3,846.00 $3,699.80 4 5 ROA 3.96% 11.28% 6 EBIDTA Return on Assets 9.53% 22.57%
From a high level overview, Vocus will need some serious synergies and a crack down on costs to reach the returns of TPG.
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