Getting cold feet, page-303

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.