That's a good point about goodwill having no 'Intrinsic Value'...

That's a good point about goodwill having no 'Intrinsic Value' because at the end of the day, a possible write down is a non-cash item.

IMO at the next earnings call there will be a goodwill write-down as the business is not performing to justify goodwill to be 50% of assets (and that is too high percentage IMO). Management appear to be astute in running the business, but like all travel businesses slow price decline is expected to the point where a vaccine is found and implemented.

The current share price of $8.50 is way too high given commsec eps estimates, so I'm expecting the price to fall further.

I think the good thing is CTD have enough cash/drawings to sustain itself at least up to Jun 2021, which is good as we all expect a vaccine to be developed by then. All IMHO.