KKR, page-26

Perhaps, but no matter how you dice it, you have to deal with the fact that WOW'S intrinsic value going forward is going to be based, in all likelihood, on a different reality from that of yesterday. That reality is likely to entail a reduced market share and a reduced operating margin. Unless you can estimate how that's going to impact the bottom line, are you game to put a finger on WOW'S intrinsic value?

And if you don't believe WOW will be able to achieve an adequate return on its capital, then that value is going to resemble something like book value. Now that's a scary thought.