59% of their reported assets are intangibles. Of that $249...

59% of their reported assets are intangibles.

Of that $249 million, $23o million is in goodwill.

I would agree that the KFC brand is definitely a saleable asset, but at what value?

How much of that $230 million belongs to Sizzler?

I would've also said that Dick Smith's goodwill was a saleable asset 12 months ago (the beauty of hindsight).

Goodwill includes things like market penetration, effective advertising, labour relations and a superior operating team.

When your Goodwill outweighs your tangible assets, I don't think you can genuinely include its entirety in your analysis.

Disclaimer: I do like CKF as a company and I would consider buying if the price was right, but I think their intangibles (and their debt) are issues that need to be addressed.