Take over target ?

the market cap has dropped down to 100M. however, I couldn't see any margin of safety in terms of the classic value approach, net-net value. it's because of questionable valuation of the inventories, good will and the relatively high debt.



But the last brand they sold for 60m, just on top of my head, rationally their total value of the brand portfolio must be somewhat > 100m.

but I can't really quantify these intangible value ?

Does anyone here can share some thoughts ?