Woolworths sold all their buildings. They lease all their buildings, computers, whatever. They have bugga all assets. Nor do most companies. Their value is based on perceptions of the earnings-per-share ( as guessed by the market ) multiplied by whatever P/E ratio the market chooses to imply to their shares.
If Woolworths what shut down tomorrow, their assets would only be about $2 per share.
takeover now more likely than ever, page-40
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