what just happened?, page-60

high intagible assets/goodwill is more of a concern with a low ROE company than a higher one.

I am looking at debt risk from the point of view of cashflow/refinancing rather than as a 'liquidation' value of the company.

If you are looking at debt from the point of view of a 'liquidation value' then then CSV is probably not worth more than a few cents.

However if that goodwill generates substational profit/cashflow then it should be included in the asset base. Ultimate example: coca cola. No idea how much it carries as goodwill, but to value coca cola on its physical net assets would be naive.