Originally Posted by
BlackPeter
Don't think they published yet their full HY report, but if you look at the balance sheet in the HY presentation:
total Assets $658 m (admittedly including $171 m "intangibles" which no question do have value, but its hard to say how much)
total Liabilities $441 m
That's a "safety buffer" of at best $217 m (33%) or at worst (intangibles worthless - unlikely) $46 m (7%).
OK - worst case admittedly does not look that flash (though much better than with many other companies I can think of), but honestly - I don't think that Turners intangibles are that excessively overvalued ...