Quick Calculation of BV based on the August 09 10Q and then the MOR Nov 5 - Dec 15.
On the last 10Q, which I have of August 09 only, none after that, I get the following Book Value Calculation:
CJHBQ Book Value Analysis based on Aug 09 10Q:
BV = Total Assets - Intangible Asset & Goodwill - Liabilities divided by OS.
BV = 208,453 - 320,154 - 532,762 / 77,773
BV Without Goodwill = -644,463 / 77,773 = - $8.28 pps
(now this is without any goodwill or intangible assets...this is taking goodwill completely off the books...and how it should be done, but goodwill impairments and writedowns were the way cemjq shows + bv as well - meaning goodwill is not completely taken off the books)
Now putting goodwill & intangibles back on the calculation:
BV = Total Assets - Liabilities / OS
BV = 596,427 - 532,762 / 77,773
BV With Good will = 63,665 / 77,773 = .8186 pps
(this is the exact # that is posted on yahoo finance...I am assuming they are including goodwill and intangible assets as part of their book value caluclation, though they should not...but based on that model, that is the basis for calculating cemjq's book value as well, I am assuming from yahoo finance perspective, and I believe it is the same way MC and others calculated Book Value - by...goodwill writedowns were part of cemjq's valuation and it will be no different here...cemjq had massive goodwill writedowns early on and these were significant in accounting procedures...)
Now Looking at CJHBQ's First MOR, the Goodwill looks to have taken a hit if I am reading it's balance sheet correctly...All #'s taken off the balance sheet:
Goodwill + Intangible Assets = 185,082
BV = Total Assets - Intangible Assets & Goodwill - Liabilities / OS.
BV = 1,083,685 - 185,082 - 735,953 / 77,773
BV Without Goodwill = 162,650 / 77,773 = $2.09
Leaving Goodwill in the calculation:
BV = Total Assets - Liabilities / OS.
BV = 1,083,685 - 735,953 / 77,773
BV = 347,732 / 77,773
BV With Goodwill = $4.47 pps
My own personal opinion is that BV is closer to $2 pps based on the MOR from these calculations, but I could still be missing something here...
On the MOR Balance sheet, What is the "Debtor Eliminations" column? What is it and what does it represent?
I am getting MOR calc's fromt he Debtors Consolidated Totals Column from the MOR.
I think further analysis of the MOR is good because a substantial part of the asset column according to the MOR is "amounts due from insiders" and this # is 350,564...what does this mean?
No comments:
Post a Comment