I re-read this today (3 Feb 2023) and have only one very obvious remark: if capitalised R&D and brand value appear on the balance sheet, they should not be subtracted from the company‘s book value, as both these line-items are likely to produce cash flows.
I re-read this today (3 Feb 2023) and have only one very obvious remark: if capitalised R&D and brand value appear on the balance sheet, they should not be subtracted from the company‘s book value, as both these line-items are likely to produce cash flows.