I see. The problem with that approach is two fold:
1) more than the entirety of RFG's equity is in its intangible assets which, as the 1H18 writedowns demonstrated very clearly, are rather rubbery figures subject to change at the stroke of the auditor's pen.
2) You're apparently assuming a constant capital structure, which is problematic for a company that needs to change its capital structure such as RFG.
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