I actually included that. I didn't include the write down on...

I actually included that.

I didn't include the write down on trade and other receivables, because they aren't a once off, they are current and a correction to the ongoing reality. I was nice to them because I did add back in the inventory write downs though, perhaps against better judgement. If I removed those as well the PE would skyrocket to more than 20.

The underlying ~$35 million EBIT doesn't quite seem to justify the carrying value of their intangible assets on the balance sheet either -$586 million - thats a lot! You would struggle to sell that much EBIT for that price, then really the price should include some working capital as well and it doesn't. Thing is if you reflected the value of their acquisitions fairly they may not have much equity on the sheet at all. Currently intangibles are substantially larger than RFG's Total Equity.

Anyway, wherever you look, the profit loss statement, the cash flow statement, the balance sheet, it doesn't look particularly cheap, while it does look risky, with or without the other noise currently surrounding RFG.