The NZ business is part of Vocus. The assets are included in the...

The NZ business is part of Vocus. The assets are included in the one Balance Sheet. Yes, it might operate as a stand alone but a buyer is not buying the Vocus name, they will be buying select assets. The goodwill portion is essentially the name and reputation that brings business along. Thats why, I would be very surprised (but hopeful) of receiving a premium for these assets.

If you look at M2. Vocus paid a premium for the name(s) of the retail businesses within M2. That proved to be a disaster because of a number of issues, one of which is now gone. The Goodwill was the purchase price less the actual value of the assets. We now know that the value of that goodwill is, in reality, zippo. IMO, there will be another major write down next year if sales/profit growth from those assets falls.

The purchase price struck by suitors will all depend on their own hurdle rates. I hope we get more than 5 X but, I doubt it. Let's see