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Vodafone as valued by the Tangible Book Value Valuation Technique


Current Price
194.55p
Mkt Cap: £95,142m
Implied Valuation*
38.23p
(-80.3% overvalued)


Tangible Book Value is an estimate of liquidation value where intangible (or soft) assets are excluded from net assets.


* Assumptions

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The company's Book Value is £76,935m.

Book value is calculated as total assets minus liabilities (i.e. net assets, hence it is also known as net asset value). If the company has preferred shares, then this value should also be subtracted. Book value is also equivalent to the original value of the common stock issued plus retained earnings, minus dividends and stock buybacks.

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The company's Intangible Assets are £19,832m.

Intangible assets have value, just not in the same way that tangible assets do in the sense that you cannot easily liquidate them.

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The company's Goodwill is £30,901m.

Goodwill represents the excess of purchase price over the fair market value of net assets acquired. Goodwill may consist of certain rights or privileges, but it is not specifically identifiable.

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The Shares Outstanding are 48,915,988,759m .

Treasury stock, which is the repurchase of outstanding stock by the company, is not included in outstanding shares.



Description

Tangible Book Value is sometimes used as a proxy for liquidation value - it involves deducting all intangible (or soft) assets from net assets.

As a liquidation valuation, it estimates the amount of money that a company could quickly be sold for, if it were to go out of business but it is not as conservative as NCAV or NNWC. It may be necessary to go further, for example, by marking certain assets to market.



* Disclaimer: These valuation tools are provided solely for informational & educational purposes so that users can easily run their own valuations. The pre-defined values are simply a starting point based on global assumptions that we have applied across the entire market – users should amend them as they see fit and not regard them as a substitute for their own judgment. Any resulting valuation outputs are necessarily generic and are not endorsed for a given stock by Stockopedia.