Can TEV be less than book value of assets? What does this mean?
If you're looking at a company where, based on the EV/EBITDA multiples used, your TEV is less than the book value of assets, what does this mean?
In this scenario, I assume it would mean that it's primarily due to a significant intangibles value and some goodwill. What implications might this have as you build out the rest of the model and what does this mean for balance sheet adjustments?