RE: Rim $40 Only my opinion.
First... Intangibles like patents and licences etc are pertinent to Tech Companies.
So they have to included it, in their valuation.
Secondly Goodwill is a capitalised expense and being such, it should be deducted.
Goodwill
When Companies acquired other Companies, the costs incurred are so big ( can't be written in same period)
that it wll be capitalised in the balance sheet as an asset, and this asset will be periodically written off
during the life of the underlying asset.
When RIM bought Paratech in Q1 2013, they instantly wrote off its $31M goodwill expenses
in the very Quarter, along will all outstanding goodwill ( total $335M)
claiming all as impaired because the stock price was down. ( don't make sense)
Analysts are saying RIM is value $3.6B which is 524m shares times its price of $7.02.
This is garbage because it is correct only if all the shareholders are willing to sell
at $7.02. Prem wouldn't sell at these prices. So RIM's true valuation is its book value.
Banks will lend money based on a Company's bookvalue and not its market cap valuation
However back to the topic.
RIM bookvalue less goodwill $18.33 per share trading at $7.02
DELL bookvalue less goodwill is $ 1.26 per share trading at $10.64
So its more likely that RIM ( $9.6B net) can acquire DELL ($2B)
Nokia bookvalue less goodwill is $1.38 and trading at $2.64
So Nokia and others are trading over their book value except
for RIM
This Company is worth lots more than that $40.00