Short term investments $208 million
Long term investments (mainly interest bearing debt securities) $1,560 million.
Long term debt $362 million
So all these items above do not contribute to price premium over book value.
Financing receivables $1,732 million
Accrued expenses $4,323 million
Other "liabilities" $2,070 million
2,060 outstanding shares
Market Price $20 per share.
Market value of these shares: $41,200 million.
Book value $3,735 million
Therefore the market premium was $37,465 million.
The market saw $37,465 million of shareholder value that was not on the balance sheet.
And it saw $37,465 million of net assets that were not on the balance sheet.
With 2060 million shares outstanding,
- the book value per share (BPS) was $1.81 and
- the market premium was $18.19 per share.
- tangible assets, recorded at (depreciated) historical cost, and
- unrecorded assets.
- its innovative "direct-to-customer" process,
- its supply chain, and
- its brand name.
- Nor might we want them to be.
- Identifying them and measuring their value is a very difficult task, and we would probably end up with very doubtful, speculative numbers.