The first exhibit in what may become a collection of naughty numbers is Carphone Warehouse‘s price to tangible book value.

Websites report it as 0.95, which is the number you will get if you take the numbers reported on Carphone Warehouse’s latest balance sheet, which are:

• Net assets: ''708m
• Intangible assets: 0m

And divide the net assets into the current market capitalisation of ''671m.

But Carphone Warehouse is mostly a bundle of joint ventures, which are listed as one item , ‘interests in joint ventures’, a non-current asset on the balance sheet.

Note 13 contains more detail.

The only reference to intangibles I can find in the note is this one:

Within net assets of Best Buy Europe is goodwill of ''214.0m (2011: ''226.0m)

So assuming that is the only intangible and that the number quoted is Carphone Warehouse's share of the goodwill in the 50% joint venture with Best Buy, I reckon Carphone Warehouse’s tangible book value is

708 – 214 = ''494m

That means it’s trading at 1.36 times book value. 

0.95 looks cheap, 1.36 less so (other things being equal).