Halfords - Return on net tangible assets, RONTA

Examining return on net tangible assets provides some insight into the ability of managers to generate high rates of return on the money shareholders entrust to them. Any annual return greater than 12% is going to be impressive at a time when equity investors are content with annual returns of under 10% (indeed 8% might be a more normal expectation in an environment of risk-free interest rates of 4% and an equity risk premium of 4%).
As well as helping to judge managerial efficiency and providing a clue on market pricing power the return on net tangible asset figures can allow us to make an estimation of likely future returns given the tangible asset base, given a few assumptions. From that we can estimate, in approximate terms, intrinsic value......
....An average RONTA over five years of 13% is good (above average) but not exceptional. 
On a £494m net tangible asset (April 2022) the rate of return of 13% produces £64m after deduction of tax per year.
The present value of such a perpetuity ​.....