The brand and its underlying business is held by different owners in various territories:

Bank executives said the underlying business was in reasonably good shape.

"The market priced the underlying business at almost nothing."

"It's a cash-flow issue for a lot of these companies," he said, "a cost that may be growing faster than the underlying business."

"If you look at the underlying business - what end-users are actually buying - it continues to grow."

But those who have long worked with him say he pays close attention to the details of the underlying businesses.

I think all investors are waiting to hear a succession of corporate leaders report that they see positive trends in their underlying business.

There has to be an underlying business attractive to equity investors.

This method determines the net present value of the underlying business.

What does he want in an underlying business?