Avon included $101M of non-monetary expense write-downs in their COGS. Over $600M of land & building values were written down even though the value of those tangibles haven't decreased. GAAP accounting adjustments, such as these, reveal why Cerberus recently stated that Avon has no liquidity concerns and is severely undervalued. According to a recent analysis I conducted, not only did Avon produce positive net earnings for the last 9-months, the fair market value for Avon is currently $7.00 per share. I'll provide an in depth analysis at a later time.