Hello my idea is that Excess Earnings Method makes no sense because the value of intangibles depend by the capital structure.
Ex 1
D = 0
Excess earnings1 = Ebit (1-t) - r1 * (Fixed Asset) - r2 * (Working Capital)
Ex 2
D > 0
Excess earnings2 = (Ebit - D * rd) (1-t) - r1 * (Fixed Asset) - r2 * (Working Capital)
Now … Excess earnings2 < Excess earnings1 … is the value of intangibles lower?
The tax shield should add value to the company!