No doubt, but it's the differential between what they value and...

No doubt, but it's the differential between what they value and what an investor values that brings opportunity - both on the sale and buy side. Most, though not all, analysts work for vested interests. It'd be a pretty moronic market if investors simply followed those. Pretty common for one analyst over valuing, setting a buy recommendation, and another under valuing, setting a sell recommendation, all on the same data! While there're numerous parameters in those valuations, the intrinsic "value of being" is certainly one of them.

You'd have to be pretty closeted to think that only global brands have good will in their asset base. Even a corner deli has a "corporate" identity that has value. Ask anyone who has sold their small business.