A New Dawn, page-509

They are not saying it is over valued. They are saying its equity value is xxx. It is up to the market to determine if it is over valued and that is represented in the share price. Market value is different to equity value. If all companies value was based on book value then virtually every company would be over valued by that measure.

On the contrary, if market is prepared to pay multiples of equity value that usually indicates an expectation that assets will increase at a greater rate than liabilities- simply stated it could indicate profitability above norm could be around the corner (in a relative timeframe).