I'm not sure about the inherent value, but here's an argument that shows that it can't be valueless: If any company's stock is trading too low, you could take

I'm not sure about the inherent value, but here's an argument that shows that it can't be valueless: If any company's stock is trading too low, you could take a loan and buy out the company using its own profit to pay the loan. So you would expect the stock price to track profits, even if existing shareholders are only in it waiting for a buyout. That idea ensures the stock is valued somewhat accurately(say, within 35% of the 'true' value on the private market), but I wouldn't think it ensures that the market prices are tight down to the cent.