True, but they have significant investments outside of their own business that would likely hold value, plus the assets on balance sheet don't include any paten

True, but they have significant investments outside of their own business that would likely hold value, plus the assets on balance sheet don't include any patents, etc. that they own and might have standalone value. I'm just saying that's why the P/E will tend to float higher than you'd expect on the comps alone when you get down to certain market caps.