I understand your argument - the question is will the accounts at NASDQ doing the valuation “buy” your argument. The valuation of the product based on what you could sell it for to another company would likely be significantly discounted from the retail value. Also, be careful of unintended consequences: First, valuing the product by itself that way may diminish the value of the company overall; Second, assigning significant value to the product may have significant tax consequences.