At any share price the EV or economic value will be the market...

At any share price the EV or economic value will be the market capitalisation less any cash balances (if EV is calculated the usual way). Some companies like Piedmont have material shareholdings in other listed companies any may also include the value of these securities in any EV calculations. Not every EV calculation includes the same adjustments.

The point being made by GT1 and others in EV calculations is that the non-cash value being attributed to assets isn't really that much, therefore it is implied that there is a lot of upside potential. When the prospects are far less appealing, EV calculations can get very low and for lifestyle companies may even be negative.