That's a bit of a mean assessment. The value of any consumer...

That's a bit of a mean assessment. The value of any consumer goods company lies in its intangible assets (ie brand name and customer relationships) not how many computers, desks, forklifts and stock on hand that it owns. The real question is how the intangibles are being valued. If you were planning on doing a fire sale where you were just liquidating the assets then that method would be valid but as on ongoing concern taking that approach is not really logical. The auditors would have no doubt looked at volume of sales and brand contribution in their determination but at the end of the day the stock price is really the best measure of what a willing buyer would pay for the brands and the business know how.
Unfortunately the biggest problem McPhersons has is that they lack quality management and a sound business strategy. They are massively overstaffed for the size of their turnover and they have an aversion to having the tough discussions with their major customers about discount driven growth.