The fundamental value of a company is essentially the net...

The fundamental value of a company is essentially the net present value (NPV) of all expected future earnings with a discount rate applied to each periods earnings depending on how far into the future the period is .

I.E. it prices in all expected future earnings , not just current earnings .  

No company is only valued on current earnings .   Look at Glaxo 30 years ago with their main money spinner Zantac .  They were valued partially dependent upon when patent protection would expire .

As for the value of I.P. , EDEN's I.P. has been franked by passing long lead time tests in the laboratory and field and passing approval processes . Their passing these approval processes has put up the cost of entry into the market for competitors .