[PeterisP]

For a static, non-growing company, you can treat its value as equivalent to a bond paying as much interest as that company pays in dividends.

Company can have value w/o giving out money if it's expected that it will give out more money tomorrow; but it can't be expected to keep that way forever.

A stable, static company that brings $0 profit is worth $0 if it's intended to keep running that way; or worth $assets-$liabilities if it's intended to be stopped and dismantled.