The name not even its earnings but its name. We all know how powerful brand are. Coca-Col, Pepsi, Nike, Under Armour, Starbucks, etc.
These are powerful brands. Name me their competiors? Exactly.Those are the most powerful brands in their sector/inustry. So the brand nameitsel is woth significant valu excludig all cash the brad makes. Just the name itself gives an edge.
To create a popular brand is hard. There is always comeptetion trying to cut you down. Th costs of trying to become a brand are immense. Hence, the value in buyig an aready established brand.
But imagine a brand that earns alone 130M+, and whose parent company which consists of other brands isonly tradng at 1.4. Insanity? Yes, I think so ;)