I mentioned that intangibles are not the only error in using book values. The other error is 90 years of inflation primarily as a result of John Maynard Keynes introduction of deficit budgeting. Keynes was a brilliant investor focused on intrinsic value. The problem was that governments discovered that deficits were quite socially acceptable.
Real estate bought in the 1920's by 1980 was worth many times its book value and this had a very large impact on many companies as the market value of their assets grew to many times the book value. My experience is primarily the US, Canada and Australia and I can cite many examples in each country. I suspect that it is the same worldwide.