How should a cash flow produced by an asset of value (such as a stock or piece of land) be valued when the receipt of that cash flow is dependent on the ownership of such asset?
For example, consider a business that owns stock selling for $100 that pays an annual dividend of $10. The value of this business is obvious: $100. Now, consider a business that owns a piece of farmland worth $500. That farmland is used to operate a business that generates $200 per year in profit. To value this, we could add the value of the farmland ($500) to the terminal value of the cash flow ($200 / discount rate) to find the value of this business. This is presents a discrepancy in the way these two businesses are valued. In one, the cash flow is ignored. In the other, it is accounted for. I can think of similar situations where cash flows come from an asset with value such as with intellectual property (licensing fees). How are such situations handled?