Can we actually use this way of thinking while analyzing companies? – From one up on wall street

https://imgur.com/a/NOlsUIH

It doesn't really make sense to find out net cash per share, and if it was

trading exactly at that value, thinking ur getting the equity for free ain't correct right.. Or am I missing something? There is no guarantee that the stock would trade at or higher than the net cash per share if it was found out to be below net cash per share right? Why did peter lynch claim this.