Seems like a low valuation with me.
I know its it's a cheap beer but it's in all the service stations around here and seems to have an almost cult following at some bars.
Like dsethi said, if you go to a college town, there's always a few bars advertising PBR specials. I haven't had a PBR in prob 5 years but it was 100 times better than something like Keystone. We used to get Keystone kegs for like $60 for house parties in college. Even then, it tasted gross.