An extreme example but it does happen, yahoo had their Alibaba holding valued at £2bn on their statement but was closer to £20bn odd if I remember correctly.
There are situations when the market value of a fixed asset is much higher than book value, such as when the market value of an office building skyrockets due to increased demand. In these situations, there is no way under Generally Accepted Accounting Principles (GAAP) to recognize the gain in a company's accounting records. However, revaluation is allowed under International Financial Reporting Standards (IFRS).
The Yahoo valuation and its investment holdings in Alibaba came into sharp focus when it divested its internet business to Verizon and basically leaves it as an investment holding company. The market greatly discounted its valuation in Alibaba because as an investment company Yahoo is subject to 36.5 % CGT if it ever disposes off its holdings in Alibaba.
The notion that one can comb through the investment universe to find gems that are undervalued because the market is inefficient may exist but I would question whether such an approach is highly dependent on luck and ultimately a question of effectiveness.