Tobin's Q financing, investment, suppliers, comparison, additional

Viceroy

In CFAI it says (Vol 3, page 167) that if Tobin's Q is greater than 1 (assuming 1 is in equilibrium) for a company, the
(1) market values the company's asset at more than their replacement costs,
(2) so additional capital investment should be profitable for the company's suppliers of financing.


(3) And later when they talk about the overall market level for Tobin's Q, if Tobin's Q is below the comparison value (lets assume it is 1), then it will be undervalued. It is undervalued because "it indicates an opportunity to buy assets at a price below their replacement cost." And if Tobin's Q is above the comparison value (1 in this case), then the market is interpreted as being overvalued.

My question is, if Tobin's Q is greater than 1 then statement (2) says those who invest in the company (the suppliers of financing) would be profitable. This would mean that the company is undervalued, correct? And should invest in the company?

But if Tobin's Q is greater than 1 (assuming 1 is the comparison value) in the overall market level, then the market is overvalued?