Intrinsic value of non-voting shares which don't pay dividends
Just because a share doesn't presently pay dividends, doesn't mean it never will. The gamble is that eventually, it will pay dividends. So the share's value is the market's estimate of the net present value of a future cashflow discounted by two factors: one, the discount rate to reflect that this is a future cashflow not a present one; and two, the probability the cashflow will start later, or never.