NAV

NAV, Net Asset Value per share, 每股净资产值也。

Calculation:

[Total assets less (liabilities + preference capital)] / Number of shares ordinary outstanding

NAV是个理论上的价值。即：以Balance Sheet上的价值，将公司全部资产变卖，后付还公司全部负债，所剩的就是净资产值 NAV。然后，再除于全部发行股份，就是每股份之NAV。

NAV tells you something about a company, i.e. Should the company collapse, this is the potential amount of value left in the share. But, can the NAV value be released? We dont know. Because, the value of NAV is based on the value in the balance sheet and not the actual value on sale. Also, can all assets be released? E.g. Can all debt be recoverred? Can all fixed assets be sold at the value recorded in the balance sheet?

So, unless you further examine each item in the balance sheet, NAV remains a theoritical value to you.

Despite of this, NAV, however, is still a useful indicator for investors in so far as "is the share price I am paying for higher than net asset value" of a company is concerned.