El valor de los activos netos (NAV)tendencias y análisis crítico

Abstract

Net Asset Value (NAV) is generally accepted as the most important indicator to inform about the fundamental value of listed property companies. Nevertheless, the great diversity among the NAV-concepts and the absence of a standardized methodology for its determination could be considered as an important obstacle to achieve more credibility among analysts and stock investors. The subject of research is the analysis of the NAV-concept, on the one hand as an indicator of companies´ fundamental value, applying the going concern principle, and on the other as an indicator of its liquidation value. In addition, we wish to identify the most relevant changes in methodology that have been introduced by the new EPRA-NAV model. The findings of this study show that the NAV concept is still showing some structural inaccuracies that reduce its utility to inform about companies´ fundamental value. On the other hand, and with respect to other valuation methods, NAV is characterised by some important advantages, the most important one being its superior applicability in practice.