Valuation method
Adjusted NAV
The true intrinsic value of assets minus liabilities.
What it is
Adjusted NAV (Net Asset Value) calculates the intrinsic value of a business by revaluing all assets to fair market value and subtracting all liabilities. Unlike book value, adjusted NAV accounts for the actual value of inventory, receivables, real estate, and intangible assets.
When to use it
The preferred method for asset-heavy businesses: manufacturing, real estate, distribution, agriculture, and holding companies. It often serves as a floor value in valuations, meaning the minimum a business is worth based on what it owns. For advisors, NAV is frequently the anchor in collateral and minimum value discussions alongside income-based methods.
How Upswitch applies this method
Upswitch helps you reassess net asset value in a structured way. Important balance sheet items are reviewed against their economic reality. The result forms a solid anchor point alongside income-based methods.
Data and benchmarks
Sector multiples and transaction benchmarks are calibrated against the Upswitch Index, our continuously updated European SME reference dataset (per-country filter).
Explore the Upswitch SME Index→Sectors where this method is the headline
Live Upswitch Index data per sector. Click through to the multiples band that applies to your case.
Real estate & property services
Asset book is the value; income capitalisation cross-checks but NAV leads.
See multiples on Index →
Asset-heavy transport
Fleet + warehouse capex set a defensible floor that earnings-based methods miss.
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Asset-heavy manufacturing
When the machine park alone is worth the deal price, NAV becomes the relevant headline.
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Agro-food & food processing
Plant + land + cold-chain assets often dominate the operating earnings story.
See multiples on Index →
In your professional report
Each method appears as a dedicated section in your branded PDF, with a full audit trail for every normalisation and adjustment.
| Section | Included |
|---|---|
| Adjusted NAV | Value and method summary |
| Audit trail | Per adjustment, fully traceable |
How it compares
| Method | Best for | Data needed |
|---|---|---|
| EBITDA multiple | Earnings-driven value | Normalized EBITDA |
| Fiscal reference | Tax & succession (BE) | Book equity + EBITDA |
| Upswitch adaptive market approach | Holistic view | Full financials |
Related comparisons
Frequently asked questions
On the Free plan you can run up to three valuations per year using the methods enabled for your workspace. Starter unlocks all ten valuation methods, unlimited valuations, downloadable branded reports without watermark, and live European SME multiples from the Upswitch Index.
Apply Adjusted NAV to your sector
Real-world examples of Adjusted NAV in action. Sector-specific multiples, normalisations and worked examples on the Upswitch Index.
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Construction
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Dance Studio
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Electrical Services
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HVAC Services
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