In an NAV calculation, which of the following is subtracted from the asset value?

In a net asset value (NAV) calculation, the primary goal is to determine the value of a company's assets minus its liabilities, providing a clear picture of the company's financial health. Subtracting claims from other stakeholders is essential as these claims represent actual obligations the company must fulfill, such as debts, outstanding loans, or any other financial responsibilities.

Claims from stakeholders directly impact the equity available to shareholders. In contrast, future revenues from new projects and future cash flow estimates do not reflect current liabilities and can be considered speculative until they materialize. Market capitalization, on the other hand, reflects the total market value of a company's equity and is not directly used in NAV calculations, as it doesn't account for the company's actual assets and liabilities. Thus, understanding that claims from other stakeholders appropriately reduce the asset value is key to accurately calculating NAV.