The Net Asset Value (NAV) is the value of the balance sheet assets less the liabilities and it is equal to the value of the Net equity, calculated and published quarterly by DeA Capital, based on the international accounting principles (IFRS).
As far as equity investments are concerned, at the moment of the acquisition. the value is equal to the price paid.
Subsequently, the value of equity investments increases/decreases on the basis of:
1) DeA Capital's share of the net result of the portfolio company, less the amount of dividends received by DeA Capital. for equity stakes >20% (associates)
2) Fair value at the time of evaluation. for equity stakes <20%. Private equity funds (e.g. Funds of Funds or Co-investment funds) are valued on a quarterly basis at fair value, as calculated and communicated by the fund managers.
NAV per share is calculated dividing the total NAV by the total number of outstanding shares.