Valuation, debt, capital structure and NAV

A property worth SEK 100 million does not mean that the owners have value of SEK 100 million. Debt, other assets, liabilities and capital structure determine how much economic value actually remains. Here we examine the relationship between property value, equity and NAV.

Publisher

Tokenisera

Published

2026-09-17

Updated

Reading time

10 min

A property can be described with a market value, a carrying amount, a valuation report or a transaction price. A company that owns the property may at the same time have bank loans, cash, tax liabilities, trade payables, receivables and other agreements. The investor may also hold shares, a claim or another economic right.

It is therefore wrong to start with the question: "How much is the token worth if the property is worth SEK 100 million?" The better question is: which value layer and which right does the token represent?

Chapter 4 showed that two digital representations can refer to completely different legal positions. Chapter 5 adds the value layer: how property value, debt, equity, capital structure and NAV fit together.