Adjusted Net Asset Value (ANV — Actif Net Réévalué) is the enhanced form of the substantial value concept, incorporating all identified asset fair value adjustments including intangible assets, off-balance-sheet items and contingent liabilities. It is the primary method for valuing holding companies, investment companies and real estate companies where asset values drive the equity value. In due diligence and valuation, it provides the asset-based floor value — below which the going-concern DCF value should theoretically not fall.

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Example: a Swiss family holding presents book net assets of CHF 8.5 million. ANV restatement: industrial subsidiaries revalued at transaction multiples (+CHF 4.8 million), real estate at market value (+CHF 2.2 million), listed investments at market price (+CHF 800,000), deferred tax on latent gains (-CHF 1.2 million). Adjusted NAV = CHF 15.1 million — versus a DCF going-concern value of CHF 18.5 million, with a 20% holding discount reducing the equity value to CHF 14.8 million.

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Hectelion calculates ANV for holding companies and capital-intensive businesses, coordinating asset-by-asset fair value assessments with sector-specific experts.