NAV in Company or group when calculating valuation ?

[opmi]

Should base on RNAV. book value can only be
first filter. Some companies like to write down
their properties jialat jialat. Book NAV not representative.

RNAV of the group or company ?

Interesting question. I would say RNAV of the Group.

But can RNAV be negative? Meaning liabilities more than assets.
If subsi liability has no recourse to parent, then subsi RNAV is zero then
subsi RNAV no impact on Group RNAV

If parent liable to subsi via guarantee or legal, the subsi RNAV can be negative
and reduce total Group RNAV on a consolidated basis.

Why not Rnav of the company ?
Group nav consolidate all subsidiaries so not so accurate ?

For RNAV (not NAV), Group RNAV would total up subsi RNAV (and Net liabilities if got recourse to parent ). Company RNAV would not capture other subsi RNAV.