{"id":8843,"date":"2024-04-17T07:58:00","date_gmt":"2024-04-17T07:58:00","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=8843"},"modified":"2025-04-17T09:40:58","modified_gmt":"2025-04-17T09:40:58","slug":"understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling","status":"publish","type":"post","link":"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/","title":{"rendered":"Understanding How to Calculate the Fair Value of Unlisted Shares Before Buying or Selling"},"content":{"rendered":"<p class=\"\" data-start=\"188\" data-end=\"497\">Investing in <a href=\"https:\/\/www.incredmoney.com\/\">unlisted shares<\/a> is becoming increasingly popular among investors looking to earn high returns before a company goes public. However, unlike listed stocks, unlisted shares do not have a transparent, market-determined price. This makes calculating their fair value crucial before buying or selling.<\/p>\n<p class=\"\" data-start=\"499\" data-end=\"658\">In this blog, we\u2019ll break down practical methods to help you estimate the fair value of <a href=\"https:\/\/www.incredmoney.com\/\">unlisted shares<\/a>\u2014so you can make informed investment and exit decisions.<\/p>\n<hr class=\"\" data-start=\"660\" data-end=\"663\" \/>\n<h2 class=\"\" data-start=\"665\" data-end=\"710\">What is the Fair Value of Unlisted Shares?<\/h2>\n<p class=\"\" data-start=\"712\" data-end=\"1010\">The <strong data-start=\"716\" data-end=\"730\">fair value<\/strong> of <a href=\"https:\/\/www.incredmoney.com\/\">unlisted shares<\/a> is the estimated price that a buyer and seller would agree on in an open and willing transaction. Since these shares don\u2019t trade on stock exchanges, investors must assess a company\u2019s financials, industry outlook, and growth potential to determine fair pricing.<\/p>\n<p class=\"\" data-start=\"1012\" data-end=\"1146\"><strong data-start=\"1012\" data-end=\"1031\">Why it matters:<\/strong><br data-start=\"1031\" data-end=\"1034\" \/>Correctly valuing unlisted shares ensures you buy at a fair price and sell at the right time for maximum profit.<\/p>\n<h2>Key Methods to Calculate Fair Value of Unlisted Shares<br \/>\n1. Net Asset Value (NAV) Method<\/h2>\n<p class=\"\" data-start=\"1249\" data-end=\"1389\"><strong data-start=\"1251\" data-end=\"1278\">What is the NAV Method?<\/strong><br data-start=\"1278\" data-end=\"1281\" \/>This method values a company based on its <strong data-start=\"1323\" data-end=\"1336\">net worth<\/strong> \u2014 calculated by subtracting liabilities from assets.<\/p>\n<p class=\"\" data-start=\"1391\" data-end=\"1407\"><strong data-start=\"1393\" data-end=\"1405\">Formula:<\/strong><\/p>\n<p><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\">NAV=Total Assets\u2212Total Liabilities Number of Outstanding Shares\\text{NAV} = \\frac{\\text{Total Assets} &#8211; \\text{Total Liabilities}}{\\text{Number of Outstanding Shares}}<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><span class=\"mrel\">=<\/span><\/span><span class=\"base\"><span class=\"mord\"><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span class=\"mord text\">Number of Outstanding Shares\u00a0<\/span><span class=\"mord text\">Total\u00a0Assets<\/span><span class=\"mbin\">\u2212<\/span><span class=\"mord text\">Total\u00a0Liabilities<\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p class=\"\" data-start=\"1519\" data-end=\"1558\"><strong data-start=\"1521\" data-end=\"1538\">How It Works:<\/strong><br data-start=\"1538\" data-end=\"1541\" \/>If a company has:<\/p>\n<ul data-start=\"1559\" data-end=\"1662\">\n<li class=\"\" data-start=\"1559\" data-end=\"1591\">\n<p class=\"\" data-start=\"1561\" data-end=\"1591\">Total Assets = INR 100 crore<\/p>\n<\/li>\n<li class=\"\" data-start=\"1592\" data-end=\"1628\">\n<p class=\"\" data-start=\"1594\" data-end=\"1628\">Total Liabilities = INR 30 crore<\/p>\n<\/li>\n<li class=\"\" data-start=\"1629\" data-end=\"1662\">\n<p class=\"\" data-start=\"1631\" data-end=\"1662\">Outstanding Shares = 10 crore<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"1664\" data-end=\"1671\">Then,<\/p>\n<p><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\">NAV=70\u00a0crore10\u00a0crore\u00a0shares=INR\u00a07\u00a0per\u00a0share\\text{NAV} = \\frac{70 \\text{ crore}}{10 \\text{ crore shares}} = \\text{INR 7 per share}<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord text\"><span class=\"mord\">NAV<\/span><\/span><span class=\"mrel\">=<\/span><\/span><span class=\"base\"><span class=\"mord\"><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\">10<span class=\"mord text\">\u00a0crore\u00a0shares<\/span>70<span class=\"mord text\">\u00a0crore<\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><\/span><\/span><\/span><span class=\"mrel\">=<\/span><\/span><span class=\"base\"><span class=\"mord text\"><span class=\"mord\">INR\u00a07\u00a0per\u00a0share<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p class=\"\" data-start=\"1766\" data-end=\"1827\"><strong data-start=\"1768\" data-end=\"1788\">Best Suited For:<\/strong><br data-start=\"1788\" data-end=\"1791\" \/>Companies with tangible assets like:<\/p>\n<ul data-start=\"1828\" data-end=\"1902\">\n<li class=\"\" data-start=\"1828\" data-end=\"1849\">\n<p class=\"\" data-start=\"1830\" data-end=\"1849\">Real estate firms<\/p>\n<\/li>\n<li class=\"\" data-start=\"1850\" data-end=\"1877\">\n<p class=\"\" data-start=\"1852\" data-end=\"1877\">Manufacturing companies<\/p>\n<\/li>\n<li class=\"\" data-start=\"1878\" data-end=\"1902\">\n<p class=\"\" data-start=\"1880\" data-end=\"1902\">Asset-heavy businesses<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"1904\" data-end=\"1924\"><strong data-start=\"1906\" data-end=\"1922\">Limitations:<\/strong><\/p>\n<ul data-start=\"1925\" data-end=\"2030\">\n<li class=\"\" data-start=\"1925\" data-end=\"1960\">\n<p class=\"\" data-start=\"1927\" data-end=\"1960\">Doesn\u2019t factor in future growth<\/p>\n<\/li>\n<li class=\"\" data-start=\"1961\" data-end=\"2030\">\n<p class=\"\" data-start=\"1963\" data-end=\"2030\">Not ideal for tech or service-based startups with intangible assets<\/p>\n<\/li>\n<\/ul>\n<h3 class=\"\" data-start=\"2037\" data-end=\"2077\">\u00a02. Discounted Cash Flow (DCF) Method<\/h3>\n<p class=\"\" data-start=\"2079\" data-end=\"2247\"><strong data-start=\"2081\" data-end=\"2108\">What is the DCF Method?<\/strong><br data-start=\"2108\" data-end=\"2111\" \/>The DCF method estimates the present value of a company\u2019s <strong data-start=\"2169\" data-end=\"2190\">future cash flows<\/strong>\u2014helping you determine the intrinsic value of its shares.<\/p>\n<p class=\"\" data-start=\"2249\" data-end=\"2265\"><strong data-start=\"2251\" data-end=\"2263\">Formula:<\/strong><\/p>\n<p><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\">Fair Value=\u2211Cash Flow t(1+r)t\\text{Fair Value} = \\sum \\frac{\\text{Cash Flow}_t}{(1 + r)^t}<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord text\"><span class=\"mord\">Fair\u00a0Value<\/span><\/span><span class=\"mrel\">=<\/span><\/span><span class=\"base\"><span class=\"mop op-symbol large-op\">\u2211<\/span><span class=\"mord\"><span class=\"mfrac\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\"><span class=\"mopen\">(<\/span>1<span class=\"mbin\">+<\/span><span class=\"mord mathnormal\">r<\/span><span class=\"mclose\">)<span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"sizing reset-size6 size3 mtight\"><span class=\"mord mathnormal mtight\">t <\/span><\/span><\/span><\/span><\/span><span class=\"mord text\">Cash Flow<\/span><span class=\"msupsub\"><span class=\"vlist-s\">\u200b<\/span><\/span><\/span><span class=\"vlist-s\">\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p class=\"\" data-start=\"2335\" data-end=\"2343\">Where:<\/p>\n<ul data-start=\"2344\" data-end=\"2415\">\n<li class=\"\" data-start=\"2344\" data-end=\"2391\">\n<p class=\"\" data-start=\"2346\" data-end=\"2391\"><span class=\"katex\"><span class=\"katex-mathml\">rr<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">r<\/span><\/span><\/span><\/span> = Discount rate (typically 10%\u201315%)<\/p>\n<\/li>\n<li class=\"\" data-start=\"2392\" data-end=\"2415\">\n<p class=\"\" data-start=\"2394\" data-end=\"2415\"><span class=\"katex\"><span class=\"katex-mathml\">tt<\/span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord mathnormal\">t<\/span><\/span><\/span><\/span> = Year number<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"2417\" data-end=\"2626\"><strong data-start=\"2419\" data-end=\"2431\">Example:<\/strong><br data-start=\"2431\" data-end=\"2434\" \/>If a company is expected to generate INR 50 crore per year for the next 5 years, and the discount rate is 12%, you would discount each of those cash flows to calculate the total present value.<\/p>\n<p class=\"\" data-start=\"2628\" data-end=\"2652\"><strong data-start=\"2630\" data-end=\"2650\">Best Suited For:<\/strong><\/p>\n<ul data-start=\"2653\" data-end=\"2729\">\n<li class=\"\" data-start=\"2653\" data-end=\"2679\">\n<p class=\"\" data-start=\"2655\" data-end=\"2679\">Growth-stage companies<\/p>\n<\/li>\n<li class=\"\" data-start=\"2680\" data-end=\"2729\">\n<p class=\"\" data-start=\"2682\" data-end=\"2729\">Startups with strong future cash flow potential<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" data-start=\"2731\" data-end=\"2751\"><strong data-start=\"2733\" data-end=\"2749\">Limitations:<\/strong><\/p>\n<ul data-start=\"2752\" data-end=\"2862\">\n<li class=\"\" data-start=\"2752\" data-end=\"2792\">\n<p class=\"\" data-start=\"2754\" data-end=\"2792\">Relies heavily on future projections<\/p>\n<\/li>\n<li class=\"\" data-start=\"2793\" data-end=\"2862\">\n<p class=\"\" data-start=\"2795\" data-end=\"2862\">Sensitive to assumptions like discount rate and cash flow estimates<\/p>\n<\/li>\n<\/ul>\n<h2 class=\"\" data-start=\"2869\" data-end=\"2886\">Final Thoughts<\/h2>\n<p class=\"\" data-start=\"2888\" data-end=\"3159\">Accurately calculating the fair value of unlisted shares is essential before making any investment or divestment decisions. While no single method is perfect, using a combination of NAV and DCF (depending on the nature of the company) gives a more well-rounded valuation.<\/p>\n<p class=\"\" data-start=\"3161\" data-end=\"3317\">Want to explore top opportunities in the unlisted space?<br \/>\n<br data-start=\"3217\" data-end=\"3220\" \/>Check out <a class=\"\" href=\"https:\/\/www.incredmoney.com\/\" target=\"_new\" rel=\"noopener\" data-start=\"3230\" data-end=\"3278\"><strong data-start=\"3231\" data-end=\"3247\">InCred Money<\/strong><\/a> for expert-curated investment options.<\/p>\n<h2 class=\"\" data-start=\"3324\" data-end=\"3335\">Sources:<\/h2>\n<ul data-start=\"3336\" data-end=\"3766\">\n<li class=\"\" data-start=\"3336\" data-end=\"3492\">\n<p class=\"\" data-start=\"3338\" data-end=\"3492\"><a href=\"https:\/\/www.moneycontrol.com\/news\/business\/personal-finance\/want-to-own-a-piece-of-an-unlisted-company-know-the-pros-and-cons-before-investing-12840390.html\" target=\"_new\" rel=\"noopener\" data-start=\"3338\" data-end=\"3490\">Moneycontrol\u00a0<\/a><\/p>\n<\/li>\n<li class=\"\" data-start=\"3493\" data-end=\"3655\">\n<p class=\"\" data-start=\"3495\" data-end=\"3655\"><a href=\"https:\/\/economictimes.indiatimes.com\/topic\/unlisted-market\" target=\"_new\" rel=\"noopener\" data-start=\"3495\" data-end=\"3653\">Economic Times \u2013 Trends in India\u2019s Unlisted Market<\/a><\/p>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Investing in unlisted shares is becoming increasingly popular among investors looking to earn high returns before a company goes public. However, unlike listed stocks, unlisted shares do not have a transparent, market-determined price. This makes calculating their fair value crucial before buying or selling. In this blog, we\u2019ll break down practical methods to help you [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":8846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[31,29],"tags":[],"class_list":["post-8843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-unlisted-shares"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding How to Calculate the Fair Value of Unlisted Shares Before Buying or Selling - InCred Money<\/title>\n<meta name=\"description\" content=\"Learn how to calculate the fair value of unlisted shares using key valuation methods like NAV and DCF. Make smarter buy and sell decisions in the unlisted share market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding How to Calculate the Fair Value of Unlisted Shares Before Buying or Selling - InCred Money\" \/>\n<meta property=\"og:description\" content=\"Learn how to calculate the fair value of unlisted shares using key valuation methods like NAV and DCF. Make smarter buy and sell decisions in the unlisted share market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\" \/>\n<meta property=\"og:site_name\" content=\"InCred Money\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-17T07:58:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-17T09:40:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2024\/04\/17084012\/image-9.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2492\" \/>\n\t<meta property=\"og:image:height\" content=\"1652\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Adnan Hussain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adnan Hussain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\"},\"author\":{\"name\":\"Adnan Hussain\",\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/#\/schema\/person\/e8643f7f4a8a65ad9dd30578840f688e\"},\"headline\":\"Understanding How to Calculate the Fair Value of Unlisted Shares Before Buying or Selling\",\"datePublished\":\"2024-04-17T07:58:00+00:00\",\"dateModified\":\"2025-04-17T09:40:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\"},\"wordCount\":514,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2024\/04\/17084012\/image-9.png\",\"articleSection\":[\"Investing\",\"Unlisted Shares\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\",\"url\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/\",\"name\":\"Understanding How to Calculate the Fair Value of Unlisted Shares Before Buying or Selling - InCred Money\",\"isPartOf\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/understanding-how-to-calculate-the-fair-value-of-unlisted-shares-before-buying-or-selling\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/s3.ap-south-1.amazonaws.com\/devblogs.incredmoney.com\/blog\/wp-content\/uploads\/2024\/04\/17084012\/image-9.png\",\"datePublished\":\"2024-04-17T07:58:00+00:00\",\"dateModified\":\"2025-04-17T09:40:58+00:00\",\"author\":{\"@id\":\"https:\/\/devblog.incredmoney.com\/blog\/#\/schema\/person\/e8643f7f4a8a65ad9dd30578840f688e\"},\"description\":\"Learn how to calculate the fair value of unlisted shares using key valuation methods like NAV and DCF. 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