Glossary · Investment companies
Implied value of unlisted holdings
The implied value of unlisted holdings is what the share price says the market pays for everything that is not a listed stake: the share price minus the listed holdings at market value, plus net debt, per share. It is also called the implied stub.
Comparing it with the company's own valuation of those holdings shows where the discount really sits. For a company whose assets are almost all listed, the discount applies to marked-to-market stakes; for one with large unlisted holdings, it is largely a view on those.
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