The Net Tangible Asset Value represents the value of the business enterprise's tangible assets (excluding excess assets and non-operating assets) less the value of liabilities. In business valuation analysis, the estimation of the tangible asset value (book value) is one of the key steps in estimating the fair market value of the business. To arrive at the fair market value of the business enterprise, business valuators must identify and value intangible assets and appropriately adjust the balance sheet. This is what is referred to as the Net Asset Value (NAV) method in business valuation analytics. The NAV method is one of the methods of business.