Fair value is the client’s modelled value per outstanding share. In build a7b5c7c, the calculation is deterministic, but several inputs reflect current world and organization state. It is not a liquidation guarantee or the price at which another player must trade. Evidence
Denominator and asset base
S = max(1, issued shares − treasury shares). Treasury shares therefore do not dilute the per-share denominator while they remain in treasury.
The adjusted asset base is treasury + issued-loan principal + 0.82 × equity holdings − borrowed principal. Backlog liability is deducted at 35% before the nonnegative balance value is divided by S.
Per-share components
| Component | Contribution |
|---|---|
| Adjusted balance value | max(0, asset base − 0.35 × backlog liability) / S |
| Positive net income, trailing 7 days | 4 × max(0, income) / S |
| Backlog | 0.5 × max(0, backlog) / S |
| Reinvestment | 0.65 × sum of track levels |
| Equity holdings bonus | 0.38 × holdings / S |
| Backlog-liability penalty | 0.28 × liability / S |
| Daily interest due penalty | 2.1 × interest due / S |
| Daily interest receivable bonus | 1.45 × receivable / S |
| Scheduled dividend-income bonus | 1.8 × (30-day income / 30) / S |
| Liquidity bonus | 1.2 × liquidity score |
| Recent-default penalty | 0.35 × recent defaults |
Sell pressure and dilution subtract 0.08 × recent dilution percent + 0.06 × shares-for-sale percent. Ownership concentration above 55% subtracts 0.015 per percentage point.
Macro adjustment and rounding
The subtotal is multiplied by clamp(0.94 + 0.24 × (purchasing-power index − 1) − 0.18 × war-disruption fraction + 0.10 × clamp(catalyst pressure, −1, 1), 0.68, 1.34).
The result is rounded to two decimals with a minimum of 1 Noctmark. If it is effectively zero, the fallback is the lower of last trade price and seed-anchored price, also with a minimum of 1. Evidence
Use fair value as a decomposition tool. A rising market price with flat fair value is demand, not automatically improved fundamentals. Compare it with Treasury and holdings and the actual order book before trading.