Dados B3 › Glossary

Glossary

P/BV of a FII

How much the market pays for the unit relative to its net asset value: below 1, a discount; above 1, a premium.

What it is

How much the market pays for the unit relative to its net asset value: below 1, a discount; above 1, a premium. Shown on the FIIs pages.

How Dados B3 calculates it

unit price ÷ net asset value per unit (NAV/unit). 'P/BV (monthly report)': price on the first trading day from the day the monthly report reached the CVM, over that report's NAV/unit. 'P/BV today': latest close over the latest report's NAV/unit.

Example

Illustrative example, with made-up numbers to keep the arithmetic easy: Unit at R$ 90 and NAV/unit of R$ 100: P/BV = 0.90, a 10% discount to net assets.

What to watch for when reading it

• The NAV is an appraisal of the properties, not a sale price: a discount can be justified.
• A fund with few unitholders barely trades, and its P/BV may not be a market price; it stays out of the rankings.
• When NAV/unit does not match equity ÷ units in the same report, the figure carries a divergence mark.

See also

• NAV per unit
• Vacancy
• 12-month DY

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Educational content to understand what each number means. It is not a recommendation to buy or sell.