RE: RE: RE: RE: CIBC RNAV is a common approach to companies within the hard asset business, like real estate developers, natural resources, etc. Unless a different approach is being used, it's often referred to Revalued Net Asset Value. Add investment value of property, plus any surplus value of additional propety (like SGY holds land with reserves yet to be discovered), plus overall company value (like cash), less liabilities. Discount this by some applied rate.
You could also do (land area* price of property- less liabilities)/ Total Capital
I imagine the model components are more important than the overall end figure. At what rate are cash flows being discounted? What about assumptions on property that has unproven reserves and management ability to access those reserves? Changing the model by a few % points could make huge differences. Is this analyst an optimistic or pessimistic person? I hope pessimistic because that leaves up side for management to deliver and analyst up grades to come through.