mNAV is not a universal formula. A useful valuation desk shows the method before the number: equity value or enterprise value, gross or adjusted asset value, securities included, prices and the common cutoff.
The notebook / 01
Show the calculation
Write down the chosen numerator and denominator explicitly. If debt, cash or preferred claims are included, state whether their values are market, face, liquidation or another convention. A seemingly precise multiple can hide incompatible definitions.
An input changed after the cutoff cannot be spliced into an older snapshot without relabeling the result. Search snippets without a dependable observation time do not establish a current valuation.
The notebook / 02
Keep issuer terminology attributed
Strategy’s notes describe its own definitions and their limitations. Its supplementary Bitcoin metrics are not substitutes for financial statements. Those definitions are a primary reference for that issuer; they do not automatically standardize every treasury company.