Ann: Half Year Financial Report and Appendix 4D, page-10

I stated the WMX net asset value. No further.
Also you are wrong that most companies trade above NAV.
NAV is not like book value. NAV is real.
I do not know where you come from.
NAV for Afterpay is 50 times higher or more. There is no asset just a customer base.
If the product goes up in value so do reserve values . Likewise if the value of future production goes down, then NAV will go down.
Simple, the NAV depends on reserves at current mkt price after extraction costs.
Not Afterpay, CBA, CSL ETC.