Trying to understand the relationship between these three. NAV = total assets - total liabs and is a balance sheet term. 1. Does NAV = SH Funds? 2. Does Market value of Equity + Debt = total assets? 3. Does MV of Equity = SH Funds + goodwill? struggling to fit these all together, particularly in relation to Mertons bond formula that equity is a call option on assets with strike price = Debt.