diff --git a/modules/purchase_trade/tests/test_module.py b/modules/purchase_trade/tests/test_module.py
index 28d221b..6b5a7c5 100644
--- a/modules/purchase_trade/tests/test_module.py
+++ b/modules/purchase_trade/tests/test_module.py
@@ -72,7 +72,7 @@ class PurchaseTradeTestCase(ModuleTestCase):
             Decimal('250.00'))
 
     def test_get_strategy_mtm_price_returns_unit_price(self):
-        'strategy mtm price exposes the unit valuation price'
+        'strategy mtm price exposes the raw unit valuation price'
         strategy = Mock(
             scenario=Mock(
                 valuation_date='2026-03-29',
@@ -90,7 +90,7 @@ class PurchaseTradeTestCase(ModuleTestCase):
 
         self.assertEqual(
             valuation_module.Valuation._get_strategy_mtm_price(strategy, line),
-            Decimal('25.0000'))
+            Decimal('100.0000'))
 
     def test_parse_numbers_supports_inline_and_legacy_separators(self):
         'parse_numbers keeps supporting inline entry and legacy separators'
diff --git a/modules/purchase_trade/valuation.py b/modules/purchase_trade/valuation.py
index 97cf37c..6f1a205 100644
--- a/modules/purchase_trade/valuation.py
+++ b/modules/purchase_trade/valuation.py
@@ -144,9 +144,6 @@ class ValuationBase(ModelSQL):
                 value = Decimal(strategy._get_matrix_price(
                     comp, line, scenario.valuation_date))
 
-            if comp.ratio:
-                value *= Decimal(comp.ratio) / Decimal(100)
-
             total += value
 
         return round(total, 4)