Nottingham Forest started the month with the 12th most valuable squad in the Championship, according to Transfer Market.
Prior to any January business, the Reds are said to have a group of players worth an estimated £43.61m.
That total is some way below the values for the three clubs who came down from the Premier League last season.
Bournemouth are listed as having the highest value squad, at a whopping £118.44m, with Norwich City also topping the £100m mark (£100.49m) and Watford at £94.68m.
Also above Forest in this particular table are Brentford (£74.12m), Stoke City (£58.64m), Bristol City (£55.82m), Cardiff City (£53.15m), Reading (£51.62m), Blackburn Rovers (£50.76m), Swansea City (£46.71m) and Middlesbrough (£45.23m).
By contrast, the three teams with the lowest value squads in the division are Wycombe Wanderers (£6.66m), Rotherham United (£11.70m) and Coventry City (£15.30m).
The Reds made 14 signings during the summer transfer window, bringing in Abdoulaye Diallo, Cyrus Christie, Loic Mbe Soh, Tyler Blackett, Scott McKenna, Nicholas Ioannou, Jack Colback, Fouad Bachirou, Luke Freeman, Cafu, Anthony Knockaert, Harry Arter, Lyle Taylor and Miguel Angel Guerrero.
So far in this transfer window, they have extended the loan spell of Knockaert until the end of the season and seen Ioannou and Tendayi Darikwa, as well as youngster Jake Taylor, depart.
However, further departures are anticipated and boss Chris Hughton is also expected to strengthen - although he has stressed there will not be "wholesale changes"
Although he has struggled for form this term, Transfer Market still pick out Joe Lolley as Forest’s most valuable asset, suggesting he is worth £4.5m.
