Adjusted Present Value Approach. APV = NPV NPVFThe value of a project to the firm can be thought of as the value of the project to an unlevered firm (NPV) plus the present value of the financing side effects (NPVF).. Adjusted Present Value. Discount the FCF as if the firm were financed with all equityDiscount the tax shields at the pre-tax cost of debtAdd the two values together.
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