What is Adjusted Present Value (APV)?
Myers (1974): value the firm unlevered, then add the present value of the tax shield. Avoids WACC and its circularity.
Where you will use it: this term comes up in the Entrepreneurial Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Entrepreneurial Finance course by Devon Coombs, CPA, MBA.