Adjusted Present Value - APV
The Net Present Value (NPV) of a project if financed solely by equity plus the Present Value (PV) of any financing benefits (the additional effects of debt).
Investopedia Commentary
By taking into account financing benefits, APV includes tax shields such as those provided by deductible interests.
Related Links
Understanding The Time Value Of Money
See also: Cost of Capital, Net Present Value (NPV), Present Value (PV)
Also spelled: apv