Adjusted Present Value (APV) is a way to value companies as all equity financed and by adding financial side effects; such as, present value of tax shield (PVTS) and (subtracting) present value of financial distress (PVFD).
Free Cash Flow (FCF)
Cash Flow time can be supplied (optional)
FCF can repeat
Series of FCFs are added
Cost of Equity (Ra) is used for discounting FCFs
PVTS is added and PVFD is subtracted to determine the value of the firm.
APV can be applied to any financial scenario; especially, ones involving government subsidy and rebate. These are not accommodated by WACC valuation.
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