QUESTION 10 Which of the following statements is NOT TRUE about the Adjusted Present Value (APV) method The APV method values the equity cash flows separately from the value of debt, cash and other non-operating assets The APV method can be used even if the company being valued has no debt APV values the interest tax shield of any debt in the capital structure APV is the preferred intrinsic valuation approach for new ventures because, among other things, it makes it easier to deal with the likelihood of capital structure changes over time Equity cash flows under APV should be discounted at the weighted Average Cost of Capital (WACC)