When a company uses debt, its value is not just the value of its business. The way it is financed creates extra costs and benefits that show up in the price tag. If you ignore them, you can end up over‑ or undervaluing a project by a lot — a whole firm, or even a leveraged buyout. This chapter gives you three clean, simple toolkits for putting a fair number on a levered investment, no matter how the debt is structured.