In Finance, the term "Discounted ..." means present value

The meaning of "Discounted ..." in Finance simply refers to the present value of something.

The reasoning goes like this.
A dollar today is worth more than a dollar tomorrow.
A dollar tomorrow is worth less than a dollar today.
A dollar tomorrow is discounted (thus worth less) to get its present value.

For example, discounted cash flow simply means the present value of all the future cash flows.