Is there any Excel equivalent to the SQL NVL function, which replaces null-like results with a different specified value, that doesn't require calculating the value more than once or storing the value in another cell?

Example of calculating a value twice:

=IF(ISERROR(A1/B1),"",A1/B1)

Dividing one value by another is simple; but if the calculation is more complicated then I don't want to include it twice, at least to make the formula more readable.