Discounted Cash Flow (DCF) Analysis Levered

Apple Inc. (AAPL)

$ 127.35
1.24 (+0.98%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910182,795233,715215,639229,234265,595260,174274,515295,187.38317,416.49341,319.57367,022.68394,661.36
Revenue (%)
Operating Cash Flow 53,66659,71381,26666,23163,59877,43469,39180,67489,482.1796,220.64103,466.54111,258.10119,636.40
Operating Cash Flow (%)
Capital Expenditure -8,165-9,571-11,247-12,734-12,795-13,313-10,495-7,309-14,029.26-15,085.74-16,221.77-17,443.35-18,756.92
Capital Expenditure (%)
Free Cash Flow 45,50150,14270,01953,49750,80364,12158,89673,36575,452.9181,134.9087,244.7793,814.75100,879.48

Weighted Average Cost Of Capital

Share price $ 127.35
Beta 1.204
Diluted Shares Outstanding 17,528.21
Cost of Debt
Tax Rate 14.43
After-tax Cost of Debt 4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.042
Total Debt 112,436
Total Equity 2,232,218.05
Total Capital 2,344,654.05
Debt Weighting 4.80
Equity Weighting 95.20
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910182,795233,715215,639229,234265,595260,174274,515295,187.38317,416.49341,319.57367,022.68394,661.36
Operating Cash Flow 53,66659,71381,26666,23163,59877,43469,39180,67489,482.1796,220.64103,466.54111,258.10119,636.40
Capital Expenditure -8,165-9,571-11,247-12,734-12,795-13,313-10,495-7,309-14,029.26-15,085.74-16,221.77-17,443.35-18,756.92
Free Cash Flow 45,50150,14270,01953,49750,80364,12158,89673,36575,452.9181,134.9087,244.7793,814.75100,879.48
WACC
PV LFCF 67,567.7665,063.0962,651.2760,328.8558,092.53
SUM PV LFCF 313,703.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.67
Free cash flow (t + 1) 104,914.66
Terminal Value 1,367,857.36
Present Value of Terminal Value 787,695.26

Intrinsic Value

Enterprise Value 1,101,398.75
Net Debt 74,420
Equity Value 1,026,978.75
Shares Outstanding 17,528.21
Equity Value Per Share 58.59