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Discounted Cash Flow (DCF) Analysis Levered


Apple Inc.

Apple Inc. (AAPL)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12291,749.64320,486.98352,054.95386,732.36424,825.50
Revenue (%)
Operating Cash Flow 53,665.7459,716.9281,262.0366,225.2064,231.0377,445.7990,792.4999,735.55109,559.50120,351.11132,205.70
Operating Cash Flow (%)
Capital Expenditure -9,075.32-9,815.73-11,498.68-12,744.74-12,447.34-13,306.01-15,521.08-17,049.91-18,729.32-20,574.16-22,600.72
Capital Expenditure (%)
Free Cash Flow 44,590.4249,901.1969,763.3553,480.4651,783.6964,139.7775,271.4182,685.6490,830.1899,776.95109,604.98

Weighted Average Cost Of Capital

Share price $ 236.38
Diluted Shares Outstanding 4,955.38
Cost of Debt
Tax Rate 18.34
After-tax Cost of Debt -0.87
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.53
Total Debt 93,735.00
Total Equity 1,171,352.02
Total Capital 1,265,087.02
Debt Weighting 7.41
Equity Weighting 92.59
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12291,749.64320,486.98352,054.95386,732.36424,825.50
Operating Cash Flow 53,665.7459,716.9281,262.0366,225.2064,231.0377,445.7990,792.4999,735.55109,559.50120,351.11132,205.70
Capital Expenditure -9,075.32-9,815.73-11,498.68-12,744.74-12,447.34-13,306.01-15,521.08-17,049.91-18,729.32-20,574.16-22,600.72
Free Cash Flow 44,590.4249,901.1969,763.3553,480.4651,783.6964,139.7775,271.4182,685.6490,830.1899,776.95109,604.98
WACC
PV LFCF 67,824.3067,133.7166,450.1665,773.5665,103.85
SUM PV LFCF 409,920.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.98
Free cash flow (t + 1) 118,550.37
Terminal Value 1,698,429.40
Present Value of Terminal Value 1,008,843.72

Intrinsic Value

Enterprise Value 1,434,483.85
Net Debt 27,443.96
Equity Value 1,407,039.89
Shares Outstanding 4,955.38
Equity Value Per Share 272.94