Discounted Cash Flow (DCF) Analysis Levered

Apple Inc. (AAPL)

$ 146.83
0.98 0.67%

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 215,639229,234265,595260,174274,515292,109.68310,832.07330,754.45351,953.72374,511.74
Revenue (%)
Operating Cash Flow 66,23163,59877,43469,39180,67483,935.5489,315.2895,039.83101,131.28107,613.16
Operating Cash Flow (%)
Capital Expenditure -12,734-12,795-13,313-10,495-7,309-13,551.40-14,419.96-15,344.19-16,327.66-17,374.16
Capital Expenditure (%)
Free Cash Flow 53,49750,80364,12158,89673,36570,384.1474,895.3279,695.6484,803.6390,239

Weighted Average Cost Of Capital

Share price $ 146.83
Beta 1.202
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 12.028
Total Debt 112,436
Total Equity 2,573,667.66
Total Capital 2,686,103.66
Debt Weighting 4.19
Equity Weighting 95.81
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 215,639229,234265,595260,174274,515292,109.68310,832.07330,754.45351,953.72374,511.74
Operating Cash Flow 66,23163,59877,43469,39180,67483,935.5489,315.2895,039.83101,131.28107,613.16
Capital Expenditure -12,734-12,795-13,313-10,495-7,309-13,551.40-14,419.96-15,344.19-16,327.66-17,374.16
Free Cash Flow 53,49750,80364,12158,89673,36570,384.1474,895.3279,695.6484,803.6390,239
WACC
PV LFCF 63,011.7660,027.2357,184.0754,475.5651,895.35
SUM PV LFCF 286,593.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.70
Free cash flow (t + 1) 93,848.56
Terminal Value 1,218,812.53
Present Value of Terminal Value 700,924.18

Intrinsic Value

Enterprise Value 987,518.16
Net Debt 74,420
Equity Value 913,098.16
Shares Outstanding 17,528.21
Equity Value Per Share 52.09