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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 $ 206.71
Diluted Shares Outstanding 5,000.11
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 1,033,572.53
Total Capital 1,127,307.53
Debt Weighting 8.31
Equity Weighting 91.69
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 61,191.1560,606.3360,027.1059,453.4058,885.19
SUM PV LFCF 411,420.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.91
Free cash flow (t + 1) 118,550.37
Terminal Value 1,715,634.91
Present Value of Terminal Value 1,022,283.49

Intrinsic Value

Enterprise Value 1,449,495.75
Net Debt 27,443.96
Equity Value 1,422,051.79
Shares Outstanding 5,000.11
Equity Value Per Share 273.38

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
12.91 (%) 183.17 Sell 193.31 Sell 205.30 Sell 219.71 Buy 237.35 Buy 259.46 Buy 287.96 Buy 326.12 Buy 379.81 Buy
12.41 (%) 176.89 Sell 186.08 Sell 196.88 Sell 209.76 Buy 225.38 Buy 244.71 Buy 269.26 Buy 301.46 Buy 345.58 Buy
11.91 (%) 171.11 Sell 179.48 Sell 189.25 Sell 200.81 Sell 214.70 Buy 231.71 Buy 253.03 Buy 280.51 Buy 317.29 Buy
11.41 (%) 165.80 Sell 173.43 Sell 182.30 Sell 192.71 Sell 205.13 Sell 220.19 Buy 238.83 Buy 262.50 Buy 293.56 Buy
10.91 (%) 160.89 Sell 167.88 Sell 175.94 Sell 185.37 Sell 196.52 Sell 209.91 Buy 226.32 Buy 246.88 Buy 273.38 Buy
10.41 (%) 156.35 Sell 162.76 Sell 170.12 Sell 178.67 Sell 188.72 Sell 200.70 Sell 215.23 Buy 233.21 Buy 256.04 Buy
9.91 (%) 152.15 Sell 158.04 Sell 164.78 Sell 172.56 Sell 181.65 Sell 192.41 Sell 205.33 Sell 221.16 Buy 240.99 Buy
9.41 (%) 148.24 Sell 153.67 Sell 159.85 Sell 166.96 Sell 175.21 Sell 184.90 Sell 196.46 Sell 210.48 Buy 227.82 Buy
8.91 (%) 144.61 Sell 149.62 Sell 155.31 Sell 161.81 Sell 169.32 Sell 178.09 Sell 188.47 Sell 200.95 Sell 216.22 Buy