Discounted Cash Flow (DCF) Analysis Unlevered
Apple Inc. (AAPL)
$ 146.83
0.98 0.67%
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 215,639 | 229,234 | 265,595 | 260,174 | 274,515 | 292,109.68 | 310,832.07 | 330,754.45 | 351,953.72 | 374,511.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 73,333 | 76,569 | 87,046 | 81,860 | 81,020 | 94,153.26 | 100,187.89 | 106,609.30 | 113,442.29 | 120,713.22 |
| EBITDA (%) | ||||||||||
| EBIT | 62,828 | 66,412 | 76,143 | 69,313 | 69,964 | 81,149.97 | 86,351.18 | 91,885.74 | 97,775.04 | 104,041.80 |
| EBIT (%) | ||||||||||
| Depreciation | 10,505 | 10,157 | 10,903 | 12,547 | 11,056 | 13,003.29 | 13,836.71 | 14,723.56 | 15,667.25 | 16,671.42 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 67,155 | 74,181 | 66,301 | 100,557 | 90,943 | 93,617.89 | 99,618.21 | 106,003.11 | 112,797.24 | 120,026.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 15,754 | 35,673 | 48,995 | 45,804 | 37,445 | 42,391.18 | 45,108.19 | 47,999.34 | 51,075.79 | 54,349.43 |
| Account Receivables (%) | ||||||||||
| Inventories | 2,132 | 4,855 | 3,956 | 4,106 | 4,061 | 4,471.39 | 4,757.97 | 5,062.93 | 5,387.43 | 5,732.73 |
| Inventories (%) | ||||||||||
| Accounts Payable | 37,294 | 49,049 | 55,888 | 46,236 | 42,296 | 54,281.48 | 57,760.58 | 61,462.67 | 65,402.04 | 69,593.90 |
| Accounts Payable (%) | ||||||||||
| 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 (%) |
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
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 215,639 | 229,234 | 265,595 | 260,174 | 274,515 | 292,109.68 | 310,832.07 | 330,754.45 | 351,953.72 | 374,511.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 73,333 | 76,569 | 87,046 | 81,860 | 81,020 | 94,153.26 | 100,187.89 | 106,609.30 | 113,442.29 | 120,713.22 |
| EBIT | 62,828 | 66,412 | 76,143 | 69,313 | 69,964 | 81,149.97 | 86,351.18 | 91,885.74 | 97,775.04 | 104,041.80 |
| Tax Rate | 25.56% | 24.56% | 18.34% | 15.94% | 14.43% | 19.77% | 19.77% | 19.77% | 19.77% | 19.77% |
| EBIAT | 46,770.89 | 50,103.55 | 62,176.71 | 58,261.85 | 59,869.48 | 65,110.21 | 69,283.36 | 73,723.99 | 78,449.23 | 83,477.33 |
| Depreciation | 10,505 | 10,157 | 10,903 | 12,547 | 11,056 | 13,003.29 | 13,836.71 | 14,723.56 | 15,667.25 | 16,671.42 |
| Accounts Receivable | - | -19,919 | -13,322 | 3,191 | 8,359 | -4,946.18 | -2,717.01 | -2,891.15 | -3,076.46 | -3,273.64 |
| Inventories | - | -2,723 | 899 | -150 | 45 | -410.39 | -286.59 | -304.96 | -324.50 | -345.30 |
| Accounts Payable | - | 11,755 | 6,839 | -9,652 | -3,940 | 11,985.48 | 3,479.10 | 3,702.09 | 3,939.37 | 4,191.86 |
| 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 |
| UFCF | 44,541.89 | 36,578.55 | 54,182.71 | 53,702.85 | 68,080.48 | 71,191.01 | 69,175.62 | 73,609.34 | 78,327.24 | 83,347.52 |
| WACC | ||||||||||
| PV UFCF | 79,520.35 | 69,175.62 | 65,899.14 | 62,777.85 | 59,804.40 | |||||
| SUM PV UFCF | 270,241.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.70 |
| Free cash flow (t + 1) | 86,681.42 |
| Terminal Value | 1,125,732.72 |
| Present Value of Terminal Value | 647,395.12 |
Intrinsic Value
| Enterprise Value | 917,636.64 |
|---|---|
| Net Debt | 74,420 |
| Equity Value | 843,216.64 |
| Shares Outstanding | 17,528.21 |
| Equity Value Per Share | 48.11 |