Operating Data Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	182,795	233,715	215,639	229,234	265,595	293,748	324,885	359,323	397,411	439,537
Revenue (%)
EBITDA	61,813	84,505	73,333	76,569	87,046	99,874	110,461	122,170	135,120	149,443
EBITDA (%)
EBIT	53,867	73,248	62,828	66,412	76,143	86,656	95,841	106,000	117,236	129,663
EBIT (%)
Depreciation	7,946	11,257	10,505	10,157	10,903	13,219	14,620	16,170	17,884	19,779
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	182,795	233,715	215,639	229,234	265,595
Revenue (%)
EBITDA	61,813	84,505	73,333	76,569	87,046
EBITDA (%)
EBIT	53,867	73,248	62,828	66,412	76,143
EBIT (%)
Depreciation	7,946	11,257	10,505	10,157	10,903
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	293,748	324,885	359,323	397,411	439,537
Revenue (%)
EBITDA	99,874	110,461	122,170	135,120	149,443
EBITDA (%)
EBIT	86,656	95,841	106,000	117,236	129,663
EBIT (%)
Depreciation	13,219	14,620	16,170	17,884	19,779
Depreciation (%)

Balance Sheet Data Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	25,077	41,601	67,155	74,181	66,301	70,500	77,972	86,238	95,379	105,489
Cash (%)
AccountReceivable	17,460	16,849	15,754	17,874	23,186	23,794	26,316	29,105	32,190	35,603
AccountReceivable (%)
Inventories	2,111	2,349	2,132	4,855	3,956	4,112	4,548	5,031	5,564	6,154
Inventories (%)
AccountsPayable	30,196	35,490	37,294	49,049	55,888	53,756	59,454	65,756	72,726	80,435
AccountsPayable (%)
AccruedLiabilities	6,480	25,181	22,027	25,744	-	20,856	23,067	25,512	28,216	31,207
AccruedLiabilities (%)
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313	-15,862	-17,544	-19,403	-21,460	-23,735
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	25,077	41,601	67,155	74,181	66,301
Cash (%)
AccountReceivable	17,460	16,849	15,754	17,874	23,186
AccountReceivable (%)
Inventories	2,111	2,349	2,132	4,855	3,956
Inventories (%)
AccountsPayable	30,196	35,490	37,294	49,049	55,888
AccountsPayable (%)
AccruedLiabilities	6,480	25,181	22,027	25,744	-
AccruedLiabilities (%)
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	70,500	77,972	86,238	95,379	105,489
Cash (%)
AccountReceivable	23,794	26,316	29,105	32,190	35,603
AccountReceivable (%)
Inventories	4,112	4,548	5,031	5,564	6,154
Inventories (%)
AccountsPayable	53,756	59,454	65,756	72,726	80,435
AccountsPayable (%)
AccruedLiabilities	20,856	23,067	25,512	28,216	31,207
AccruedLiabilities (%)
CapitalExpenditure	-15,862	-17,544	-19,403	-21,460	-23,735
CapitalExpenditure (%)

Weighted Average Cost Of Capital Apple Inc.

Share Price	$ 190.97
Diluted Shares Outstanding	5500
Cost of Debt
Tax Rate	18.3
After-tax Cost of Debt	3.8
Risk Free Rate
Market Risk Premium
Cost of Equity	12.36
Total Debt	93,735.00
Total Equity	954,850.00
Total Capital	1,048,585.00
Debt Weighting	8.94
Equity Weighting	91.06
Wacc

Build Up Free Cash Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	182,795	233,715	215,639	229,234	265,595	293,748	324,885	359,323	397,411	439,537
EBITDA	61,813	84,505	73,333	76,569	87,046	99,874	110,461	122,170	135,120	149,443
EBIT	53,867	73,248	62,828	66,412	76,143	86,656	95,841	106,000	117,236	129,663
TaxesRate	26.1	26.4	25.6	24.6	18.3	24.2	24.2	24.2	24.2	24.2
EBIAT	39793.7	53933.7	46770.9	50103.6	62176.7	65693.6	72657.1	80358.8	88876.8	98297.8
Depreciation	7,946	11,257	10,505	10,157	10,903	13,219	14,620	16,170	17,884	19,779
AccountReceivable	-	611	1,095	-2,120	-5,312	-608	-2,522	-2,789	-3,085	-3,412
Inventories	-	-238	217	-2,723	899	-156	-436	-482	-533	-590
AccountsPayable	-	5,294	1,804	11,755	6,839	-2,132	5,698	6,302	6,970	7,709
AccruedLiabilities	-	18,701	-3,154	3,717	-25,744	20,856	2,211	2,445	2,704	2,991
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313	-15,862	-17,544	-19,403	-21,460	-23,735
UFCF	47,740	91,234	59,298	70,137	50,280	99,422	93,909	103,864	114,873	127,050
WACC
PV UFCF						89,008	75,267	74,525	73,791	73,065
SUM PV UFCF										385,656

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	182,795	233,715	215,639	229,234	265,595
EBITDA	61,813	84,505	73,333	76,569	87,046
EBIT	53,867	73,248	62,828	66,412	76,143
TaxesRate	26.1	26.4	25.6	24.6	18.3
EBIAT	39793.7	53933.7	46770.9	50103.6	62176.7
Depreciation	7,946	11,257	10,505	10,157	10,903
AccountReceivable	-	611	1,095	-2,120	-5,312
Inventories	-	-238	217	-2,723	899
AccountsPayable	-	5,294	1,804	11,755	6,839
AccruedLiabilities	-	18,701	-3,154	3,717	-25,744
CapitalExpenditure	-9,813	-11,488	-13,548	-12,795	-13,313
UFCF	47,740	91,234	59,298	70,137	50,280
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	293,748	324,885	359,323	397,411	439,537
EBITDA	99,874	110,461	122,170	135,120	149,443
EBIT	86,656	95,841	106,000	117,236	129,663
TaxesRate	24.2	24.2	24.2	24.2	24.2
EBIAT	65693.6	72657.1	80358.8	88876.8	98297.8
Depreciation	13,219	14,620	16,170	17,884	19,779
AccountReceivable	-608	-2,522	-2,789	-3,085	-3,412
Inventories	-156	-436	-482	-533	-590
AccountsPayable	-2,132	5,698	6,302	6,970	7,709
AccruedLiabilities	20,856	2,211	2,445	2,704	2,991
CapitalExpenditure	-15,862	-17,544	-19,403	-21,460	-23,735
UFCF	99,422	93,909	103,864	114,873	127,050
WACC
PV UFCF	89,008	75,267	74,525	73,791	73,065
SUM PV UFCF					385,656

Terminal Value Apple Inc.

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.7
Free cash flow (t+1)	132,131.69
Terminal Value	1,715,995.95
Present Value of Terminal Value	986,848.29

Intrinsic Value Apple Inc.

Enterprise Value	1,372,504
Net Debt	27,434
Equity Value	1,345,070
Shares Outstanding	5,000
Equity Value Per Share	269

Results Unlevered DCF Apple Inc.

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.7 (%)	184 Sell	194 Buy	206 Buy	220 Buy	237 Buy	257 Buy	284 Buy	318 Buy	363 Buy
10.2 (%)	177 Sell	187 Sell	197 Buy	210 Buy	225 Buy	243 Buy	266 Buy	295 Buy	334 Buy
10.7 (%)	171 Sell	180 Sell	190 Sell	201 Buy	214 Buy	231 Buy	251 Buy	276 Buy	309 Buy
11.2 (%)	166 Sell	174 Sell	183 Sell	193 Buy	205 Buy	220 Buy	237 Buy	259 Buy	288 Buy
11.7 (%)	161 Sell	168 Sell	176 Sell	186 Sell	197 Buy	210 Buy	225 Buy	245 Buy	269 Buy
12.2 (%)	156 Sell	163 Sell	170 Sell	179 Sell	189 Sell	201 Buy	215 Buy	232 Buy	253 Buy
12.7 (%)	152 Sell	158 Sell	165 Sell	173 Sell	182 Sell	192 Buy	205 Buy	220 Buy	239 Buy
13.2 (%)	148 Sell	153 Sell	160 Sell	167 Sell	175 Sell	185 Sell	196 Buy	210 Buy	226 Buy
13.7 (%)	144 Sell	149 Sell	155 Sell	162 Sell	169 Sell	178 Sell	188 Sell	200 Buy	215 Buy

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.7 (%)	184 Sell	194 Buy	206 Buy	220 Buy	237 Buy
10.2 (%)	177 Sell	187 Sell	197 Buy	210 Buy	225 Buy
10.7 (%)	171 Sell	180 Sell	190 Sell	201 Buy	214 Buy
11.2 (%)	166 Sell	174 Sell	183 Sell	193 Buy	205 Buy
11.7 (%)	161 Sell	168 Sell	176 Sell	186 Sell	197 Buy

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
12.2 (%)	201 Buy	215 Buy	232 Buy	253 Buy
12.7 (%)	192 Buy	205 Buy	220 Buy	239 Buy
13.2 (%)	185 Sell	196 Buy	210 Buy	226 Buy
13.7 (%)	178 Sell	188 Sell	200 Buy	215 Buy

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Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)