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Discounted Cash Flow (DCF) Analysis Unlevered


Apple Inc.

Apple Inc. (AAPL)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12260,171.10280,646.56302,733.45326,558.57352,258.73
Revenue (%)
EBITDA 55,750.8460,448.0782,477.3470,538.1471,497.7181,801.4576,464.2990,227.8797,328.80104,988.58113,251.18
EBITDA (%)
EBIT 48,999.9052,496.7871,212.3760,036.1361,342.7070,885.7363,924.0477,654.9083,766.3490,358.7697,469.99
EBIT (%)
Depreciation 6,750.947,951.2911,264.9710,502.0110,155.0110,915.7112,540.2512,572.9713,562.4614,629.8215,781.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 40,539.8525,078.5541,600.9267,152.4974,179.7366,291.04100,556.1373,108.4378,862.0685,068.5191,763.40
Total Cash (%)
Account Receivables 13,108.8017,456.2816,850.7115,763.8017,880.1623,185.9322,921.0722,872.6924,672.7826,614.5228,709.09
Account Receivables (%)
Inventories 1,760.372,102.062,360.502,134.914,859.743,957.284,110.703,760.664,056.634,375.884,720.27
Inventories (%)
Accounts Payable 22,372.1230,196.6235,501.0137,285.3749,055.8255,879.9546,232.4049,028.9552,887.5357,049.7861,539.60
Accounts Payable (%)
Capital Expenditure 8,169.509,578.1011,241.6012,744.7412,447.3413,306.0110,484.9014,116.5215,227.4916,425.9017,718.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 317.69
Diluted Shares Outstanding 4,617.83
Cost of Debt
Tax Rate 15.94
After-tax Cost of Debt -0.75
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.24
Total Debt 91,807.00
Total Equity 1,467,039.68
Total Capital 1,558,846.68
Debt Weighting 5.89
Equity Weighting 94.11
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12260,171.10280,646.56302,733.45326,558.57352,258.73
EBITDA 55,750.8460,448.0782,477.3470,538.1471,497.7181,801.4576,464.2990,227.8797,328.80104,988.58113,251.18
EBIT 48,999.9052,496.7871,212.3760,036.1361,342.7070,885.7363,924.0477,654.9083,766.3490,358.7697,469.99
Tax Rate 26.15%26.13%26.37%25.56%24.56%18.34%15.94%23.29%23.29%23.29%23.29%
EBIAT 36,184.0138,781.4452,434.8544,692.5446,279.0957,883.7553,732.0959,566.9664,254.8869,311.7474,766.57
Depreciation 6,750.947,951.2911,264.9710,502.0110,155.0110,915.7112,540.2512,572.9713,562.4614,629.8215,781.19
Accounts Receivable --4,347.48605.571,086.91-2,116.36-5,305.77264.8648.38-1,800.08-1,941.75-2,094.56
Inventories --341.69-258.44225.60-2,724.83902.46-153.43350.04-295.96-319.26-344.38
Accounts Payable -7,824.505,304.391,784.3611,770.456,824.13-9,647.552,796.553,858.584,162.254,489.82
Capital Expenditure --1,408.61-1,663.49-1,503.14297.40-858.672,821.12-3,631.63-1,110.97-1,198.40-1,292.72
UFCF 42,934.9648,459.4567,687.8556,788.2863,660.7670,361.6059,557.3571,703.2778,468.9084,644.4191,305.92
WACC
PV UFCF 64,152.5262,812.6460,620.9258,505.67
SUM PV UFCF 374,919.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.77
Free cash flow (t + 1) 94,958.16
Terminal Value 1,222,112.71
Present Value of Terminal Value 700,623.99

Intrinsic Value

Enterprise Value 1,075,543.12
Net Debt -8,749.13
Equity Value 1,084,292.24
Shares Outstanding 4,617.83
Equity Value Per Share 234.81