Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)

Technology

Operating Data

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	170,910.00	182,788.25	233,713.05	215,647.03	229,232.79	265,589.12	291,749.64	320,486.98	352,054.95	386,732.36	424,825.50
Revenue (%)
EBITDA	56,913.03	61,435.13	83,762.76	71,875.16	74,248.50	83,793.37	97,269.33	106,850.36	117,375.12	128,936.57	141,636.82
EBITDA (%)
EBIT	50,162.08	53,483.84	72,497.79	61,373.15	64,093.49	72,877.65	84,374.00	92,684.84	101,814.29	111,843.00	122,859.54
EBIT (%)
Depreciation	6,750.94	7,951.29	11,264.97	10,502.01	10,155.01	10,915.71	12,895.33	14,165.52	15,560.83	17,093.57	18,777.29
Depreciation (%)

Balance Sheet Data

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
Total Cash	40,539.85	25,078.55	41,600.92	67,152.49	74,179.73	66,291.04	69,874.04	76,756.63	84,317.16	92,622.40	101,745.71
Total Cash (%)
Account Receivables	20,645.93	27,217.17	30,335.95	29,306.43	35,668.62	49,001.19	42,566.27	46,759.05	51,364.82	56,424.25	61,982.04
Account Receivables (%)
Inventories	1,760.37	2,102.06	2,360.50	2,134.91	4,859.74	3,957.28	3,792.75	4,166.33	4,576.71	5,027.52	5,522.73
Inventories (%)
Accounts Payable	22,372.12	30,196.62	35,501.01	37,285.37	44,241.93	55,879.95	49,801.66	54,707.13	60,095.78	66,015.21	72,517.71
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price	$ 219.88
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	1,099,423.97
Total Capital	1,193,158.97
Debt Weighting	7.86
Equity Weighting	92.14
Wacc

Build Up Free Cash

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	170,910.00	182,788.25	233,713.05	215,647.03	229,232.79	265,589.12	291,749.64	320,486.98	352,054.95	386,732.36	424,825.50
EBITDA	56,913.03	61,435.13	83,762.76	71,875.16	74,248.50	83,793.37	97,269.33	106,850.36	117,375.12	128,936.57	141,636.82
EBIT	50,162.08	53,483.84	72,497.79	61,373.15	64,093.49	72,877.65	84,374.00	92,684.84	101,814.29	111,843.00	122,859.54
Tax Rate	26.15%	26.13%	26.37%	25.56%	24.56%	18.34%	24.52%	24.52%	24.52%	24.52%	24.52%
EBIAT	37,042.23	39,510.62	53,381.33	45,687.85	48,354.39	59,510.30	63,687.57	69,960.80	76,851.93	84,421.85	92,737.40
Depreciation	6,750.94	7,951.29	11,264.97	10,502.01	10,155.01	10,915.71	12,895.33	14,165.52	15,560.83	17,093.57	18,777.29
Accounts Receivable	-	-6,571.24	-3,118.78	1,029.52	-6,362.19	-13,332.57	6,434.92	-4,192.78	-4,605.77	-5,059.43	-5,557.79
Inventories	-	-341.69	-258.44	225.60	-2,724.83	902.46	164.53	-373.59	-410.38	-450.81	-495.21
Accounts Payable	-	7,824.50	5,304.39	1,784.36	6,956.56	11,638.02	-6,078.29	4,905.46	5,388.65	5,919.43	6,502.50
Capital Expenditure	-	740.41	1,682.95	1,246.06	-297.40	858.67	2,215.07	1,528.83	1,679.42	1,844.84	2,026.55
UFCF	43,793.18	49,113.88	68,256.42	60,475.40	56,081.54	70,492.60	79,319.14	85,994.25	94,464.68	103,769.45	113,990.74
WACC
PV UFCF							71,490.88	69,857.78	69,165.18	68,479.45	67,800.52
SUM PV UFCF											426,312.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.95
Free cash flow (t + 1)	118,550.37
Terminal Value	1,705,760.75
Present Value of Terminal Value	1,014,568.99

Intrinsic Value

Enterprise Value	1,440,881.84
Net Debt	27,443.96
Equity Value	1,413,437.89
Shares Outstanding	5,000.11
Equity Value Per Share	282.68

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