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 Actual	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	260,171.10	280,646.56	302,733.45	326,558.57	352,258.73
Revenue (%)
EBITDA	55,750.84	60,448.07	82,477.34	70,538.14	71,497.71	81,801.45	76,464.29	90,227.87	97,328.80	104,988.58	113,251.18
EBITDA (%)
EBIT	48,999.90	52,496.78	71,212.37	60,036.13	61,342.70	70,885.73	63,924.04	77,654.90	83,766.34	90,358.76	97,469.99
EBIT (%)
Depreciation	6,750.94	7,951.29	11,264.97	10,502.01	10,155.01	10,915.71	12,540.25	12,572.97	13,562.46	14,629.82	15,781.19
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	40,539.85	25,078.55	41,600.92	67,152.49	74,179.73	66,291.04	100,556.13	73,108.43	78,862.06	85,068.51	91,763.40
Total Cash (%)
Account Receivables	13,108.80	17,456.28	16,850.71	15,763.80	17,880.16	23,185.93	22,921.07	22,872.69	24,672.78	26,614.52	28,709.09
Account Receivables (%)
Inventories	1,760.37	2,102.06	2,360.50	2,134.91	4,859.74	3,957.28	4,110.70	3,760.66	4,056.63	4,375.88	4,720.27
Inventories (%)
Accounts Payable	22,372.12	30,196.62	35,501.01	37,285.37	49,055.82	55,879.95	46,232.40	49,028.95	52,887.53	57,049.78	61,539.60
Accounts Payable (%)
Capital Expenditure	8,169.50	9,578.10	11,241.60	12,744.74	12,447.34	13,306.01	10,484.90	14,116.52	15,227.49	16,425.90	17,718.61
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	170,910.00	182,788.25	233,713.05	215,647.03	229,232.79	265,589.12	260,171.10	280,646.56	302,733.45	326,558.57	352,258.73
EBITDA	55,750.84	60,448.07	82,477.34	70,538.14	71,497.71	81,801.45	76,464.29	90,227.87	97,328.80	104,988.58	113,251.18
EBIT	48,999.90	52,496.78	71,212.37	60,036.13	61,342.70	70,885.73	63,924.04	77,654.90	83,766.34	90,358.76	97,469.99
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	36,184.01	38,781.44	52,434.85	44,692.54	46,279.09	57,883.75	53,732.09	59,566.96	64,254.88	69,311.74	74,766.57
Depreciation	6,750.94	7,951.29	11,264.97	10,502.01	10,155.01	10,915.71	12,540.25	12,572.97	13,562.46	14,629.82	15,781.19
Accounts Receivable	-	-4,347.48	605.57	1,086.91	-2,116.36	-5,305.77	264.86	48.38	-1,800.08	-1,941.75	-2,094.56
Inventories	-	-341.69	-258.44	225.60	-2,724.83	902.46	-153.43	350.04	-295.96	-319.26	-344.38
Accounts Payable	-	7,824.50	5,304.39	1,784.36	11,770.45	6,824.13	-9,647.55	2,796.55	3,858.58	4,162.25	4,489.82
Capital Expenditure	-	-1,408.61	-1,663.49	-1,503.14	297.40	-858.67	2,821.12	-3,631.63	-1,110.97	-1,198.40	-1,292.72
UFCF	42,934.96	48,459.45	67,687.85	56,788.28	63,660.76	70,361.60	59,557.35	71,703.27	78,468.90	84,644.41	91,305.92
WACC
PV UFCF								64,152.52	62,812.64	60,620.92	58,505.67
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

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

You can support our API by donating via Paypal !