Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)

$ 134.11
0.4169 (+0.31%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910182,795233,715215,639229,234265,595260,174274,515295,187.38317,416.49341,319.57367,022.68394,661.36
Revenue (%)
EBITDA 55,75660,44982,48770,52971,50181,80176,47777,34493,446.32100,483.30108,050.21116,186.94124,936.41
EBITDA (%)
EBIT 48,99952,50371,23060,02461,34470,89863,93066,28880,393.6586,447.7192,957.6699,957.84107,485.18
EBIT (%)
Depreciation 6,7577,94611,25710,50510,15710,90312,54711,05613,052.6614,035.6015,092.5516,229.0917,451.23
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 40,54625,07741,60167,15574,18166,301100,55790,94379,511.1385,498.7391,937.2298,860.56106,305.26
Total Cash (%)
Account Receivables 13,10217,46016,84915,75435,67348,99545,80437,44535,786.7838,481.7141,379.5844,495.6747,846.42
Account Receivables (%)
Inventories 1,7642,1112,3492,1324,8553,9564,1064,0614,001.874,303.234,627.294,975.755,350.45
Inventories (%)
Accounts Payable 22,36730,19635,49037,29449,04955,88846,23642,29650,810.6354,636.9358,751.3763,175.6467,933.09
Accounts Payable (%)
Capital Expenditure -8,165-9,571-11,247-12,734-12,795-13,313-10,495-7,309-14,029.26-15,085.74-16,221.77-17,443.35-18,756.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 134.11
Beta 1.208
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 12.077
Total Debt 112,436
Total Equity 2,350,708.78
Total Capital 2,463,144.78
Debt Weighting 4.56
Equity Weighting 95.44
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910182,795233,715215,639229,234265,595260,174274,515295,187.38317,416.49341,319.57367,022.68394,661.36
EBITDA 55,75660,44982,48770,52971,50181,80176,47777,34493,446.32100,483.30108,050.21116,186.94124,936.41
EBIT 48,99952,50371,23060,02461,34470,89863,93066,28880,393.6586,447.7192,957.6699,957.84107,485.18
Tax Rate 26.15%26.13%26.37%25.56%24.56%18.34%15.94%14.43%22.18%22.18%22.18%22.18%22.18%
EBIAT 36,183.3538,786.0352,447.8344,683.5146,280.0757,893.7653,737.1056,723.8662,558.6067,269.5872,335.3277,782.5483,639.96
Depreciation 6,7577,94611,25710,50510,15710,90312,54711,05613,052.6614,035.6015,092.5516,229.0917,451.23
Accounts Receivable --4,3586111,095-19,919-13,3223,1918,3591,658.22-2,694.93-2,897.87-3,116.09-3,350.75
Inventories --347-238217-2,723899-1504559.13-301.36-324.06-348.46-374.70
Accounts Payable -7,8295,2941,80411,7556,839-9,652-3,9408,514.633,826.304,114.444,424.284,757.45
Capital Expenditure -8,165-9,571-11,247-12,734-12,795-13,313-10,495-7,309-14,029.26-15,085.74-16,221.77-17,443.35-18,756.92
UFCF 34,775.3540,285.0358,124.8445,570.5132,755.0749,899.7649,178.1064,934.8671,813.9767,049.4572,098.6277,528.0183,366.27
WACC
PV UFCF 57,536.9848,084.2146,281.0544,545.5242,875.06
SUM PV UFCF 267,371.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.72
Free cash flow (t + 1) 86,700.92
Terminal Value 1,123,068.86
Present Value of Terminal Value 645,285.27

Intrinsic Value

Enterprise Value 912,656.72
Net Debt 74,420
Equity Value 838,236.72
Shares Outstanding 17,528.21
Equity Value Per Share 47.82