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	$ 205.48
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	1,027,422.40
Total Capital	1,121,157.40
Debt Weighting	8.36
Equity Weighting	91.64
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							71,516.67	69,908.18	69,240.05	68,578.30	67,922.87
SUM PV UFCF											427,212.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.91
Free cash flow (t + 1)	118,550.37
Terminal Value	1,715,634.91
Present Value of Terminal Value	1,022,283.49

Intrinsic Value

Enterprise Value	1,449,495.75
Net Debt	27,443.96
Equity Value	1,422,051.79
Shares Outstanding	5,000.11
Equity Value Per Share	284.40

Results Unlevered DCF

Wacc / Long-term Growth	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
12.91 (%)	190.59 Sell	201.13 Sell	213.60 Buy	228.58 Buy	246.94 Buy	269.93 Buy	299.57 Buy	339.25 Buy	395.09 Buy
12.41 (%)	184.05 Sell	193.61 Sell	204.85 Sell	218.24 Buy	234.48 Buy	254.59 Buy	280.12 Buy	313.61 Buy	359.49 Buy
11.91 (%)	178.05 Sell	186.75 Sell	196.91 Sell	208.93 Buy	223.38 Buy	241.07 Buy	263.24 Buy	291.82 Buy	330.07 Buy
11.41 (%)	172.52 Sell	180.46 Sell	189.68 Sell	200.51 Sell	213.43 Buy	229.09 Buy	248.47 Buy	273.09 Buy	305.39 Buy
10.91 (%)	167.42 Sell	174.68 Sell	183.07 Sell	192.87 Sell	204.46 Sell	218.40 Buy	235.46 Buy	256.84 Buy	284.40 Buy
10.41 (%)	162.70 Sell	169.36 Sell	177.02 Sell	185.91 Sell	196.36 Sell	208.82 Buy	223.92 Buy	242.62 Buy	266.37 Buy
9.91 (%)	158.32 Sell	164.45 Sell	171.46 Sell	179.55 Sell	189.00 Sell	200.19 Sell	213.63 Buy	230.09 Buy	250.72 Buy
9.41 (%)	154.26 Sell	159.90 Sell	166.33 Sell	173.72 Sell	182.30 Sell	192.39 Sell	204.41 Sell	218.98 Buy	237.03 Buy
8.91 (%)	150.48 Sell	155.69 Sell	161.61 Sell	168.37 Sell	176.18 Sell	185.30 Sell	196.10 Sell	209.07 Buy	224.96 Buy

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