Operating Data Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	170,910	182,795	233,715	215,639	229,234	248,490	269,363	291,989	316,516	343,104
Revenue (%)
EBITDA	57,048	61,813	84,505	73,333	76,569	84,983	92,122	99,860	108,249	117,341
EBITDA (%)
EBIT	50,291	53,867	73,248	62,828	66,412	73,801	80,001	86,721	94,005	101,902
EBIT (%)
Depreciation	6,757	7,946	11,257	10,505	10,157	11,182	12,121	13,140	14,243	15,440
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	170,910	182,795	233,715	215,639	229,234
Revenue (%)
EBITDA	57,048	61,813	84,505	73,333	76,569
EBITDA (%)
EBIT	50,291	53,867	73,248	62,828	66,412
EBIT (%)
Depreciation	6,757	7,946	11,257	10,505	10,157
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	248,490	269,363	291,989	316,516	343,104
Revenue (%)
EBITDA	84,983	92,122	99,860	108,249	117,341
EBITDA (%)
EBIT	73,801	80,001	86,721	94,005	101,902
EBIT (%)
Depreciation	11,182	12,121	13,140	14,243	15,440
Depreciation (%)

Balance Sheet Data Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	40,546	25,077	41,601	67,155	74,181	58,892	63,839	69,201	75,014	81,316
Cash (%)
AccountReceivable	13,102	17,460	16,849	15,754	17,874	19,631	21,280	23,067	25,005	27,105
AccountReceivable (%)
Inventories	1,764	2,111	2,349	2,132	4,855	3,230	3,502	3,796	4,115	4,460
Inventories (%)
AccountsPayable	22,367	30,196	35,490	37,294	49,049	41,498	44,984	48,762	52,858	57,298
AccountsPayable (%)
AccruedLiabilities	5,217	7,689	25,181	22,027	25,744	19,631	21,280	23,067	25,005	27,105
AccruedLiabilities (%)
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795	-13,667	-14,815	-16,059	-17,408	-18,871
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	40,546	25,077	41,601	67,155	74,181
Cash (%)
AccountReceivable	13,102	17,460	16,849	15,754	17,874
AccountReceivable (%)
Inventories	1,764	2,111	2,349	2,132	4,855
Inventories (%)
AccountsPayable	22,367	30,196	35,490	37,294	49,049
AccountsPayable (%)
AccruedLiabilities	5,217	7,689	25,181	22,027	25,744
AccruedLiabilities (%)
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	58,892	63,839	69,201	75,014	81,316
Cash (%)
AccountReceivable	19,631	21,280	23,067	25,005	27,105
AccountReceivable (%)
Inventories	3,230	3,502	3,796	4,115	4,460
Inventories (%)
AccountsPayable	41,498	44,984	48,762	52,858	57,298
AccountsPayable (%)
AccruedLiabilities	19,631	21,280	23,067	25,005	27,105
AccruedLiabilities (%)
CapitalExpenditure	-13,667	-14,815	-16,059	-17,408	-18,871
CapitalExpenditure (%)

Weighted Average Cost Of Capital Apple Inc.

Share Price	$ 153.04
Diluted Shares Outstanding	5793
Cost of Debt
Tax Rate	24.6
After-tax Cost of Debt	3.7
Risk Free Rate
Market Risk Premium
Cost of Equity	12.36
Total Debt	97,207.00
Total Equity	803,766.08
Total Capital	900,973.08
Debt Weighting	10.79
Equity Weighting	89.21
Wacc

Build Up Free Cash Apple Inc.

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	170,910	182,795	233,715	215,639	229,234	248,490	269,363	291,989	316,516	343,104
EBITDA	57,048	61,813	84,505	73,333	76,569	84,983	92,122	99,860	108,249	117,341
EBIT	50,291	53,867	73,248	62,828	66,412	73,801	80,001	86,721	94,005	101,902
TaxesRate	26.2	26.1	26.4	25.6	24.6	25.8	25.8	25.8	25.8	25.8
EBIAT	37137.4	39793.7	53933.7	46770.9	50103.6	54795.6	59398.5	64387.9	69796.5	75659.4
Depreciation	6,757	7,946	11,257	10,505	10,157	11,182	12,121	13,140	14,243	15,440
AccountReceivable	-	-4,358	611	1,095	-2,120	-1,757	-1,649	-1,787	-1,938	-2,100
Inventories	-	-347	-238	217	-2,723	1,625	-271	-294	-319	-346
AccountsPayable	-	7,829	5,294	1,804	11,755	-7,551	3,486	3,779	4,096	4,440
AccruedLiabilities	-	2,472	17,492	-3,154	3,717	-6,113	1,649	1,787	1,938	2,100
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795	-13,667	-14,815	-16,059	-17,408	-18,871
UFCF	43,894	54,073	90,025	59,298	70,137	53,053	75,882	82,256	89,166	96,656
WACC
PV UFCF						47,539	60,927	59,180	57,483	55,835
SUM PV UFCF										280,965

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	170,910	182,795	233,715	215,639	229,234
EBITDA	57,048	61,813	84,505	73,333	76,569
EBIT	50,291	53,867	73,248	62,828	66,412
TaxesRate	26.2	26.1	26.4	25.6	24.6
EBIAT	37137.4	39793.7	53933.7	46770.9	50103.6
Depreciation	6,757	7,946	11,257	10,505	10,157
AccountReceivable	-	-4,358	611	1,095	-2,120
Inventories	-	-347	-238	217	-2,723
AccountsPayable	-	7,829	5,294	1,804	11,755
AccruedLiabilities	-	2,472	17,492	-3,154	3,717
CapitalExpenditure	-9,076	-9,813	-11,488	-13,548	-12,795
UFCF	43,894	54,073	90,025	59,298	70,137
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	248,490	269,363	291,989	316,516	343,104
EBITDA	84,983	92,122	99,860	108,249	117,341
EBIT	73,801	80,001	86,721	94,005	101,902
TaxesRate	25.8	25.8	25.8	25.8	25.8
EBIAT	54795.6	59398.5	64387.9	69796.5	75659.4
Depreciation	11,182	12,121	13,140	14,243	15,440
AccountReceivable	-1,757	-1,649	-1,787	-1,938	-2,100
Inventories	1,625	-271	-294	-319	-346
AccountsPayable	-7,551	3,486	3,779	4,096	4,440
AccruedLiabilities	-6,113	1,649	1,787	1,938	2,100
CapitalExpenditure	-13,667	-14,815	-16,059	-17,408	-18,871
UFCF	53,053	75,882	82,256	89,166	96,656
WACC
PV UFCF	47,539	60,927	59,180	57,483	55,835
SUM PV UFCF					280,965

Terminal Value Apple Inc.

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.6
Free cash flow (t+1)	100,522.10
Terminal Value	1,322,659.17
Present Value of Terminal Value	764,059.14

Intrinsic Value Apple Inc.

Enterprise Value	1,045,024
Net Debt	23,026
Equity Value	1,021,998
Shares Outstanding	5,252
Equity Value Per Share	195

Results Unlevered DCF Apple Inc.

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.6 (%)	131 Sell	139 Sell	147 Sell	158 Buy	170 Buy	186 Buy	205 Buy	231 Buy	265 Buy
10.1 (%)	127 Sell	133 Sell	141 Sell	151 Sell	162 Buy	175 Buy	192 Buy	214 Buy	243 Buy
10.6 (%)	122 Sell	128 Sell	136 Sell	144 Sell	154 Buy	166 Buy	181 Buy	200 Buy	224 Buy
11.1 (%)	118 Sell	124 Sell	130 Sell	138 Sell	147 Sell	158 Buy	171 Buy	187 Buy	208 Buy
11.6 (%)	115 Sell	120 Sell	126 Sell	133 Sell	141 Sell	150 Sell	162 Buy	176 Buy	195 Buy
12.1 (%)	111 Sell	116 Sell	121 Sell	128 Sell	135 Sell	144 Sell	154 Buy	167 Buy	183 Buy
12.6 (%)	108 Sell	112 Sell	117 Sell	123 Sell	130 Sell	138 Sell	147 Sell	158 Buy	172 Buy
13.1 (%)	105 Sell	109 Sell	114 Sell	119 Sell	125 Sell	132 Sell	140 Sell	151 Sell	163 Buy
13.6 (%)	102 Sell	106 Sell	110 Sell	115 Sell	121 Sell	127 Sell	135 Sell	144 Sell	154 Buy

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.6 (%)	131 Sell	139 Sell	147 Sell	158 Buy	170 Buy
10.1 (%)	127 Sell	133 Sell	141 Sell	151 Sell	162 Buy
10.6 (%)	122 Sell	128 Sell	136 Sell	144 Sell	154 Buy
11.1 (%)	118 Sell	124 Sell	130 Sell	138 Sell	147 Sell
11.6 (%)	115 Sell	120 Sell	126 Sell	133 Sell	141 Sell

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
12.1 (%)	144 Sell	154 Buy	167 Buy	183 Buy
12.6 (%)	138 Sell	147 Sell	158 Buy	172 Buy
13.1 (%)	132 Sell	140 Sell	151 Sell	163 Buy
13.6 (%)	127 Sell	135 Sell	144 Sell	154 Buy

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Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)