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Discounted Cash Flow (DCF) Analysis Unlevered


Apple Inc.

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 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12291,749.64320,486.98352,054.95386,732.36424,825.50
Revenue (%)
EBITDA 56,913.0361,435.1383,762.7671,875.1674,248.5083,793.3797,269.33106,850.36117,375.12128,936.57141,636.82
EBITDA (%)
EBIT 50,162.0853,483.8472,497.7961,373.1564,093.4972,877.6584,374.0092,684.84101,814.29111,843.00122,859.54
EBIT (%)
Depreciation 6,750.947,951.2911,264.9710,502.0110,155.0110,915.7112,895.3314,165.5215,560.8317,093.5718,777.29
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 40,539.8525,078.5541,600.9267,152.4974,179.7366,291.0469,874.0476,756.6384,317.1692,622.40101,745.71
Total Cash (%)
Account Receivables 20,645.9327,217.1730,335.9529,306.4335,668.6249,001.1942,566.2746,759.0551,364.8256,424.2561,982.04
Account Receivables (%)
Inventories 1,760.372,102.062,360.502,134.914,859.743,957.283,792.754,166.334,576.715,027.525,522.73
Inventories (%)
Accounts Payable 22,372.1230,196.6235,501.0137,285.3744,241.9355,879.9549,801.6654,707.1360,095.7866,015.2172,517.71
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 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12291,749.64320,486.98352,054.95386,732.36424,825.50
EBITDA 56,913.0361,435.1383,762.7671,875.1674,248.5083,793.3797,269.33106,850.36117,375.12128,936.57141,636.82
EBIT 50,162.0853,483.8472,497.7961,373.1564,093.4972,877.6584,374.0092,684.84101,814.29111,843.00122,859.54
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 37,042.2339,510.6253,381.3345,687.8548,354.3959,510.3063,687.5769,960.8076,851.9384,421.8592,737.40
Depreciation 6,750.947,951.2911,264.9710,502.0110,155.0110,915.7112,895.3314,165.5215,560.8317,093.5718,777.29
Accounts Receivable --6,571.24-3,118.781,029.52-6,362.19-13,332.576,434.92-4,192.78-4,605.77-5,059.43-5,557.79
Inventories --341.69-258.44225.60-2,724.83902.46164.53-373.59-410.38-450.81-495.21
Accounts Payable -7,824.505,304.391,784.366,956.5611,638.02-6,078.294,905.465,388.655,919.436,502.50
Capital Expenditure -740.411,682.951,246.06-297.40858.672,215.071,528.831,679.421,844.842,026.55
UFCF 43,793.1849,113.8868,256.4260,475.4056,081.5470,492.6079,319.1485,994.2594,464.68103,769.45113,990.74
WACC
PV UFCF 71,490.8869,857.7869,165.1868,479.4567,800.52
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