Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)

$ 146.83
0.98 0.67%

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 215,639229,234265,595260,174274,515292,109.68310,832.07330,754.45351,953.72374,511.74
Revenue (%)
EBITDA 73,33376,56987,04681,86081,02094,153.26100,187.89106,609.30113,442.29120,713.22
EBITDA (%)
EBIT 62,82866,41276,14369,31369,96481,149.9786,351.1891,885.7497,775.04104,041.80
EBIT (%)
Depreciation 10,50510,15710,90312,54711,05613,003.2913,836.7114,723.5615,667.2516,671.42
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 67,15574,18166,301100,55790,94393,617.8999,618.21106,003.11112,797.24120,026.83
Total Cash (%)
Account Receivables 15,75435,67348,99545,80437,44542,391.1845,108.1947,999.3451,075.7954,349.43
Account Receivables (%)
Inventories 2,1324,8553,9564,1064,0614,471.394,757.975,062.935,387.435,732.73
Inventories (%)
Accounts Payable 37,29449,04955,88846,23642,29654,281.4857,760.5861,462.6765,402.0469,593.90
Accounts Payable (%)
Capital Expenditure -12,734-12,795-13,313-10,495-7,309-13,551.40-14,419.96-15,344.19-16,327.66-17,374.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 146.83
Beta 1.202
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 12.028
Total Debt 112,436
Total Equity 2,573,667.66
Total Capital 2,686,103.66
Debt Weighting 4.19
Equity Weighting 95.81
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 215,639229,234265,595260,174274,515292,109.68310,832.07330,754.45351,953.72374,511.74
EBITDA 73,33376,56987,04681,86081,02094,153.26100,187.89106,609.30113,442.29120,713.22
EBIT 62,82866,41276,14369,31369,96481,149.9786,351.1891,885.7497,775.04104,041.80
Tax Rate 25.56%24.56%18.34%15.94%14.43%19.77%19.77%19.77%19.77%19.77%
EBIAT 46,770.8950,103.5562,176.7158,261.8559,869.4865,110.2169,283.3673,723.9978,449.2383,477.33
Depreciation 10,50510,15710,90312,54711,05613,003.2913,836.7114,723.5615,667.2516,671.42
Accounts Receivable --19,919-13,3223,1918,359-4,946.18-2,717.01-2,891.15-3,076.46-3,273.64
Inventories --2,723899-15045-410.39-286.59-304.96-324.50-345.30
Accounts Payable -11,7556,839-9,652-3,94011,985.483,479.103,702.093,939.374,191.86
Capital Expenditure -12,734-12,795-13,313-10,495-7,309-13,551.40-14,419.96-15,344.19-16,327.66-17,374.16
UFCF 44,541.8936,578.5554,182.7153,702.8568,080.4871,191.0169,175.6273,609.3478,327.2483,347.52
WACC
PV UFCF 79,520.3569,175.6265,899.1462,777.8559,804.40
SUM PV UFCF 270,241.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.70
Free cash flow (t + 1) 86,681.42
Terminal Value 1,125,732.72
Present Value of Terminal Value 647,395.12

Intrinsic Value

Enterprise Value 917,636.64
Net Debt 74,420
Equity Value 843,216.64
Shares Outstanding 17,528.21
Equity Value Per Share 48.11