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	-	-	182,795	233,715	215,639	-	-	-	-	-
Revenue (%)
EBITDA	-	-	61,813	84,505	73,333	-	-	-	-	-
EBITDA (%)
EBIT	-	-	53,867	73,248	62,828	-	-	-	-	-
EBIT (%)
Depreciation	-	-	7,946	11,257	10,505	-	-	-	-	-
Depreciation (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	182,795	233,715	215,639
Revenue (%)
EBITDA	-	-	61,813	84,505	73,333
EBITDA (%)
EBIT	-	-	53,867	73,248	62,828
EBIT (%)
Depreciation	-	-	7,946	11,257	10,505
Depreciation (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
Revenue (%)
EBITDA	-	-	-	-	-
EBITDA (%)
EBIT	-	-	-	-	-
EBIT (%)
Depreciation	-	-	-	-	-
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	-	-	25,077	41,601	67,155	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	17,460	16,849	15,754	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	2,111	2,349	2,132	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	30,196	35,490	37,294	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	6,480	25,181	22,027	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-9,813	-11,488	-13,548	-	-	-	-	-
CapitalExpenditure (%)

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Cash	-	-	25,077	41,601	67,155
Cash (%)
AccountReceivable	-	-	17,460	16,849	15,754
AccountReceivable (%)
Inventories	-	-	2,111	2,349	2,132
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	30,196	35,490	37,294
AccountsPayable (%)
AccruedLiabilities	-	-	6,480	25,181	22,027
AccruedLiabilities (%)
CapitalExpenditure	-	-	-9,813	-11,488	-13,548
CapitalExpenditure (%)

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Cash	-	-	-	-	-
Cash (%)
AccountReceivable	-	-	-	-	-
AccountReceivable (%)
Inventories	-	-	-	-	-
Inventories (%)
PrepaidExpenses	-	-	-	-	-
PrepaidExpenses (%)
AccountsPayable	-	-	-	-	-
AccountsPayable (%)
AccruedLiabilities	-	-	-	-	-
AccruedLiabilities (%)
CapitalExpenditure	-	-	-	-	-
CapitalExpenditure (%)

Weighted Average Cost Of Capital Apple Inc.

Share Price	$ 179.06
Diluted Shares Outstanding	6123
Cost of Debt
Tax Rate	25.6
After-tax Cost of Debt	-
Risk Free Rate
Market Risk Premium
Cost of Equity	11.53
Total Debt	75,427.00
Total Equity	984,830.00
Total Capital	1,060,257.00
Debt Weighting	7.11
Equity Weighting	92.89
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	-	-	182,795	233,715	215,639	-	-	-	-	-
EBITDA	-	-	61,813	84,505	73,333	-	-	-	-	-
EBIT	-	-	53,867	73,248	62,828	-	-	-	-	-
TaxesRate	-	-	26.1	26.4	25.6	-	-	-	-	-
EBIAT	-	-	39793.7	53933.7	46770.9	-	-	-	-	-
Depreciation	-	-	7,946	11,257	10,505	-	-	-	-	-
AccountReceivable	-	-	-17,460	611	1,095	-	-	-	-	-
Inventories	-	-	-2,111	-238	217	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-	-	-	-	-	-
AccountsPayable	-	-	30,196	5,294	1,804	-	-	-	-	-
AccruedLiabilities	-	-	6,480	18,701	-3,154	-	-	-	-	-
CapitalExpenditure	-	-	-9,813	-11,488	-13,548	-	-	-	-	-
UFCF	-	-	74,658	91,234	59,298	-	-	-	-	-
WACC
PV UFCF						-	-	-	-	-
SUM PV UFCF										-

Year A / P	2012 Actual	2013 Actual	2014 Actual	2015 Actual	2016 Actual
Revenue	-	-	182,795	233,715	215,639
EBITDA	-	-	61,813	84,505	73,333
EBIT	-	-	53,867	73,248	62,828
TaxesRate	-	-	26.1	26.4	25.6
EBIAT	-	-	39793.7	53933.7	46770.9
Depreciation	-	-	7,946	11,257	10,505
AccountReceivable	-	-	-17,460	611	1,095
Inventories	-	-	-2,111	-238	217
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	30,196	5,294	1,804
AccruedLiabilities	-	-	6,480	18,701	-3,154
CapitalExpenditure	-	-	-9,813	-11,488	-13,548
UFCF	-	-	74,658	91,234	59,298
WACC
PV UFCF
SUM PV UFCF

Year A / P	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected
Revenue	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
TaxesRate	-	-	-	-	-
EBIAT	-	-	-	-	-
Depreciation	-	-	-	-	-
AccountReceivable	-	-	-	-	-
Inventories	-	-	-	-	-
PrepaidExpenses	-	-	-	-	-
AccountsPayable	-	-	-	-	-
AccruedLiabilities	-	-	-	-	-
CapitalExpenditure	-	-	-	-	-
UFCF	-	-	-	-	-
WACC
PV UFCF	-	-	-	-	-
SUM PV UFCF					-

Terminal Value Apple Inc.

Growth in perpetuity method:
Long term growth rate
WACC (%)	11.1
Free cash flow (t+1)	0.00
Terminal Value	0.00
Present Value of Terminal Value	0.00

Intrinsic Value Apple Inc.

Enterprise Value	-
Net Debt	8,272
Equity Value	-
Shares Outstanding	5,500
Equity Value Per Share	-

Results Unlevered DCF Apple Inc.

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)	1 (%)	2 (%)	3 (%)	4 (%)
9.1 (%)	-	-	-	-	-	-	-	-	-
9.6 (%)	-	-	-	-	-	-	-	-	-
10.1 (%)	-	-	-	-	-	-	-	-	-
10.6 (%)	-	-	-	-	-	-	-	-	-
11.1 (%)	-	-	-	-	-	-	-	-	-
11.6 (%)	-	-	-	-	-	-	-	-	-
12.1 (%)	-	-	-	-	-	-	-	-	-
12.6 (%)	-	-	-	-	-	-	-	-	-
13.1 (%)	-	-	-	-	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	-4 (%)	-3 (%)	-2 (%)	-1 (%)	0 (%)
9.1 (%)	-	-	-	-	-
9.6 (%)	-	-	-	-	-
10.1 (%)	-	-	-	-	-
10.6 (%)	-	-	-	-	-
11.1 (%)	-	-	-	-	-

${Wacc}/{Long \space Term \space Growth}$	1 (%)	2 (%)	3 (%)	4 (%)
11.6 (%)	-	-	-	-
12.1 (%)	-	-	-	-
12.6 (%)	-	-	-	-
13.1 (%)	-	-	-	-

Financial Modeling Prep is a new concept that informs you about stock markets information (news, currencies and stock prices). We always strive to give you the best and most updated information. We also gives you free financial modeling methodology through our academy. Most investment banking firms follow our guidelines to get discounted cash flow statement of companies to see if they are undervalued, overvalued or simply at par value. You can find all financial models and valuation techniques that is used in corporate finance to get companies intrinsic valuation. Most private equity firm use financial modeling for decision making when it comes to hold, buy or sell a particular stock.

Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)