Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc

Apple Inc (AAPL)

$122.72
3.67 (+3.08%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910.00182,795.00233,715.00215,639.00229,234.00265,595.00260,174.00274,515.00295,187.38317,416.49341,319.57367,022.68394,661.36
Revenue (%)
EBITDA 57,048.0061,813.0084,505.0073,333.0076,569.0085,546.0081,860.0077,344.0096,898.46104,195.41112,041.85120,479.18129,551.87
EBITDA (%)
EBIT 50,291.0053,867.0073,248.0062,828.0066,412.0074,643.0069,313.0066,288.0083,845.8090,159.8196,949.31104,250.08112,100.65
EBIT (%)
Depreciation 6,757.007,946.0011,257.0010,505.0010,157.0010,903.0012,547.0011,056.0013,052.6614,035.6015,092.5516,229.0917,451.23
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 40,546.0025,077.0041,601.0067,155.0074,181.0066,301.00100,557.0090,943.0079,511.1385,498.7391,937.2298,860.56106,305.26
Total Cash (%)
Account Receivables 20,641.0027,219.0030,343.0029,299.0035,673.0048,995.0045,804.0016,120.0040,966.0844,051.0447,368.3050,935.3854,771.07
Account Receivables (%)
Inventories 1,764.002,111.002,349.002,132.004,855.003,956.004,106.004,061.004,001.874,303.234,627.294,975.755,350.45
Inventories (%)
Accounts Payable 22,367.0030,196.0035,490.0037,294.0049,049.0055,888.0046,236.0042,296.0050,810.6354,636.9358,751.3763,175.6467,933.09
Accounts Payable (%)
Capital Expenditure -9,076.00-9,813.00-11,488.00-12,734.00-12,795.00-13,313.00-10,495.007,309.00-12,347.99-13,277.85-14,277.74-15,352.93-16,509.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 122.72
Beta 1.338
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 13.107
Total Debt 107,440.00
Total Equity 2,151,062.42
Total Capital 2,258,502.42
Debt Weighting 4.76
Equity Weighting 95.24
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 170,910.00182,795.00233,715.00215,639.00229,234.00265,595.00260,174.00274,515.00295,187.38317,416.49341,319.57367,022.68394,661.36
EBITDA 57,048.0061,813.0084,505.0073,333.0076,569.0085,546.0081,860.0077,344.0096,898.46104,195.41112,041.85120,479.18129,551.87
EBIT 50,291.0053,867.0073,248.0062,828.0066,412.0074,643.0069,313.0066,288.0083,845.8090,159.8196,949.31104,250.08112,100.65
Tax Rate 26.15%26.13%26.37%25.56%24.56%18.34%15.94%14.43%22.18%22.18%22.18%22.18%22.18%
EBIAT 37,137.4339,793.6853,933.7246,770.8950,103.5560,951.8558,261.8556,723.8665,244.9070,158.1775,441.4481,122.5687,231.51
Depreciation 6,757.007,946.0011,257.0010,505.0010,157.0010,903.0012,547.0011,056.0013,052.6614,035.6015,092.5516,229.0917,451.23
Accounts Receivable --6,578.00-3,124.001,044.00-6,374.00-13,322.003,191.0029,684.00-24,846.08-3,084.95-3,317.27-3,567.07-3,835.69
Inventories --347.00-238.00217.00-2,723.00899.00-150.0045.0059.13-301.36-324.06-348.46-374.70
Accounts Payable -7,829.005,294.001,804.0011,755.006,839.00-9,652.00-3,940.008,514.633,826.304,114.444,424.284,757.45
Capital Expenditure -9,076.00-9,813.00-11,488.00-12,734.00-12,795.00-13,313.00-10,495.007,309.00-12,347.99-13,277.85-14,277.74-15,352.93-16,509.08
UFCF 34,818.4338,830.6755,634.7247,606.8950,123.5552,957.8553,702.85100,877.8649,677.2571,355.9076,729.3682,507.4788,720.70
WACC
PV UFCF 39,118.9149,862.4647,579.5245,401.1043,322.42
SUM PV UFCF 253,873.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.69
Free cash flow (t + 1) 92,269.53
Terminal Value 1,061,789.79
Present Value of Terminal Value 584,267.39

Intrinsic Value

Enterprise Value 838,140.40
Net Debt 69,424.00
Equity Value 768,716.40
Shares Outstanding 17,528.21
Equity Value Per Share 43.86