Discounted Cash Flow (DCF) Analysis Unlevered
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 | 170,910.00 | 182,795.00 | 233,715.00 | 215,639.00 | 229,234.00 | 265,595.00 | 260,174.00 | 274,515.00 | 295,187.38 | 317,416.49 | 341,319.57 | 367,022.68 | 394,661.36 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||||
| EBITDA | 57,048.00 | 61,813.00 | 84,505.00 | 73,333.00 | 76,569.00 | 85,546.00 | 81,860.00 | 77,344.00 | 96,898.46 | 104,195.41 | 112,041.85 | 120,479.18 | 129,551.87 |
| EBITDA (%) | |||||||||||||
| EBIT | 50,291.00 | 53,867.00 | 73,248.00 | 62,828.00 | 66,412.00 | 74,643.00 | 69,313.00 | 66,288.00 | 83,845.80 | 90,159.81 | 96,949.31 | 104,250.08 | 112,100.65 |
| EBIT (%) | |||||||||||||
| Depreciation | 6,757.00 | 7,946.00 | 11,257.00 | 10,505.00 | 10,157.00 | 10,903.00 | 12,547.00 | 11,056.00 | 13,052.66 | 14,035.60 | 15,092.55 | 16,229.09 | 17,451.23 |
| 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 | 40,546.00 | 25,077.00 | 41,601.00 | 67,155.00 | 74,181.00 | 66,301.00 | 100,557.00 | 90,943.00 | 79,511.13 | 85,498.73 | 91,937.22 | 98,860.56 | 106,305.26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||||
| Account Receivables | 20,641.00 | 27,219.00 | 30,343.00 | 29,299.00 | 35,673.00 | 48,995.00 | 45,804.00 | 16,120.00 | 40,966.08 | 44,051.04 | 47,368.30 | 50,935.38 | 54,771.07 |
| Account Receivables (%) | |||||||||||||
| Inventories | 1,764.00 | 2,111.00 | 2,349.00 | 2,132.00 | 4,855.00 | 3,956.00 | 4,106.00 | 4,061.00 | 4,001.87 | 4,303.23 | 4,627.29 | 4,975.75 | 5,350.45 |
| Inventories (%) | |||||||||||||
| Accounts Payable | 22,367.00 | 30,196.00 | 35,490.00 | 37,294.00 | 49,049.00 | 55,888.00 | 46,236.00 | 42,296.00 | 50,810.63 | 54,636.93 | 58,751.37 | 63,175.64 | 67,933.09 |
| Accounts Payable (%) | |||||||||||||
| Capital Expenditure | -9,076.00 | -9,813.00 | -11,488.00 | -12,734.00 | -12,795.00 | -13,313.00 | -10,495.00 | 7,309.00 | -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 | 170,910.00 | 182,795.00 | 233,715.00 | 215,639.00 | 229,234.00 | 265,595.00 | 260,174.00 | 274,515.00 | 295,187.38 | 317,416.49 | 341,319.57 | 367,022.68 | 394,661.36 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 57,048.00 | 61,813.00 | 84,505.00 | 73,333.00 | 76,569.00 | 85,546.00 | 81,860.00 | 77,344.00 | 96,898.46 | 104,195.41 | 112,041.85 | 120,479.18 | 129,551.87 |
| EBIT | 50,291.00 | 53,867.00 | 73,248.00 | 62,828.00 | 66,412.00 | 74,643.00 | 69,313.00 | 66,288.00 | 83,845.80 | 90,159.81 | 96,949.31 | 104,250.08 | 112,100.65 |
| 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 | 37,137.43 | 39,793.68 | 53,933.72 | 46,770.89 | 50,103.55 | 60,951.85 | 58,261.85 | 56,723.86 | 65,244.90 | 70,158.17 | 75,441.44 | 81,122.56 | 87,231.51 |
| Depreciation | 6,757.00 | 7,946.00 | 11,257.00 | 10,505.00 | 10,157.00 | 10,903.00 | 12,547.00 | 11,056.00 | 13,052.66 | 14,035.60 | 15,092.55 | 16,229.09 | 17,451.23 |
| Accounts Receivable | - | -6,578.00 | -3,124.00 | 1,044.00 | -6,374.00 | -13,322.00 | 3,191.00 | 29,684.00 | -24,846.08 | -3,084.95 | -3,317.27 | -3,567.07 | -3,835.69 |
| Inventories | - | -347.00 | -238.00 | 217.00 | -2,723.00 | 899.00 | -150.00 | 45.00 | 59.13 | -301.36 | -324.06 | -348.46 | -374.70 |
| Accounts Payable | - | 7,829.00 | 5,294.00 | 1,804.00 | 11,755.00 | 6,839.00 | -9,652.00 | -3,940.00 | 8,514.63 | 3,826.30 | 4,114.44 | 4,424.28 | 4,757.45 |
| Capital Expenditure | -9,076.00 | -9,813.00 | -11,488.00 | -12,734.00 | -12,795.00 | -13,313.00 | -10,495.00 | 7,309.00 | -12,347.99 | -13,277.85 | -14,277.74 | -15,352.93 | -16,509.08 |
| UFCF | 34,818.43 | 38,830.67 | 55,634.72 | 47,606.89 | 50,123.55 | 52,957.85 | 53,702.85 | 100,877.86 | 49,677.25 | 71,355.90 | 76,729.36 | 82,507.47 | 88,720.70 |
| WACC | |||||||||||||
| PV UFCF | 39,118.91 | 49,862.46 | 47,579.52 | 45,401.10 | 43,322.42 | ||||||||
| 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 |