Discounted Cash Flow (DCF) Analysis Unlevered
Apple Inc (AAPL)
$121.42
1.29 (+1.07%)
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 | 87,046.00 | 81,860.00 | 81,020.00 | 97,600.95 | 104,950.80 | 112,854.13 | 121,352.62 | 130,491.10 |
| EBITDA (%) | |||||||||||||
| EBIT | 50,291.00 | 53,867.00 | 73,248.00 | 62,828.00 | 66,412.00 | 76,143.00 | 69,313.00 | 69,964.00 | 84,548.29 | 90,915.21 | 97,761.58 | 105,123.53 | 113,039.87 |
| 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 | 13,102.00 | 17,460.00 | 16,849.00 | 15,754.00 | 17,874.00 | 23,186.00 | 45,804.00 | 37,445.00 | 29,336.21 | 31,545.37 | 33,920.90 | 36,475.32 | 39,222.09 |
| 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 | -8,165.00 | -9,571.00 | -11,247.00 | -12,734.00 | -12,795.00 | -13,313.00 | -10,495.00 | -7,309.00 | -14,029.26 | -15,085.74 | -16,221.77 | -17,443.35 | -18,756.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 121.42 |
|---|---|
| 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 | 112,436.00 |
| Total Equity | 2,128,275.74 |
| Total Capital | 2,240,711.74 |
| Debt Weighting | 5.02 |
| Equity Weighting | 94.98 |
| 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 | 87,046.00 | 81,860.00 | 81,020.00 | 97,600.95 | 104,950.80 | 112,854.13 | 121,352.62 | 130,491.10 |
| EBIT | 50,291.00 | 53,867.00 | 73,248.00 | 62,828.00 | 66,412.00 | 76,143.00 | 69,313.00 | 69,964.00 | 84,548.29 | 90,915.21 | 97,761.58 | 105,123.53 | 113,039.87 |
| 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 | 62,176.71 | 58,261.85 | 59,869.48 | 65,791.54 | 70,745.98 | 76,073.52 | 81,802.24 | 87,962.37 |
| 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 | - | -4,358.00 | 611.00 | 1,095.00 | -2,120.00 | -5,312.00 | -22,618.00 | 8,359.00 | 8,108.79 | -2,209.17 | -2,375.53 | -2,554.42 | -2,746.78 |
| 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 | -8,165.00 | -9,571.00 | -11,247.00 | -12,734.00 | -12,795.00 | -13,313.00 | -10,495.00 | -7,309.00 | -14,029.26 | -15,085.74 | -16,221.77 | -17,443.35 | -18,756.92 |
| UFCF | 35,729.43 | 41,292.67 | 59,610.72 | 47,657.89 | 54,377.55 | 62,192.71 | 27,893.85 | 68,080.48 | 81,497.49 | 71,011.61 | 76,359.15 | 82,109.38 | 88,292.64 |
| WACC | |||||||||||||
| PV UFCF | 64,210.31 | 49,661.54 | 47,400.41 | 45,242.24 | 43,182.32 | ||||||||
| SUM PV UFCF | 281,308.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.66 |
| Free cash flow (t + 1) | 91,824.34 |
| Terminal Value | 1,060,327.31 |
| Present Value of Terminal Value | 584,239.90 |
Intrinsic Value
| Enterprise Value | 865,548.33 |
|---|---|
| Net Debt | 74,420.00 |
| Equity Value | 791,128.33 |
| Shares Outstanding | 17,528.21 |
| Equity Value Per Share | 45.13 |