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 170,910.00182,795.00233,715.00215,639.00229,234.00265,595.00260,174.00274,515.00295,187.38317,416.49341,319.57367,022.68394,661.36
Revenue (%)
EBITDA 57,048.0061,813.0084,505.0073,333.0076,569.0087,046.0081,860.0081,020.0097,600.95104,950.80112,854.13121,352.62130,491.10
EBITDA (%)
EBIT 50,291.0053,867.0073,248.0062,828.0066,412.0076,143.0069,313.0069,964.0084,548.2990,915.2197,761.58105,123.53113,039.87
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 13,102.0017,460.0016,849.0015,754.0017,874.0023,186.0045,804.0037,445.0029,336.2131,545.3733,920.9036,475.3239,222.09
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 -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 170,910.00182,795.00233,715.00215,639.00229,234.00265,595.00260,174.00274,515.00295,187.38317,416.49341,319.57367,022.68394,661.36
EBITDA 57,048.0061,813.0084,505.0073,333.0076,569.0087,046.0081,860.0081,020.0097,600.95104,950.80112,854.13121,352.62130,491.10
EBIT 50,291.0053,867.0073,248.0062,828.0066,412.0076,143.0069,313.0069,964.0084,548.2990,915.2197,761.58105,123.53113,039.87
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 37,137.4339,793.6853,933.7246,770.8950,103.5562,176.7158,261.8559,869.4865,791.5470,745.9876,073.5281,802.2487,962.37
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 --4,358.00611.001,095.00-2,120.00-5,312.00-22,618.008,359.008,108.79-2,209.17-2,375.53-2,554.42-2,746.78
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 -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 35,729.4341,292.6759,610.7247,657.8954,377.5562,192.7127,893.8568,080.4881,497.4971,011.6176,359.1582,109.3888,292.64
WACC
PV UFCF 64,210.3149,661.5447,400.4145,242.2443,182.32
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