Free Cash Flow Build Up
Apple Inc. (AAPL)
Technology
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 170,910.00 | 182,788.25 | 233,713.05 | 215,647.03 | 229,232.79 | 265,589.12 | 260,171.10 | 280,646.56 | 302,733.45 | 326,558.57 | 352,258.73 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 56,913.03 | 61,435.13 | 83,762.76 | 71,875.16 | 74,248.50 | 83,793.37 | 78,285.48 | 92,248.53 | 99,508.48 | 107,339.80 | 115,787.44 |
| EBIT | 50,162.08 | 53,483.84 | 72,497.79 | 61,373.15 | 64,093.49 | 72,877.65 | 65,745.24 | 79,675.56 | 85,946.03 | 92,709.98 | 100,006.25 |
| Tax Rate | 26.15% | 26.13% | 26.37% | 25.56% | 24.56% | 18.34% | 15.94% | 23.29% | 23.29% | 23.29% | 23.29% |
| EBIAT | 37,042.23 | 39,510.62 | 53,381.33 | 45,687.85 | 48,354.39 | 59,510.30 | 55,262.92 | 61,116.95 | 65,926.86 | 71,115.30 | 76,712.07 |
| Depreciation | 6,750.94 | 7,951.29 | 11,264.97 | 10,502.01 | 10,155.01 | 10,915.71 | 12,540.25 | 12,572.97 | 13,562.46 | 14,629.82 | 15,781.19 |
| Accounts Receivable | - | -6,571.24 | -3,118.78 | 1,029.52 | -6,362.19 | -13,332.57 | 3,185.06 | 3,663.02 | -3,317.45 | -3,578.53 | -3,860.16 |
| Inventories | - | -341.69 | -258.44 | 225.60 | -2,724.83 | 902.46 | -153.43 | 350.04 | -295.96 | -319.26 | -344.38 |
| Accounts Payable | - | 7,824.50 | 5,304.39 | 1,784.36 | 6,956.56 | 11,638.02 | -9,647.55 | 1,954.61 | 3,792.32 | 4,090.77 | 4,412.72 |
| Capital Expenditure | - | 740.41 | 1,682.95 | 1,246.06 | -297.40 | 858.67 | -2,821.12 | 3,940.34 | 1,135.27 | 1,224.61 | 1,320.99 |
| UFCF | 43,793.18 | 49,113.88 | 68,256.42 | 60,475.40 | 56,081.54 | 70,492.60 | 58,366.14 | 83,597.92 | 80,803.48 | 87,162.72 | 94,022.42 |
| WACC | |||||||||||
| PV UFCF | 83,597.92 | 80,803.48 | 87,162.72 | 94,022.42 | |||||||
| SUM PV UFCF | 752,165.70 |