Free Cash Flow Build Up
Apple Inc. (AAPL)
$ 145.415
+0.57 (+0.40%)
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 215,639 | 229,234 | 265,595 | 260,174 | 274,515 | 292,109.68 | 310,832.07 | 330,754.45 | 351,953.72 | 374,511.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 73,333 | 76,569 | 87,046 | 81,860 | 81,020 | 94,153.26 | 100,187.89 | 106,609.30 | 113,442.29 | 120,713.22 |
| EBIT | 62,828 | 66,412 | 76,143 | 69,313 | 69,964 | 81,149.97 | 86,351.18 | 91,885.74 | 97,775.04 | 104,041.80 |
| Tax Rate | 25.56% | 24.56% | 18.34% | 15.94% | 14.43% | 19.77% | 19.77% | 19.77% | 19.77% | 19.77% |
| EBIAT | 46,770.89 | 50,103.55 | 62,176.71 | 58,261.85 | 59,869.48 | 65,110.21 | 69,283.36 | 73,723.99 | 78,449.23 | 83,477.33 |
| Depreciation | 10,505 | 10,157 | 10,903 | 12,547 | 11,056 | 13,003.29 | 13,836.71 | 14,723.56 | 15,667.25 | 16,671.42 |
| Accounts Receivable | - | -19,919 | -13,322 | 3,191 | 8,359 | -4,946.18 | -2,717.01 | -2,891.15 | -3,076.46 | -3,273.64 |
| Inventories | - | -2,723 | 899 | -150 | 45 | -410.39 | -286.59 | -304.96 | -324.50 | -345.30 |
| Accounts Payable | - | 11,755 | 6,839 | -9,652 | -3,940 | 11,985.48 | 3,479.10 | 3,702.09 | 3,939.37 | 4,191.86 |
| Capital Expenditure | -12,734 | -12,795 | -13,313 | -10,495 | -7,309 | -13,551.40 | -14,419.96 | -15,344.19 | -16,327.66 | -17,374.16 |
| UFCF | 44,541.89 | 36,578.55 | 54,182.71 | 53,702.85 | 68,080.48 | 71,191.01 | 69,175.62 | 73,609.34 | 78,327.24 | 83,347.52 |
| WACC | ||||||||||
| PV UFCF | 63,648.64 | 55,294.39 | 52,604.75 | 50,045.94 | 47,611.60 | |||||
| SUM PV UFCF | 269,205.32 |