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 Projected | 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 | 291,749.64 | 320,486.98 | 352,054.95 | 386,732.36 | 424,825.50 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 56,913.03 | 61,435.13 | 83,762.76 | 71,875.16 | 74,248.50 | 83,793.37 | 97,269.33 | 106,850.36 | 117,375.12 | 128,936.57 | 141,636.82 |
| EBIT | 50,162.08 | 53,483.84 | 72,497.79 | 61,373.15 | 64,093.49 | 72,877.65 | 84,374.00 | 92,684.84 | 101,814.29 | 111,843.00 | 122,859.54 |
| Tax Rate | 26.15% | 26.13% | 26.37% | 25.56% | 24.56% | 18.34% | 24.52% | 24.52% | 24.52% | 24.52% | 24.52% |
| EBIAT | 37,042.23 | 39,510.62 | 53,381.33 | 45,687.85 | 48,354.39 | 59,510.30 | 63,687.57 | 69,960.80 | 76,851.93 | 84,421.85 | 92,737.40 |
| Depreciation | 6,750.94 | 7,951.29 | 11,264.97 | 10,502.01 | 10,155.01 | 10,915.71 | 12,895.33 | 14,165.52 | 15,560.83 | 17,093.57 | 18,777.29 |
| Accounts Receivable | - | -6,571.24 | -3,118.78 | 1,029.52 | -6,362.19 | -13,332.57 | 6,434.92 | -4,192.78 | -4,605.77 | -5,059.43 | -5,557.79 |
| Inventories | - | -341.69 | -258.44 | 225.60 | -2,724.83 | 902.46 | 164.53 | -373.59 | -410.38 | -450.81 | -495.21 |
| Accounts Payable | - | 7,824.50 | 5,304.39 | 1,784.36 | 6,956.56 | 11,638.02 | -6,078.29 | 4,905.46 | 5,388.65 | 5,919.43 | 6,502.50 |
| Capital Expenditure | - | 740.41 | 1,682.95 | 1,246.06 | -297.40 | 858.67 | 2,215.07 | 1,528.83 | 1,679.42 | 1,844.84 | 2,026.55 |
| UFCF | 43,793.18 | 49,113.88 | 68,256.42 | 60,475.40 | 56,081.54 | 70,492.60 | 79,319.14 | 85,994.25 | 94,464.68 | 103,769.45 | 113,990.74 |
| WACC | |||||||||||
| PV UFCF | 79,319.14 | 85,994.25 | 94,464.68 | 103,769.45 | 113,990.74 | ||||||
| SUM PV UFCF | 825,751.27 |