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 215,639229,234265,595260,174274,515292,109.68310,832.07330,754.45351,953.72374,511.74
EBITDA 73,33376,56987,04681,86081,02094,153.26100,187.89106,609.30113,442.29120,713.22
EBIT 62,82866,41276,14369,31369,96481,149.9786,351.1891,885.7497,775.04104,041.80
Tax Rate 25.56%24.56%18.34%15.94%14.43%19.77%19.77%19.77%19.77%19.77%
EBIAT 46,770.8950,103.5562,176.7158,261.8559,869.4865,110.2169,283.3673,723.9978,449.2383,477.33
Depreciation 10,50510,15710,90312,54711,05613,003.2913,836.7114,723.5615,667.2516,671.42
Accounts Receivable --19,919-13,3223,1918,359-4,946.18-2,717.01-2,891.15-3,076.46-3,273.64
Inventories --2,723899-15045-410.39-286.59-304.96-324.50-345.30
Accounts Payable -11,7556,839-9,652-3,94011,985.483,479.103,702.093,939.374,191.86
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 44,541.8936,578.5554,182.7153,702.8568,080.4871,191.0169,175.6273,609.3478,327.2483,347.52
WACC
PV UFCF 63,648.6455,294.3952,604.7550,045.9447,611.60
SUM PV UFCF 269,205.32