MSFT 105.32 -0.06 (-0.06%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)GOOG 1029.8 -7.78 (-0.75%)PIH 4.14 +0.25 (+6.43%)
MSFT 105.32 -0.06 (-0.06%)FB 130.65 -2.52 (-1.89%)ZNGA 3.95 +0.07 (+1.68%)NVDA 133.37 -0.29 (-0.22%)WBA 68.22 +0.16 (+0.24%)GOOG 1029.8 -7.78 (-0.75%)PIH 4.14 +0.25 (+6.43%)
Free Cash Flow Build Up 
Apple Inc.
BalanceTerminal
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 170,910 | 182,795 | 233,715 | 215,639 | 229,234 | 248,490 | 269,363 | 291,989 | 316,516 | 343,104 |
| EBITDA | 57,048 | 61,813 | 84,505 | 73,333 | 76,569 | 84,983 | 92,122 | 99,860 | 108,249 | 117,341 |
| EBIT | 50,291 | 53,867 | 73,248 | 62,828 | 66,412 | 73,801 | 80,001 | 86,721 | 94,005 | 101,902 |
| TaxesRate | 26.2 | 26.1 | 26.4 | 25.6 | 24.6 | 25.8 | 25.8 | 25.8 | 25.8 | 25.8 |
| EBIAT | 37137.4 | 39793.7 | 53933.7 | 46770.9 | 50103.6 | 54795.6 | 59398.5 | 64387.9 | 69796.5 | 75659.4 |
| Depreciation | 6,757 | 7,946 | 11,257 | 10,505 | 10,157 | 11,182 | 12,121 | 13,140 | 14,243 | 15,440 |
| AccountReceivable | - | -4,358 | 611 | 1,095 | -2,120 | -1,757 | -1,649 | -1,787 | -1,938 | -2,100 |
| Inventories | - | -347 | -238 | 217 | -2,723 | 1,625 | -271 | -294 | -319 | -346 |
| AccountsPayable | - | 7,829 | 5,294 | 1,804 | 11,755 | -7,551 | 3,486 | 3,779 | 4,096 | 4,440 |
| AccruedLiabilities | - | 2,472 | 17,492 | -3,154 | 3,717 | -6,113 | 1,649 | 1,787 | 1,938 | 2,100 |
| CapitalExpenditure | -9,076 | -9,813 | -11,488 | -13,548 | -12,795 | -13,667 | -14,815 | -16,059 | -17,408 | -18,871 |
| UFCF | 43,894 | 54,073 | 90,025 | 59,298 | 70,137 | 53,053 | 75,882 | 82,256 | 89,166 | 96,656 |
| WACC | ||||||||||
| PV UFCF | 47,539 | 60,927 | 59,180 | 57,483 | 55,835 | |||||
| SUM PV UFCF | 280,965 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 170,910 | 182,795 | 233,715 | 215,639 | 229,234 |
| EBITDA | 57,048 | 61,813 | 84,505 | 73,333 | 76,569 |
| EBIT | 50,291 | 53,867 | 73,248 | 62,828 | 66,412 |
| TaxesRate | 26.2 | 26.1 | 26.4 | 25.6 | 24.6 |
| EBIAT | 37137.4 | 39793.7 | 53933.7 | 46770.9 | 50103.6 |
| Depreciation | 6,757 | 7,946 | 11,257 | 10,505 | 10,157 |
| AccountReceivable | - | -4,358 | 611 | 1,095 | -2,120 |
| Inventories | - | -347 | -238 | 217 | -2,723 |
| AccountsPayable | - | 7,829 | 5,294 | 1,804 | 11,755 |
| AccruedLiabilities | - | 2,472 | 17,492 | -3,154 | 3,717 |
| CapitalExpenditure | -9,076 | -9,813 | -11,488 | -13,548 | -12,795 |
| UFCF | 43,894 | 54,073 | 90,025 | 59,298 | 70,137 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 248,490 | 269,363 | 291,989 | 316,516 | 343,104 |
| EBITDA | 84,983 | 92,122 | 99,860 | 108,249 | 117,341 |
| EBIT | 73,801 | 80,001 | 86,721 | 94,005 | 101,902 |
| TaxesRate | 25.8 | 25.8 | 25.8 | 25.8 | 25.8 |
| EBIAT | 54795.6 | 59398.5 | 64387.9 | 69796.5 | 75659.4 |
| Depreciation | 11,182 | 12,121 | 13,140 | 14,243 | 15,440 |
| AccountReceivable | -1,757 | -1,649 | -1,787 | -1,938 | -2,100 |
| Inventories | 1,625 | -271 | -294 | -319 | -346 |
| AccountsPayable | -7,551 | 3,486 | 3,779 | 4,096 | 4,440 |
| AccruedLiabilities | -6,113 | 1,649 | 1,787 | 1,938 | 2,100 |
| CapitalExpenditure | -13,667 | -14,815 | -16,059 | -17,408 | -18,871 |
| UFCF | 53,053 | 75,882 | 82,256 | 89,166 | 96,656 |
| WACC | |||||
| PV UFCF | 47,539 | 60,927 | 59,180 | 57,483 | 55,835 |
| SUM PV UFCF | 280,965 |
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