MSFT 117.02 -0.72 (-0.62%)FB 167.35 +1.05 (+0.63%)ZNGA 5.3 -0.01 (-0.19%)NVDA 175.17 +1.31 (+0.75%)WBA 61.7 +0.14 (+0.23%)GOOG 1184.77 -8.35 (-0.70%)PIH 5.45 -0.16 (-2.85%)
MSFT 117.02 -0.72 (-0.62%)FB 167.35 +1.05 (+0.63%)ZNGA 5.3 -0.01 (-0.19%)NVDA 175.17 +1.31 (+0.75%)WBA 61.7 +0.14 (+0.23%)GOOG 1184.77 -8.35 (-0.70%)PIH 5.45 -0.16 (-2.85%)
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 | 182,795 | 233,715 | 215,639 | 229,234 | 265,595 | 293,748 | 324,885 | 359,323 | 397,411 | 439,537 |
| EBITDA | 61,813 | 84,505 | 73,333 | 76,569 | 87,046 | 99,874 | 110,461 | 122,170 | 135,120 | 149,443 |
| EBIT | 53,867 | 73,248 | 62,828 | 66,412 | 76,143 | 86,656 | 95,841 | 106,000 | 117,236 | 129,663 |
| TaxesRate | 26.1 | 26.4 | 25.6 | 24.6 | 18.3 | 24.2 | 24.2 | 24.2 | 24.2 | 24.2 |
| EBIAT | 39793.7 | 53933.7 | 46770.9 | 50103.6 | 62176.7 | 65693.6 | 72657.1 | 80358.8 | 88876.8 | 98297.8 |
| Depreciation | 7,946 | 11,257 | 10,505 | 10,157 | 10,903 | 13,219 | 14,620 | 16,170 | 17,884 | 19,779 |
| AccountReceivable | - | 611 | 1,095 | -2,120 | -5,312 | -608 | -2,522 | -2,789 | -3,085 | -3,412 |
| Inventories | - | -238 | 217 | -2,723 | 899 | -156 | -436 | -482 | -533 | -590 |
| AccountsPayable | - | 5,294 | 1,804 | 11,755 | 6,839 | -2,132 | 5,698 | 6,302 | 6,970 | 7,709 |
| AccruedLiabilities | - | 18,701 | -3,154 | 3,717 | -25,744 | 20,856 | 2,211 | 2,445 | 2,704 | 2,991 |
| CapitalExpenditure | -9,813 | -11,488 | -13,548 | -12,795 | -13,313 | -15,862 | -17,544 | -19,403 | -21,460 | -23,735 |
| UFCF | 47,740 | 91,234 | 59,298 | 70,137 | 50,280 | 99,422 | 93,909 | 103,864 | 114,873 | 127,050 |
| WACC | ||||||||||
| PV UFCF | 89,008 | 75,267 | 74,525 | 73,791 | 73,065 | |||||
| SUM PV UFCF | 385,656 |
| Year A / P | 2012 Actual | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual |
|---|---|---|---|---|---|
| Revenue | 182,795 | 233,715 | 215,639 | 229,234 | 265,595 |
| EBITDA | 61,813 | 84,505 | 73,333 | 76,569 | 87,046 |
| EBIT | 53,867 | 73,248 | 62,828 | 66,412 | 76,143 |
| TaxesRate | 26.1 | 26.4 | 25.6 | 24.6 | 18.3 |
| EBIAT | 39793.7 | 53933.7 | 46770.9 | 50103.6 | 62176.7 |
| Depreciation | 7,946 | 11,257 | 10,505 | 10,157 | 10,903 |
| AccountReceivable | - | 611 | 1,095 | -2,120 | -5,312 |
| Inventories | - | -238 | 217 | -2,723 | 899 |
| AccountsPayable | - | 5,294 | 1,804 | 11,755 | 6,839 |
| AccruedLiabilities | - | 18,701 | -3,154 | 3,717 | -25,744 |
| CapitalExpenditure | -9,813 | -11,488 | -13,548 | -12,795 | -13,313 |
| UFCF | 47,740 | 91,234 | 59,298 | 70,137 | 50,280 |
| WACC | |||||
| PV UFCF | |||||
| SUM PV UFCF |
| Year A / P | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
|---|---|---|---|---|---|
| Revenue | 293,748 | 324,885 | 359,323 | 397,411 | 439,537 |
| EBITDA | 99,874 | 110,461 | 122,170 | 135,120 | 149,443 |
| EBIT | 86,656 | 95,841 | 106,000 | 117,236 | 129,663 |
| TaxesRate | 24.2 | 24.2 | 24.2 | 24.2 | 24.2 |
| EBIAT | 65693.6 | 72657.1 | 80358.8 | 88876.8 | 98297.8 |
| Depreciation | 13,219 | 14,620 | 16,170 | 17,884 | 19,779 |
| AccountReceivable | -608 | -2,522 | -2,789 | -3,085 | -3,412 |
| Inventories | -156 | -436 | -482 | -533 | -590 |
| AccountsPayable | -2,132 | 5,698 | 6,302 | 6,970 | 7,709 |
| AccruedLiabilities | 20,856 | 2,211 | 2,445 | 2,704 | 2,991 |
| CapitalExpenditure | -15,862 | -17,544 | -19,403 | -21,460 | -23,735 |
| UFCF | 99,422 | 93,909 | 103,864 | 114,873 | 127,050 |
| WACC | |||||
| PV UFCF | 89,008 | 75,267 | 74,525 | 73,791 | 73,065 |
| SUM PV UFCF | 385,656 |
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