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Free Cash Flow Build Up

Apple Inc.

Apple Inc. (AAPL)

Technology

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 170,910.00182,788.25233,713.05215,647.03229,232.79265,589.12260,171.10280,646.56302,733.45326,558.57352,258.73
EBITDA 56,913.0361,435.1383,762.7671,875.1674,248.5083,793.3778,285.4892,248.5399,508.48107,339.80115,787.44
EBIT 50,162.0853,483.8472,497.7961,373.1564,093.4972,877.6565,745.2479,675.5685,946.0392,709.98100,006.25
Tax Rate 26.15%26.13%26.37%25.56%24.56%18.34%15.94%23.29%23.29%23.29%23.29%
EBIAT 37,042.2339,510.6253,381.3345,687.8548,354.3959,510.3055,262.9261,116.9565,926.8671,115.3076,712.07
Depreciation 6,750.947,951.2911,264.9710,502.0110,155.0110,915.7112,540.2512,572.9713,562.4614,629.8215,781.19
Accounts Receivable --6,571.24-3,118.781,029.52-6,362.19-13,332.573,185.063,663.02-3,317.45-3,578.53-3,860.16
Inventories --341.69-258.44225.60-2,724.83902.46-153.43350.04-295.96-319.26-344.38
Accounts Payable -7,824.505,304.391,784.366,956.5611,638.02-9,647.551,954.613,792.324,090.774,412.72
Capital Expenditure -740.411,682.951,246.06-297.40858.67-2,821.123,940.341,135.271,224.611,320.99
UFCF 43,793.1849,113.8868,256.4260,475.4056,081.5470,492.6058,366.1483,597.9280,803.4887,162.7294,022.42
WACC
PV UFCF 83,597.9280,803.4887,162.7294,022.42
SUM PV UFCF 752,165.70