Discounted Cash Flow (DCF) Analysis Levered
Apple Inc. (AAPL)
$169.24
+4.32 (+2.62%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 229,234 | 265,595 | 260,174 | 274,515 | 365,817 | 413,914.93 | 468,336.82 | 529,914.15 | 599,587.72 | 678,422.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 63,598 | 77,434 | 69,391 | 80,674 | 104,038 | 117,052.95 | 132,443.17 | 149,856.91 | 169,560.23 | 191,854.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -12,795 | -13,313 | -10,495 | -7,309 | -11,085 | -16,822.09 | -19,033.87 | -21,536.46 | -24,368.10 | -27,572.03 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 50,803 | 64,121 | 58,896 | 73,365 | 92,953 | 100,230.86 | 113,409.30 | 128,320.45 | 145,192.13 | 164,282.12 |
Weighted Average Cost Of Capital
| Share price | $ 169.24 |
|---|---|
| Beta | 1.230 |
| Diluted Shares Outstanding | 16,864.92 |
| Cost of Debt | |
| Tax Rate | 13.30 |
| After-tax Cost of Debt | 1.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.592 |
| Total Debt | 124,719 |
| Total Equity | 2,854,218.89 |
| Total Capital | 2,978,937.89 |
| Debt Weighting | 4.19 |
| Equity Weighting | 95.81 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 229,234 | 265,595 | 260,174 | 274,515 | 365,817 | 413,914.93 | 468,336.82 | 529,914.15 | 599,587.72 | 678,422.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 63,598 | 77,434 | 69,391 | 80,674 | 104,038 | 117,052.95 | 132,443.17 | 149,856.91 | 169,560.23 | 191,854.15 |
| Capital Expenditure | -12,795 | -13,313 | -10,495 | -7,309 | -11,085 | -16,822.09 | -19,033.87 | -21,536.46 | -24,368.10 | -27,572.03 |
| Free Cash Flow | 50,803 | 64,121 | 58,896 | 73,365 | 92,953 | 100,230.86 | 113,409.30 | 128,320.45 | 145,192.13 | 164,282.12 |
| WACC | ||||||||||
| PV LFCF | 78,885.25 | 82,408.96 | 86,090.08 | 89,935.62 | 93,952.95 | |||||
| SUM PV LFCF | 505,928.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.31 |
| Free cash flow (t + 1) | 167,567.76 |
| Terminal Value | 2,655,590.53 |
| Present Value of Terminal Value | 1,781,633.34 |
Intrinsic Value
| Enterprise Value | 2,287,561.95 |
|---|---|
| Net Debt | 89,779 |
| Equity Value | 2,197,782.95 |
| Shares Outstanding | 16,864.92 |
| Equity Value Per Share | 130.32 |