Discounted Cash Flow (DCF) Analysis Levered

Apple Inc. (AAPL)

$ 156.81
-5.13 (-3.17%)
Stock DCF: 404.98 | 156.81 | undervalue

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 229,234265,595260,174274,515365,817413,914.93468,336.82529,914.15599,587.72678,422.03
Revenue (%)
Operating Cash Flow 63,59877,43469,39180,674104,038117,052.95132,443.17149,856.91169,560.23191,854.15
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 50,80364,12158,89673,36592,953100,230.86113,409.30128,320.45145,192.13164,282.12

Weighted Average Cost Of Capital

Share price $ 156.81
Beta 1.206
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 7.173
Total Debt 124,719
Total Equity 2,644,587.95
Total Capital 2,769,306.95
Debt Weighting 4.50
Equity Weighting 95.50
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 229,234265,595260,174274,515365,817413,914.93468,336.82529,914.15599,587.72678,422.03
Operating Cash Flow 63,59877,43469,39180,674104,038117,052.95132,443.17149,856.91169,560.23191,854.15
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 50,80364,12158,89673,36592,953100,230.86113,409.30128,320.45145,192.13164,282.12
WACC
PV LFCF 93,735.0299,185.81104,953.56111,056.71117,514.77
SUM PV LFCF 526,445.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.93
Free cash flow (t + 1) 172,496.23
Terminal Value 8,937,628.28
Present Value of Terminal Value 6,393,290.73

Intrinsic Value

Enterprise Value 6,919,736.60
Net Debt 89,779
Equity Value 6,829,957.60
Shares Outstanding 16,864.92
Equity Value Per Share 404.98