Discounted Cash Flow (DCF) Analysis Levered
Apple Inc. (AAPL)
$158.28
-1.97 (-1.23%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 265,595 | 260,174 | 274,515 | 365,817 | 394,328 | 438,220.82 | 486,999.37 | 541,207.49 | 601,449.53 | 668,397.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 77,434 | 69,391 | 80,674 | 104,038 | 122,151 | 126,760.32 | 140,870.07 | 156,550.38 | 173,976.07 | 193,341.43 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -13,313 | -10,495 | -7,309 | -11,085 | -10,708 | -15,297.92 | -17,000.74 | -18,893.10 | -20,996.10 | -23,333.18 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 64,121 | 58,896 | 73,365 | 92,953 | 111,443 | 111,462.40 | 123,869.33 | 137,657.28 | 152,979.98 | 170,008.24 |
Weighted Average Cost Of Capital
| Share price | $ 158.28 |
|---|---|
| Beta | 1.297 |
| Diluted Shares Outstanding | 16,325.82 |
| Cost of Debt | |
| Tax Rate | 16.20 |
| After-tax Cost of Debt | 2.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.650 |
| Total Debt | 120,069 |
| Total Equity | 2,584,050.63 |
| Total Capital | 2,704,119.63 |
| Debt Weighting | 4.44 |
| Equity Weighting | 95.56 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 265,595 | 260,174 | 274,515 | 365,817 | 394,328 | 438,220.82 | 486,999.37 | 541,207.49 | 601,449.53 | 668,397.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 77,434 | 69,391 | 80,674 | 104,038 | 122,151 | 126,760.32 | 140,870.07 | 156,550.38 | 173,976.07 | 193,341.43 |
| Capital Expenditure | -13,313 | -10,495 | -7,309 | -11,085 | -10,708 | -15,297.92 | -17,000.74 | -18,893.10 | -20,996.10 | -23,333.18 |
| Free Cash Flow | 64,121 | 58,896 | 73,365 | 92,953 | 111,443 | 111,462.40 | 123,869.33 | 137,657.28 | 152,979.98 | 170,008.24 |
| WACC | ||||||||||
| PV LFCF | 101,969.08 | 103,667.83 | 105,394.88 | 107,150.70 | 108,935.77 | |||||
| SUM PV LFCF | 527,118.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.31 |
| Free cash flow (t + 1) | 173,408.41 |
| Terminal Value | 2,372,208.06 |
| Present Value of Terminal Value | 1,520,034.01 |
Intrinsic Value
| Enterprise Value | 2,047,152.27 |
|---|---|
| Net Debt | 96,423 |
| Equity Value | 1,950,729.27 |
| Shares Outstanding | 16,325.82 |
| Equity Value Per Share | 119.49 |