Discounted Cash Flow (DCF) Analysis Levered

Apple Inc. (AAPL)

$152.42

-2.08 (-1.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 120.21 | 152.42 | overvalue

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 265,595260,174274,515365,817394,328438,220.82486,999.37541,207.49601,449.53668,397.15
Revenue (%)
Operating Cash Flow 77,43469,39180,674104,038122,151126,760.32140,870.07156,550.38173,976.07193,341.43
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 64,12158,89673,36592,953111,443111,462.40123,869.33137,657.28152,979.98170,008.24

Weighted Average Cost Of Capital

Share price $ 152.42
Beta 1.272
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 9.622
Total Debt 120,069
Total Equity 2,488,381.33
Total Capital 2,608,450.33
Debt Weighting 4.60
Equity Weighting 95.40
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 265,595260,174274,515365,817394,328438,220.82486,999.37541,207.49601,449.53668,397.15
Operating Cash Flow 77,43469,39180,674104,038122,151126,760.32140,870.07156,550.38173,976.07193,341.43
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 64,12158,89673,36592,953111,443111,462.40123,869.33137,657.28152,979.98170,008.24
WACC
PV LFCF 65,482.1266,597.3967,731.6568,885.2370,058.45
SUM PV LFCF 527,703.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.27
Free cash flow (t + 1) 173,408.41
Terminal Value 2,385,260.10
Present Value of Terminal Value 1,531,196.85

Intrinsic Value

Enterprise Value 2,058,900.66
Net Debt 96,423
Equity Value 1,962,477.66
Shares Outstanding 16,325.82
Equity Value Per Share 120.21