Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)

$181.035

-1.59 (-0.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.94 | 181.035 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 260,174274,515365,817394,328383,285425,220.97471,745.24523,359.82580,621.65644,148.62
Revenue (%)
EBITDA 76,47777,344120,233130,541125,820132,981.68147,531.47163,673.18181,580.99201,448.13
EBITDA (%)
EBIT 63,93066,288108,949119,437114,301117,881.34130,778.97145,087.76160,962.10178,573.28
EBIT (%)
Depreciation 12,54711,05611,28411,10411,51915,100.3416,752.5018,585.4220,618.8922,874.84
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 100,55790,94362,63948,30461,55599,681.24110,587.56122,687.17136,110.61151,002.74
Total Cash (%)
Account Receivables 45,80437,44551,50660,93260,98565,219.1472,354.8980,271.3989,054.0498,797.61
Account Receivables (%)
Inventories 4,1064,0616,5804,9466,3316,601.377,323.648,124.949,013.9010,000.13
Inventories (%)
Accounts Payable 46,23642,29654,76364,11562,61168,667.6176,180.6784,515.7593,762.78104,021.56
Accounts Payable (%)
Capital Expenditure -10,495-7,309-11,085-10,708-10,959-13,012.86-14,436.62-16,016.16-17,768.52-19,712.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 181.035
Beta 1.312
Diluted Shares Outstanding 15,812.55
Cost of Debt
Tax Rate 14.72
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.489
Total Debt 111,088
Total Equity 2,862,624.45
Total Capital 2,973,712.45
Debt Weighting 3.74
Equity Weighting 96.26
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 260,174274,515365,817394,328383,285425,220.97471,745.24523,359.82580,621.65644,148.62
EBITDA 76,47777,344120,233130,541125,820132,981.68147,531.47163,673.18181,580.99201,448.13
EBIT 63,93066,288108,949119,437114,301117,881.34130,778.97145,087.76160,962.10178,573.28
Tax Rate 15.94%14.43%13.30%16.20%14.72%14.92%14.92%14.92%14.92%14.92%
EBIAT 53,737.1056,723.8694,456.32100,082.8897,476.84100,293.94111,267.30123,441.28136,947.23151,930.90
Depreciation 12,54711,05611,28411,10411,51915,100.3416,752.5018,585.4220,618.8922,874.84
Accounts Receivable -8,359-14,061-9,426-53-4,234.14-7,135.76-7,916.49-8,782.65-9,743.58
Inventories -45-2,5191,634-1,385-270.37-722.27-801.29-888.97-986.23
Accounts Payable --3,94012,4679,352-1,5046,056.617,513.068,335.089,247.0410,258.77
Capital Expenditure -10,495-7,309-11,085-10,708-10,959-13,012.86-14,436.62-16,016.16-17,768.52-19,712.61
UFCF 55,789.1064,934.8690,542.32102,038.8895,094.84103,933.53113,238.21125,627.83139,373.02154,622.10
WACC
PV UFCF 94,287.8893,195.1793,796.4694,401.6395,010.70
SUM PV UFCF 470,691.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.23
Free cash flow (t + 1) 160,806.98
Terminal Value 2,581,171.48
Present Value of Terminal Value 1,586,053.45

Intrinsic Value

Enterprise Value 2,056,745.29
Net Debt 81,123
Equity Value 1,975,622.29
Shares Outstanding 15,812.55
Equity Value Per Share 124.94