Discounted Cash Flow (DCF) Analysis Unlevered

Apple Inc. (AAPL)

$ 156.81

-5.13 (-3.17%)

Stock DCF: 389.83 | 156.81 | undervalue

Operating Data

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 (%)
EBITDA	76,569	87,046	81,860	81,020	123,136	133,126.67	150,630.28	170,435.28	192,844.26	218,199.59
EBITDA (%)
EBIT	66,412	76,143	69,313	69,964	111,852	116,180.52	131,456.03	148,739.99	168,296.45	190,424.21
EBIT (%)
Depreciation	10,157	10,903	12,547	11,056	11,284	16,946.15	19,174.25	21,695.29	24,547.81	27,775.38
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	74,181	66,301	100,557	90,943	62,639	121,049.53	136,965.23	154,973.54	175,349.59	198,404.71
Total Cash (%)
Account Receivables	35,673	48,995	45,804	37,445	51,506	65,675.36	74,310.41	84,080.81	95,135.82	107,644.36
Account Receivables (%)
Inventories	4,855	3,956	4,106	4,061	6,580	7,006.45	7,927.66	8,970	10,149.38	11,483.83
Inventories (%)
Accounts Payable	49,049	55,888	46,236	42,296	54,763	74,991.66	84,851.63	96,007.99	108,631.20	122,914.13
Accounts Payable (%)
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 (%)

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

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
EBITDA	76,569	87,046	81,860	81,020	123,136	133,126.67	150,630.28	170,435.28	192,844.26	218,199.59
EBIT	66,412	76,143	69,313	69,964	111,852	116,180.52	131,456.03	148,739.99	168,296.45	190,424.21
Tax Rate	24.56%	18.34%	15.94%	14.43%	13.30%	17.31%	17.31%	17.31%	17.31%	17.31%
EBIAT	50,103.55	62,176.71	58,261.85	59,869.48	96,973.16	96,064.35	108,694.97	122,986.28	139,156.62	157,453.05
Depreciation	10,157	10,903	12,547	11,056	11,284	16,946.15	19,174.25	21,695.29	24,547.81	27,775.38
Accounts Receivable	-	-13,322	3,191	8,359	-14,061	-14,169.36	-8,635.05	-9,770.40	-11,055.02	-12,508.54
Inventories	-	899	-150	45	-2,519	-426.45	-921.21	-1,042.34	-1,179.38	-1,334.45
Accounts Payable	-	6,839	-9,652	-3,940	12,467	20,228.66	9,859.97	11,156.36	12,623.21	14,282.92
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
UFCF	47,465.55	54,182.71	53,702.85	68,080.48	93,059.15	101,821.26	109,139.05	123,488.74	139,725.15	158,096.33
WACC
PV UFCF						95,222.35	95,451.12	101,001.69	106,875.04	113,089.93
SUM PV UFCF										511,640.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.93
Free cash flow (t + 1)	166,001.15
Terminal Value	8,601,095.63
Present Value of Terminal Value	6,152,561.19

Intrinsic Value

Enterprise Value	6,664,201.34
Net Debt	89,779
Equity Value	6,574,422.34
Shares Outstanding	16,864.92
Equity Value Per Share	389.83