Apple Inc.
NasdaqGS-AAPL
BUILD UP FREE CASH | 2021-09-25 (A) | 2022-09-24 (A) | 2023-09-30 (A) | 2024-09-30 (E) | 2025-09-30 (E) | 2026-09-30 (E) | 2027-09-30 (E) | 2028-09-30 (E) |
---|---|---|---|---|---|---|---|---|
Revenue | 365,817.0 | 394,328.0 | 383,285.0 | 387,212.0 | 410,736.8 | 438,681.2 | 438,681.2 | 438,681.2 |
Revenue % Chg. | 33.3% | 7.8% | -2.8% | |||||
EBIT | 108,949.0 | 119,437.0 | 114,301.0 | 120,473.0 | 128,055.2 | 137,471.5 | 137,471.5 | 137,471.5 |
EBIT Margin | 29.8% | 30.3% | 29.8% | |||||
Tax Rate | 13.3% | 16.2% | 14.7% | |||||
NOPAT | 94,456.4 | 100,083.0 | 97,476.9 | 101,363.0 | 107,852.0 | 116,331.4 | 116,331.4 | 116,331.4 |
NOPAT Margin | 25.8% | 25.4% | 25.4% | 26.2% | 26.3% | 26.5% | 26.5% | 26.5% |
D&A | 11,284.0 | 11,104.0 | 11,519.0 | 11,327.3 | 11,893.3 | 13,149.8 | 13,149.8 | 13,149.8 |
D&A / Revenue | 3.1% | 2.8% | 3.0% | |||||
Capex | -11,085.0 | -10,708.0 | -10,959.0 | -10,098.8 | -10,795.7 | -11,275.0 | -11,275.0 | -11,275.0 |
Capex / Revenue | -3.0% | -2.7% | -2.9% | |||||
Chg. NWC | -4,911.0 | 1,200.0 | -6,577.0 | -3,554.8 | -3,770.7 | -4,027.3 | -4,027.3 | -4,027.3 |
Chg. NWC / Revenue | -1.3% | 0.3% | -1.7% | |||||
Unlevered FCF (UFCF) | 89,744.4 | 101,679.0 | 91,459.9 | 99,036.8 | 105,178.9 | 114,179.0 | 114,179.0 | 114,179.0 |
UFCF % Chg. | 35.6% | 13.3% | -10.1% | 8.3% | 6.2% | 8.6% | — | — |
PV of UFCF | — | — | — | 89,618.8 | 86,126.1 | 84,604.8 | 76,559.3 | 69,278.9 |
Sum of PV of UFCF | — | — | — | 89,618.8 | 175,744.9 | 260,349.7 | 336,909.0 | 406,187.8 |
Cost of Debt | |
Tax Rate | |
After Tax Cost of Debt | 2.6% |
Risk Free Rate | |
Market Risk Premium | |
Beta | 1.3 |
Cost of Equity | 10.9% |
Total Debt | 123,930.0 |
Market Cap | 2,802,150.1 |
Total Capital | 2,926,080.1 |
Debt Weighting | 4.2% |
Equity Weighting | 95.8% |
WACC | 10.5% |
Exit Multiple EV/FCF | |
Terminal Value | 2,744,403.1 |
PV of Terminal Value | 1,506,834.3 |
Cumulative PV of UFCF | 406,187.8 |
Net Debt | -57,747.0 |
Equity Value | 1,970,769.1 |
Shares Outstanding | 15,334.1 |
Implied Share Price | 128.5 |
Current Share Price | 182.7 |
Implied Upside / (Downside) | -29.7% |