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 | 387,412.7 | 411,159.9 | 435,337.7 | 435,337.7 | 435,337.7 |
Revenue % Chg. | 33.3% | 7.8% | -2.8% | |||||
EBIT | 108,949.0 | 119,437.0 | 114,301.0 | 119,924.4 | 127,184.6 | 135,723.8 | 135,723.8 | 135,723.8 |
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 | 100,936.4 | 107,078.9 | 115,259.7 | 115,259.7 | 115,259.7 |
NOPAT Margin | 25.8% | 25.4% | 25.4% | 26.1% | 26.0% | 26.5% | 26.5% | 26.5% |
D&A | 11,284.0 | 11,104.0 | 11,519.0 | 11,471.2 | 12,002.1 | 13,248.6 | 13,248.6 | 13,248.6 |
D&A / Revenue | 3.1% | 2.8% | 3.0% | |||||
Capex | -11,085.0 | -10,708.0 | -10,959.0 | -10,367.5 | -10,985.6 | -10,938.4 | -10,938.4 | -10,938.4 |
Capex / Revenue | -3.0% | -2.7% | -2.9% | |||||
Chg. NWC | -4,911.0 | 1,200.0 | -6,577.0 | -3,556.6 | -3,774.6 | -3,996.6 | -3,996.6 | -3,996.6 |
Chg. NWC / Revenue | -1.3% | 0.3% | -1.7% | |||||
Unlevered FCF (UFCF) | 89,744.4 | 101,679.0 | 91,459.9 | 98,483.4 | 104,320.7 | 113,573.4 | 113,573.4 | 113,573.4 |
UFCF % Chg. | 35.6% | 13.3% | -10.1% | 7.7% | 5.9% | 8.9% | — | — |
PV of UFCF | — | — | — | 88,968.3 | 85,136.4 | 83,732.3 | 75,642.4 | 68,334.1 |
Sum of PV of UFCF | — | — | — | 88,968.3 | 174,104.6 | 257,837.0 | 333,479.4 | 401,813.5 |
Cost of Debt | |
Tax Rate | |
After Tax Cost of Debt | 2.6% |
Risk Free Rate | |
Market Risk Premium | |
Beta | 1.3 |
Cost of Equity | 11.1% |
Total Debt | 123,930.0 |
Market Cap | 2,614,310.5 |
Total Capital | 2,738,240.5 |
Debt Weighting | 4.5% |
Equity Weighting | 95.5% |
WACC | 10.7% |
Exit Multiple EV/FCF | |
Terminal Value | 2,549,775.5 |
PV of Terminal Value | 1,385,910.3 |
Cumulative PV of UFCF | 401,813.5 |
Net Debt | -64,535.0 |
Equity Value | 1,852,258.9 |
Shares Outstanding | 15,441.9 |
Implied Share Price | 120.0 |
Current Share Price | 169.3 |
Implied Upside / (Downside) | -29.1% |