Apple Inc. Website

Apple Inc.

NasdaqGS-AAPL

Revenue

365,817.0394,328.0383,285.0386,760.7412,893.3444,866.6444,866.6444,866.6

Revenue % Chg.

33.3%7.8%-2.8%

EBIT

108,949.0119,437.0114,301.0120,681.4129,538.2140,466.8140,466.8140,466.8

EBIT Margin

29.8%30.3%29.8%

Tax Rate

13.3%16.2%14.7%

NOPAT

94,456.4100,083.097,476.9101,535.0109,017.2118,782.2118,782.2118,782.2

NOPAT Margin

25.8%25.4%25.4%26.3%26.4%26.7%26.7%26.7%

D&A

11,284.011,104.011,519.011,326.311,917.813,089.613,089.613,089.6

D&A / Revenue

3.1%2.8%3.0%

Capex

-11,085.0-10,708.0-10,959.0-10,158.7-10,905.1-11,315.1-11,315.1-11,315.1

Capex / Revenue

-3.0%-2.7%-2.9%

Chg. NWC

-4,911.01,200.0-6,577.0-3,550.6-3,790.5-4,084.0-4,084.0-4,084.0

Chg. NWC / Revenue

-1.3%0.3%-1.7%

Unlevered FCF (UFCF)

89,744.4101,679.091,459.999,152.0106,239.4116,472.7116,472.7116,472.7

UFCF % Chg.

35.6%13.3%-10.1%8.4%7.1%9.6%

PV of UFCF

89,962.887,459.886,997.878,935.071,619.5

Sum of PV of UFCF

89,962.8177,422.6264,420.4343,355.4414,974.8
Cost of Debt
Tax Rate
After Tax Cost of Debt2.6%
Risk Free Rate
Market Risk Premium
Beta1.2
Cost of Equity10.5%
Total Debt123,930.0
Market Cap3,191,635.8
Total Capital3,315,565.8
Debt Weighting3.7%
Equity Weighting96.3%
WACC10.2%
Exit Multiple EV/FCF
Terminal Value3,133,888.8
PV of Terminal Value1,748,444.7
Cumulative PV of UFCF414,974.8
Net Debt-57,747.0
Equity Value2,221,166.5
Shares Outstanding15,334.1
Implied Share Price144.9
Current Share Price208.1
Implied Upside / (Downside)-30.4%