Financial Modeling (AAPL)

Revenue

365,817.0394,328.0383,285.0388,441.0412,833.9433,371.0433,371.0433,371.0

Revenue % Chg.

33.3%7.8%-2.8%

EBIT

108,949.0119,437.0114,301.0120,201.5127,746.5135,390.9135,390.9135,390.9

EBIT Margin

29.8%30.3%29.8%

Tax Rate

13.3%16.2%14.7%

NOPAT

94,456.4100,083.097,476.9101,126.5107,458.0114,709.9114,709.9114,709.9

NOPAT Margin

25.8%25.4%25.4%26.0%26.0%26.5%26.5%26.5%

D&A

11,284.011,104.011,519.011,469.012,024.513,328.013,328.013,328.0

D&A / Revenue

3.1%2.8%3.0%

Capex

-11,085.0-10,708.0-10,959.0-10,422.0-11,121.4-10,922.9-10,922.9-10,922.9

Capex / Revenue

-3.0%-2.7%-2.9%

Chg. NWC

-4,911.01,200.0-6,577.0-3,566.0-3,790.0-3,978.5-3,978.5-3,978.5

Chg. NWC / Revenue

-1.3%0.3%-1.7%

Unlevered FCF (UFCF)

89,744.4101,679.091,459.998,607.4104,571.2113,136.5113,136.5113,136.5

UFCF % Chg.

35.6%13.3%-10.1%7.8%6.0%8.2%-0.0%

PV of UFCF

89,261.085,687.283,918.775,964.668,764.3

Sum of PV of UFCF

89,261.0174,948.2258,867.0334,831.5403,595.9
Cost of Debt
Tax Rate
After Tax Cost of Debt2.6%
Risk Free Rate
Market Risk Premium
Beta1.3
Cost of Equity10.8%
Total Debt123,930.0
Market Cap2,774,288.3
Total Capital2,898,218.3
Debt Weighting4.3%
Equity Weighting95.7%
WACC10.5%
Exit Multiple EV/FCF
Terminal Value2,709,753.3
PV of Terminal Value1,490,878.9
Cumulative PV of UFCF403,595.9
Net Debt-64,535.0
Equity Value1,959,009.7
Shares Outstanding15,441.9
Implied Share Price126.9
Current Share Price179.7
Implied Upside / (Downside)-29.4%