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 | 387,088.9 | 410,967.1 | 438,938.9 | 438,938.9 | 438,938.9 |
Revenue % Chg. | 33.3% | 7.8% | -2.8% | |||||
EBIT | 108,949.0 | 119,437.0 | 114,301.0 | 120,484.3 | 128,018.6 | 137,672.0 | 137,672.0 | 137,672.0 |
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 | 101,311.6 | 107,821.2 | 116,501.1 | 116,501.1 | 116,501.1 |
NOPAT Margin | 25.8% | 25.4% | 25.4% | 26.2% | 26.2% | 26.5% | 26.5% | 26.5% |
D&A | 11,284.0 | 11,104.0 | 11,519.0 | 11,325.5 | 11,892.2 | 13,118.5 | 13,118.5 | 13,118.5 |
D&A / Revenue | 3.1% | 2.8% | 3.0% | |||||
Capex | -11,085.0 | -10,708.0 | -10,959.0 | -10,078.6 | -10,772.0 | -11,302.2 | -11,302.2 | -11,302.2 |
Capex / Revenue | -3.0% | -2.7% | -2.9% | |||||
Chg. NWC | -4,911.0 | 1,200.0 | -6,577.0 | -3,553.6 | -3,772.8 | -4,029.6 | -4,029.6 | -4,029.6 |
Chg. NWC / Revenue | -1.3% | 0.3% | -1.7% | |||||
Unlevered FCF (UFCF) | 89,744.4 | 101,679.0 | 91,459.9 | 99,004.9 | 105,168.6 | 114,287.9 | 114,287.9 | 114,287.9 |
UFCF % Chg. | 35.6% | 13.3% | -10.1% | 8.2% | 6.2% | 8.7% | — | — |
PV of UFCF | — | — | — | 89,684.5 | 86,299.3 | 84,953.7 | 76,956.1 | 69,711.4 |
Sum of PV of UFCF | — | — | — | 89,684.5 | 175,983.8 | 260,937.5 | 337,893.6 | 407,604.9 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.6% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1.3 |
| Cost of Equity | 10.7% |
| Total Debt | 123,930.0 |
| Market Cap | 2,931,949.9 |
| Total Capital | 3,055,879.9 |
| Debt Weighting | 4.1% |
| Equity Weighting | 95.9% |
| WACC | 10.4% |
| Exit Multiple EV/FCF | |
| Terminal Value | 2,874,202.9 |
| PV of Terminal Value | 1,588,113.3 |
| Cumulative PV of UFCF | 407,604.9 |
| Net Debt | -57,747.0 |
| Equity Value | 2,053,465.2 |
| Shares Outstanding | 15,441.9 |
| Implied Share Price | 133.0 |
| Current Share Price | 189.9 |
| Implied Upside / (Downside) | -30.0% |