Financial Modeling (AAPL)

Revenue

274,515.0365,817.0394,328.0383,295.9405,917.8431,478.7458,649.1487,530.5

Revenue % Chg.

5.5%33.3%7.8%

EBIT

66,288.0108,949.0119,437.0113,124.5120,944.4128,851.6136,965.4145,590.2

EBIT Margin

24.1%29.8%30.3%

Tax Rate

14.4%13.3%16.2%

NOPAT

56,723.994,456.4100,083.096,042.7101,653.8108,434.5115,262.7122,520.8

NOPAT Margin

20.7%25.8%25.4%25.1%25.0%25.1%25.1%25.1%

D&A

11,056.011,284.011,104.011,804.111,911.512,599.413,392.814,236.2

D&A / Revenue

4.0%3.1%2.8%

Capex

-7,309.0-11,085.0-10,708.0-11,605.8-12,047.6-12,700.1-13,499.8-14,349.9

Capex / Revenue

-2.7%-3.0%-2.7%

Chg. NWC

5,690.0-4,911.01,200.01,321.81,399.91,488.01,581.71,681.3

Chg. NWC / Revenue

2.1%-1.3%0.3%

Unlevered FCF (UFCF)

66,160.989,744.4101,679.097,562.9102,917.5109,821.8116,737.4124,088.4

UFCF % Chg.

26.5%35.6%13.3%-4.0%5.5%6.7%6.3%6.3%

PV of UFCF

88,320.084,340.981,472.678,398.475,440.2

Sum of PV of UFCF

88,320.0172,660.8254,133.4332,531.9407,972.1
Cost of Debt
Tax Rate
After Tax Cost of Debt1.9%
Risk Free Rate
Market Risk Premium
Beta1.3
Cost of Equity10.9%
Total Debt132,480.0
Market Cap2,719,262.0
Total Capital2,851,742.0
Debt Weighting4.6%
Equity Weighting95.4%
WACC10.5%
Exit Multiple EV/FCF
Terminal Value3,007,809.9
PV of Terminal Value1,655,375.4
Cumulative PV of UFCF407,972.1
Net Debt-57,263.0
Equity Value2,120,610.4
Shares Outstanding15,634.2
Implied Share Price135.6
Current Share Price173.9
Implied Upside / (Downside)-22.0%