1

Financial statement model for Apple

$ mm except per share

GENERAL INFORMATION
Company name Apple
Ticker AAPL NOTE: Circularity should always be set "ON".
Share price as of last close $604.86 Please refer to the comment for further details
Latest closing share price date 5/19/2014
Latest fiscal year end date 9/30/2013
Circularity ON/BREAK ON (Default)
Select an operating scenario 2

INCOME STATEMENT
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Net sales 108,249 156,508 170,910 179,349 188,348 196,789 206,473 217,602
Cost of sales 64,431 87,846 106,606 111,914 117,529 122,796 128,839 135,784
Gross profit 43,818 68,662 64,304 67,435 70,819 73,993 77,634 81,818
Research and development 2,429 3,381 4,475 4,663 4,897 5,117 5,368 5,658
Selling, general and administrative 7,599 10,040 10,830 11,299 11,866 12,398 13,008 13,709
Other operating income/(expense) - - - - - - - -
Operating profit (EBIT) 33,790 55,241 48,999 51,473 54,056 56,478 59,258 62,452
Interest income (financial income) 519 1,088 1,616 1,563 1,684 1,910 2,250 2,598
Interest expense - - 136 329 329 317 317 252
Other expense 104 566 324 324 324 324 324 324
Gain/(loss) from affiliates - - - - - - - -
Pretax profit 34,205 55,763 50,155 52,383 55,086 57,748 60,867 64,474
Taxes 8,283 14,030 13,118 13,724 14,322 15,014 15,825 16,763
Minority interest expense (enter as -) - - - - - - - -
Net income (after minority interest) 25,922 41,733 37,037 38,658 40,764 42,733 45,041 47,711

Number of weighted average shares (for computing basic EPS 924 935 925 886 859 847 847 847
Impact of dilutive securities on number of shares 12 11 6 6 6 6 6 6
Number of diluted shares for computing EPS 937 945 932 892 866 853 853 853
Impact of dilutive securities on income - - - 0 0 0 0 0

Basic EPS $28.05 $44.64 $40.03 $43.64 $47.44 $50.48 $53.21 $56.36
Diluted EPS $27.68 $44.15 $39.75 $43.33 $47.09 $50.11 $52.81 $55.94

Growth rates & margins

Net sales growth NA 44.6% 9.2% 4.9% 5.0% 4.5% 4.9% 5.4%
Gross profit margin as % of sales 40.5% 43.9% 37.6% 37.6% 37.6% 37.6% 37.6% 37.6%
R&D margin 2.2% 2.2% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%
SG&A margin 7.0% 6.4% 6.3% 6.3% 6.3% 6.3% 6.3% 6.3%
Tax rate 24.2% 25.2% 26.2% 26.2% 26.0% 26.0% 26.0% 26.0%

EBITDA reconciliation
EBIT 33,790 55,241 48,999 51,473 54,056 56,478 59,258 62,452
Depreciation & amortization 1,814 3,277 6,757 6,929 7,706 8,483 9,276 10,228
Stock based compensation 1,168 1,740 2,253 2,302 2,417 2,526 2,650 2,793
EBITDA 36,772 60,258 58,009 60,704 64,179 67,487 71,184 75,472

REVENUE BY SEGMENTS
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
Revenues by Product
iPhone 45,998 78,692 91,279 97,968 104,826 107,970 111,210 114,546
% growth 71.1% 16.0%
iPad 19,168 30,945 31,980 31,622 31,622 31,622 31,622 31,622
% growth 61.4% 3.3%
Mac 21,783 23,221 21,483 20,946 18,840 18,840 18,840 18,840
% growth 6.6% (7.5%)
iPod 7,453 5,615 4,411 3,275 2,728 2,319 1,971 1,675
% growth (24.7%) (21.4%)
iTunes / Software / Services 9,373 12,890 16,051 19,261 23,113 27,736 33,283 39,940
% growth 37.5% 24.5%
Accessories 4,474 5,145 5,706 6,277 7,218 8,301 9,546 10,978
% growth 15.0% 10.9%
Total 108,249 156,508 170,910 179,349 188,348 196,789 206,473 217,602
% growth 44.6% 9.2% 4.9% 5.0% 4.5% 4.9% 5.4%

Units
iPhone 72.293 125.046 150.257 167.987 179.746 185.139 190.693 196.414
% growth 73.0% 20.2% 11.8% 7.0% 3.0% 3.0% 3.0%
iPad 32.394 58.310 71.033 71.672 71.672 71.672 71.672 71.672
% growth 80.0% 21.8% 0.9% 0.0% 0.0% 0.0% 0.0%
Mac 16.735 18.158 16.341 15.932 15.327 15.327 15.327 15.327
% growth 8.5% (10.0%) (2.5%) (3.8%) 0.0% 0.0% 0.0%
iPod 42.620 35.165 26.379 19.784 16.817 14.294 12.150 10.328
% growth (17.5%) (25.0%) (25.0%) (15.0%) (15.0%) (15.0%) (15.0%)

12/26/2019 32
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
ASPs
iPhone 636.3 629.3 607.5 583.2 583.2 583.2 583.2 583.2
% growth (1.1%) (3.5%) (4.0%) 0.0% 0.0% 0.0% 0.0%
iPad 591.7 530.7 450.2 441.2 441.2 441.2 441.2 441.2
% growth (10.3%) (15.2%) (2.0%) 0.0% 0.0% 0.0% 0.0%
Mac 1,301.6 1,278.8 1,314.7 1,314.7 1,229.2 1,229.2 1,229.2 1,229.2
% growth (1.8%) 2.8% 0.0% (6.5%) 0.0% 0.0% 0.0%
iPod 174.9 159.7 167.2 165.5 162.2 162.2 162.2 162.2
% growth (8.7%) 4.7% (1.0%) (2.0%) 0.0% 0.0% 0.0%

iTunes / Software / Services 37.5% 24.5% 20.0% 20.0% 20.0% 20.0% 20.0%
Accessories 15.0% 10.9% 10.0% 15.0% 15.0% 15.0% 15.0%

BALANCE SHEET
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
Cash & equivalents ST & LT market. securities 121,251 146,761 156,731 170,207 200,675 236,175 268,200
Accounts receivable 10,930 13,102 13,758 14,449 15,096 15,839 16,693
Inventory 791 1,764 1,791 1,880 1,965 2,061 2,173
Other current assets (inc. non-trade receivables) 14,220 14,421 14,421 14,421 14,421 14,421 14,421
Deferred tax assets 2,583 3,453 3,453 3,453 3,453 3,453 3,453
Property, plant & equipment 15,452 16,597 19,685 22,382 24,571 26,224 27,310
Acquired intangible assets (inc. Goodwill) 5,359 5,756 4,706 3,721 2,888 2,282 1,848
Investment in affiliates - - - - - - -
Other non-current assets 5,478 5,146 5,146 5,146 5,146 5,146 5,146
Total assets 176,064 207,000 219,691 235,659 268,215 305,602 339,244

Accounts payable 21,175 22,367 22,689 24,472 25,569 26,827 28,273

Accrued expenses & def rev. (current & non-current) 20,015 23,916 23,853 23,920 23,811 23,951 23,936
Current portion of LT Debt - - - 2,500 - 6,000 -
Revolver (ST debt) - - - - - - -
Long term debt - 16,960 16,960 14,460 14,460 8,460 8,460
Deferred tax liabilities (DTLs) - - - - - - -
Other non-current liabilities 16,664 20,208 21,206 22,270 23,268 24,413 25,729
Bonus and welfare fund (for VN) - - - - - - -
Science and technology development fund (for VN) - - - - - - -
Total liabilities 57,854 83,451 84,709 87,622 87,108 89,650 86,398

Common stock / additional paid in capital 16,422 19,764 22,066 24,483 27,009 29,658 32,451
Treasury stock 0 0 0 0 0 0 0
Retained earnings / accumulated deficit 101,289 104,256 113,388 124,025 154,569 186,764 220,866
Other comprehensive income / (loss) 499 (471) (471) (471) (471) (471) (471)
Investment and development fund (for VN) - - - - - - -
Financial reserve fund (for VN) - - - - - - -
Other equity account - - - - - - -
Total equity 118,210 123,549 134,983 148,037 181,107 215,951 252,846

Minority interest - - 0 0 0 0 0

Balance check 0 0 0 0 0 0 0

Ratios
Net debt (negative means more cash than debt) (129,801) (139,771) (153,247) (186,215) (221,715) (259,740)
Asset turnover (Revenue / Total assets) 0.89x 0.84x 0.83x 0.78x 0.72x 0.67x
Net profit margin 21.7% 21.6% 21.6% 21.7% 21.8% 21.9%
Return on assets (ROA) 19.3% 18.1% 17.9% 17.0% 15.7% 14.8%
Return on book equity (ROE) 30.6% 29.9% 28.8% 26.0% 22.7% 20.4%

WORKING CAPITAL
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Account receivable
Beginning of period 13,102 13,758 14,449 15,096 15,839
Increases / (decreases) 656 690 648 743 854
End of period 10,930 13,102 13,758 14,449 15,096 15,839 16,693

1. Growth with net sales (default) 4.9% 5.0% 4.5% 4.9% 5.4%
2. Override 1: AR as % of sales 7.0% 7.7%
3. Override 2: Days sales outstanding (DSO) 25 days 28 days 28 days 28 days 28 days 28 days 28 days

Inventory
Beginning of period 1,764 1,791 1,880 1,965 2,061
Increases / (decreases) 27 90 84 97 111
End of period 791 1,764 1,791 1,880 1,965 2,061 2,173

1. Growth with Cost of sales 5.0% 5.0% 4.5% 4.9% 5.4%

2. Override: Inventory turnover 111.1x 60.4x 62.5x 62.5x 62.5x 62.5x 62.5x

Other current assets (incl. non-trade receivables)

Beginning of period 14,421 14,421 14,421 14,421 14,421
Increases / (decreases) - - - - -

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Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
End of period 14,220 14,421 14,421 14,421 14,421 14,421 14,421

1. Growth with revenue 4.9% 5.0% 4.5% 4.9% 5.4%

2. Override: absolute increases /(decreases) 0 0 0 0 0

Deferred tax assets (DTAs)

Beginning of period 3,453 3,453 3,453 3,453 3,453
Increases / (decreases) - - - - -
End of period 2,583 3,453 3,453 3,453 3,453 3,453 3,453

1. Growth with revenue 4.9% 5.0% 4.5% 4.9% 5.4%

2. Override: absolute increases /(decreases) 0 0 0 0 0

Account payable
Beginning of period 22,367 22,689 24,472 25,569 26,827
Increases / (decreases) 322 1,782 1,097 1,258 1,446
End of period 21,175 22,367 22,689 24,472 25,569 26,827 28,273

1. Growth with Cost sales 5.0% 5.0% 4.5% 4.9% 5.4%

2. Override 1: AP as of Cost of sales 24.1% 21.0%
3. Override 2: Days payable outstanding (DPO) 88 days 77 days 74 days 76 days 76 days 76 days 76 days

Accrued expenses & deferred rev. (current & non-current)

Beginning of period 23,916 23,853 23,920 23,811 23,951
Increases / (decreases) (63) 67 (109) 139 (15)
End of period 20,015 23,916 23,853 23,920 23,811 23,951 23,936

1. Growth with net sales (default) 4.9% 5.0% 4.5% 4.9% 5.4%
2. Override 1: as % of sales 12.8% 14.0% 13.3% 12.7% 12.1% 11.6% 11.0%

Deferred tax liabilities (DTLs)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

1. Growth with net sales (default) 4.9% 5.0% 4.5% 4.9% 5.4%
2. Override 1: absolute increases / (decreases) 0 0 0 0 0

INTANGIBLE ASSETS (INCL. GOODWILL)

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Beginning of period 5,756 4,706 3,721 2,888 2,282

Plus: Purchase of intangible assets (enter as +) 3192 1107 911 0 0 0 0 0
Less: Amortization (enter as -) (192) (605) (960) (1,050) (985) (833) (606) (434)
End of period 5,359 5,756 4,706 3,721 2,888 2,282 1,848

PROPERTY, PLANT & EQUIPMENT

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Beginning of period 16,597 19,685 22,382 24,571 26,224

Plus: Capital expenditure (Capex) (enter as +) 8,967 9,417 9,839 10,324 10,880
Less: Depreciation (enter as -) (2,672) (5,797) (5,879) (6,721) (7,650) (8,670) (9,794)
End of period 15,452 16,597 19,685 22,382 24,571 26,224 27,310

Capex (enter as +) 4,260 8,295 8,165 8,967 9,417 9,839 10,324 10,880
Capex as % of net sales 3.9% 5.3% 4.8% 5% 5% 5% 5% 5%

Existing PP&E
Gross PP&E 21,887 28,519
Non-depreciable PP&E (i.e. land) (enter as -) (1,200) (1,650)
Accumulated depreciation (enter as -) (6,435) (11,922)
Net PP&E (excl. land) 14,252 14,947

Average useful life 4.63

Override 5
Average useful life (final) 5

Deprecation from existing PP&E 4,982 3,986 2,989 1,993 996

Depreciation from CAPEX purchased in 2014 Mid-year adj. 0.5 897 1,793 1,793 1,793 1,793
Depreciation from CAPEX purchased in 2015 942 1,883 1,883 1,883
Depreciation from CAPEX purchased in 2016 984 1,968 1,968
Depreciation from CAPEX purchased in 2017 1,032 2,065
Depreciation from CAPEX purchased in 2018 1,088
Total depreciation from new CAPEX 897 2,735 4,661 6,677 8,798

Total depreciation 5,879 6,721 7,650 8,670 9,794

OTHER ASSETS / LIABILITIES / EQUITY

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P

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Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Other non current assets

Beginning of period 5,146 5,146 5,146 5,146 5,146
Increases / (decreases) - - - - -
End of period 5,478 5,146 5,146 5,146 5,146 5,146 5,146

1. Growth with revenue 4.9% 5.0% 4.5% 4.9% 5.4%

2. Override: absolute increase/(decrease) 0 0 0 0 0

Other non current liabilities

Beginning of period 20,208 21,206 22,270 23,268 24,413
Increases / (decreases) 998 1,064 998 1,145 1,316
End of period 16,664 20,208 21,206 22,270 23,268 24,413 25,729

1. Growth with revenue 4.9% 5.0% 4.5% 4.9% 5.4%

2. Override: absolute increase/(decrease)

Investments in affiliates (Equity method)

Beginning of period - - - - - -
Equity in income of affiliates - - - - - -
Dividends (enter as -) - 0 0 0 0 0
Net purchase (+)/sale (-) of affiliates 0 0 0 0 0
End of period - - - - - - -

Minority interest in balance sheet (Consolidation method)

Beginning of period - - - - -
Minority interest expense (+) - - - - -
Dividends (enter as -) 0 0 0 0 0
End of period - - - - - - -

Bonus and Welfare fund (for VN)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

1. Straightline % of Increase over Net income - - - - - -

2. Override: % of increase over net income 0.0% 0.0% 0.0% 0.0% 0.0%

Science and Technology development fund (for VN)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

1. Straightline % of Increase over Net income - - - - - -

2. Override: % of increase over net income 0.0% 0.0% 0.0% 0.0% 0.0%

Investment and Development Fund (for VN)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

1. Straightline % of Increase over Net income - - - - - -

2. Overide: % of increase over net income 0.0% 0.0% 0.0% 0.0% 0.0%

Financial Reserve Fund (for VN)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

1. Straightline % of Increase over Net income - - - - - -

2. Overide: % of increase over net income 0.0% 0.0% 0.0% 0.0% 0.0%

LONG TERM DEBT and CURRENT PORTION OF LTD

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Current portion of LTD - - - 2,500 - 6,000 -

Long term debt

Beginning of period 16,960 16,960 14,460 14,460 8,460
Reclassification of LTD to CP of LTD (enter as -) 0 (2,500) 0 (6,000) 0
Discretionary Additional borrowing / (pay down) of LTD 0 0 0 0 0
PIK accrual 0 0 0 0 0
End of period - 16,960 16,960 14,460 14,460 8,460 8,460

Total debt (excluding revolving debt) - 16,960 16,960 16,960 14,460 14,460 8,460

Interest expense on long term debt and CP of LTD - 136 329 329 317 317 252
Weighted average interest rate 1.6% 1.9% 1.9% 2.0% 2.2% 2.2%

% of interest expense paid in cash 100% 100% 100% 100% 100% 100%

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Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
% of interest expense accrues as PIK 0% 0% 0% 0% 0% 0%

CAPITAL STOCK
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Common stock and APIC

Beginning of period 19,764 22,066 24,483 27,009 29,658
Plus: new share issuances 831 665 530 0 0 0 0 0
Plus: Stock based compensation 2,302 2,417 2,526 2,650 2,793
Less: Treasury stock retired (enter as -) 0 0 0 0 0 0
End of period 16,422 19,764 22,066 24,483 27,009 29,658 32,451

Stock based compensation 1,168 1,740 2,253 2,302 2,417 2,526 2,650 2,793
SBC as % of all operating expenses 1.6% 1.7% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%

Treasury stock
Beginning of period 0 0 0 0 0
Less: Stock repurchases (enter as -) 0 0 (22,860) (18,500) (18,500) 0 0 0
Plus: Stocks retired 0 0 22,860 18,500 18,500 0 0 0
End of period 0 0 0 0 0 0 0

RETAINED EARNINGS & OCI

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Retained earnings
Beginning of period 104,256 113,388 124,025 154,569 186,764
Plus: Net income 38,658 40,764 42,733 45,041 47,711
Less: Common dividends (11,026) (11,627) (12,189) (12,847) (13,608)
Less: part of treasury stocks retired above common stocks & APIC (18,500) (18,500) - - -
Less: increase in Bonus and welfare fund (for VN) - - - - -
Less: increase in Science and technology development fund (for VN) - - - - -
Less: increase in Investment and development fund (for VN) - - - - -
Less: increase in Financial reserve fund (for VN) - - - - -
End of period 101,289 104,256 113,388 124,025 154,569 186,764 220,866

Net income 25,922 41,733 37,037 38,658 40,764 42,733 45,041 47,711
Common dividends (enter as -) 0 (2,488) (10,564) (11,026) (11,627) (12,189) (12,847) (13,608)
Dividend payout ratio 0.0% 6.0% 28.5% 28.5% 28.5% 28.5% 28.5% 28.5%

Other comprehensive income / (loss)

Beginning of period (471) (471) (471) (471) (471)
Plus: Income / (loss) 0 0 0 0 0
End of period 499 (471) (471) (471) (471) (471) (471)

CASH FLOW STATEMENT

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Net income 38,658 40,764 42,733 45,041 47,711

Plus: Depreciation and amortization 6,929 7,706 8,483 9,276 10,228
Plus: Stock based compensation 2,302 2,417 2,526 2,650 2,793
Less: Equity in income of affiliates (Plus: loss) 0 0 0 0 0
Plus: Minority interest expense 0 0 0 0 0
Less: change in Accounts receivable (656) (690) (648) (743) (854)
Less: change in Inventory (27) (90) (84) (97) (111)
Less: change in Other current assets (inc. non-trade receivables) 0 0 0 0 0
Less: change in Deferred tax assets (DTAs) 0 0 0 0 0
Plus: change in Accounts payable 322 1,782 1,097 1,258 1,446
Plus: change in Other payables & deferred revenues (current & non-current) (63) 67 (109) 139 (15)
Plus: change in Deferred tax liabilities (DTLs) 0 0 0 0 0
Less: change in Other non current assets 0 0 0 0 0
Plus: change in Other non current liabilities 998 1,064 998 1,145 1,316
Cash from operating activities 48,464 53,020 54,997 58,670 62,514

Capital expenditures (tangible assets) (8,967) (9,417) (9,839) (10,324) (10,880)

Purchases of intangible assets 0 0 0 0 0
Net Purchases of Investment in affiliates 0 0 0 0 0
Dividends from affiliates 0 0 0 0 0
Cash from investing activities (8,967) (9,417) (9,839) (10,324) (10,880)

Plus: Change in current portion of long term debt 0 2,500 (2,500) 6,000 (6,000)
Plus: change in Revolver 0 0 0 0 0
Plus: Change in long term debt 0 (2,500) 0 (6,000) 0
Plus: New share issuances 0 0 0 0 0
Less: Share repurchases (18,500) (18,500) 0 0 0
Less: Common dividends (11,026) (11,627) (12,189) (12,847) (13,608)
Less: Dividend paid to minority interest 0 0 0 0 0
Plus: change in Other comprehensive income 0 0 0 0 0
Plus: change in Other equity account 0 0 0 0 0
Cash from financing activities (29,526) (30,127) (14,689) (12,847) (19,608)

12/26/2019 32
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Net change in cash during period 9,970 13,476 30,468 35,500 32,025

MODEL PLUG: REVOLVER & CASH

Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Revolver (short term debt)

Beginning of period - - - - -
Increases / (decreases) - - - - -
End of period - - - - - - -

Maximum availability 15,549 16,329 17,061 17,900 18,865

Compliance check OK OK OK OK OK

Revolver needs analysis

Cash at Beginning of period 146,761 156,731 170,207 200,675 236,175
Plus: Cash flows generated during period from sources other than revolver 9,970 13,476 30,468 35,500 32,025
Less: Minimum cash balance as % of sales 2% 3,587 3,767 3,936 4,129 4,352
Equals: Cash available to paydown (needed to draw from) revolver 153,144 166,440 196,739 232,045 263,848

Interest rate on revolver 1.5% 1.5% 1.5% 1.5% 1.5%

Interest expense on revolver - - - - -

Cash (Cash + cash equivalents + ST & LT marketable securities)

Beginning of period 146,761 156,731 170,207 200,675 236,175
+ addition/- deduction 9,970 13,476 30,468 35,500 32,025
End of period 121,251 146,761 156,731 170,207 200,675 236,175 268,200

Interest rate on cash & ST+LT marketble securities 0.77% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03%
Interest income 1,563 1,684 1,910 2,250 2,598

SHARES OUTSTANDING
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Number of actual shares outstanding

Beginning of period 900 872 847 847 847
+ new shares issued 0 0 0 0 0
- shares repurchased (28) (26) 0 0 0
End of period 900 872 847 847 847 847

Consensus EPS $39.75 43.98 47.57 50.96 45.33 40.34

% change in EPS, year-over-year 10.6% 8.2% 7.1% -11.0% -11.0%
Average share price $604.86 $669.16 $723.79 $775.37 $689.70 $613.78

SENSITIVITY ANALYSIS

2014 EPS sensitivity

Net sales growth rate

$43.33 0.0% 2.5% 4.9% 7.5% 10.0%
Gross profit margin

38.5%
38.0%
37.6%
36.5%
36.0%
35.5%

Ipad unit growth

$43.33 0.0% 5.0% 10.0% 15.0% 20.0%
Iphone unit growth

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%

SCENARIO ANALYSIS
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018

Operating scenario: Base case

Net sales growth 4.9% 5.0% 4.5% 4.9% 5.4%

12/26/2019 32
Fiscal year 2011A 2012A 2013A 2014P 2015P 2016P 2017P 2018P
Fiscal year end date 9/30/2011 9/30/2012 9/30/2013 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018
Gross profit as % of sales 37.6% 37.6% 37.6% 37.6% 37.6%
R&D margin 2.6% 2.6% 2.6% 2.6% 2.6%
SG&A margin 6.3% 6.3% 6.3% 6.3% 6.3%

Net sales growth

Best case 10.0% 10.0% 10.0% 10.0% 10.0%
Base case 4.9% 5.0% 4.5% 4.9% 5.4%
Weak case 0.0% 0.0% 0.0% 0.0% 0.0%
Gross profit as % of sales
Best case 38.6% 38.6% 38.6% 38.6% 38.6%
Base case 37.6% 37.6% 37.6% 37.6% 37.6%
Weak case 36.6% 36.6% 36.6% 36.6% 36.6%
R&D margin
Best case 2.5% 2.5% 2.5% 2.5% 2.5%
Base case 2.6% 2.6% 2.6% 2.6% 2.6%
Weak case 3.3% 3.3% 3.3% 3.3% 3.3%
SG&A margin
Best case 6.0% 6.0% 6.0% 6.0% 6.0%
Base case 6.3% 6.3% 6.3% 6.3% 6.3%
Weak case 7.0% 7.0% 7.0% 7.0% 7.0%

12/26/2019 32
Discounted Cash Flow Model for Apple
Unlevered beta = Asset beta = Eq
General data (debt beta is assumed to be 0)
Share price as of last close $604.86 --> Asset beta = Equity beta*E/A O
Latest closing share price date 5/19/2014 With A = E+D*(1-t)
--> Asset beta = Equity beta*E/(E
Latest basic share count 861.38 --> Asset beta = Equity beta*1/(1
Case Base case Companies in a same industry are

Industry average Beta calculation

Observed b Share price Share count

MSFT 0.68 44.83 8,260.0
GOOG 1.14 589.47 675.9
AMZN 0.77 359.76 460.2
AAPL 0.93 $604.86 861.4

CAPM (Capital Asset Pricing Model): Cost of equity kE=Rf+beta*ERP with ERP=Equity Risk Premium=(RM-Rf+CRP)

Cost of equity
Observed beta 0.93
Select beta (observed or industry) Industry
Beta selected 0.88
Risk-Free Rate (Rf) (US) 2.4%
Equity Risk Premium 8.0%
Cost of equity 9.4%

Override
Cost of capital Capital structure (target)
Cost of debt before tax 2.0% D/V
Tax rate 26.0% E/V
Cost of debt after tax 1.5%
Use capital structure Current
D/V 3.2%
Cost of capital (WACC) 9.2%

FCFF=CFO+Net.Int.Exp*(1-t)-FCInv. (=Unlevered CFO-FCInv.)

=NI+all NCC-WCInv+Net.Int.Exp*(1-t)-FCInv.
=(EBIT-Net.Int.Exp)*(1-t)+NCC before EBIT-WCInv.+Net.Int.Exp*(1-t)-FCInv.
=EBIT*(1-t)+NCC-WCInv-FCInv.
=EBIAT+NCC-WCInv-FCInv.
PV of FCFF = Enterprise Value = Value from core business (not including excess cash and assets for
investments)

Free cash flow buildup

Fiscal year 2011A 2012A 2013A
Fiscal year end date 30/09/2011 30/09/2012 30/09/2013

EBITDA 36,772 60,258 58,009

 EBIT 33,790 55,241 48,999
Tax rate 24.2% 25.2% 26.2%
EBIAT (NOPAT) 25,607 41,342 36,183

Plus: Depreciation and amortization

Plus: Stock based compensation
Less: change in Accounts receivable
Less: change in Inventory
Less: change in Other current assets (inc. non-trade receivables)
Less: change in Deferred tax assets (DTAs)
Plus: change in Accounts payable
Plus: change in Other payables & deferred revenues (current & non-current)
Plus: change in Deferred tax liabilities (DTLs)
Less: change in Other non current assets
Plus: change in Other non current liabilities
Unlevered CFO (unlevered CFO=CFO+int*(1-t))
Less: Capital expenditures
Less: Purchases of intangible assets
FCFF (before adjustment for timing factor)
% growth
Assume the above cash flows are generated at: Throughout FY ("Throughout FY" = assuming CF generated at mid-ye
Timing adjustment factor (multiply FCFF by) 1.045x
FCFF at End of Fiscal Year
Discount number of years
Present value of Unlevered FCF

Computing Enterprise Value

Perpetuity approach Exit EBITDA multiple approach
Long term growth rate (g) 3.0% Terminal value EBITDA multiple
Normalized FCFFt+1 53,962 Terminal year EBITDA
Terminal value 871,791 Terminal value
Present value of terminal value 593,818 Present value of terminal value
Present value of stage 1 cash flows 188,833 Present value of stage 1 cash flows
Enterprise value (EV) 782,650 Enterprise value
Implied TV exit EBITDA multiple 11.6x Implied TV perpetual growth rate
Terminal value as % of EV 75.9% Terminal value as % of EV
Options / warrants data Equity Value and Fair Value per share
Number of exercisable options (mm) 2.40
Exercise price $157.93 Enterprise value
Current market price $604.86 Plus: Cash & marketable securities
Number of exercisable options in-the-money 2.40 Less: Trapped cash (enter as -)
Total proceeds ($mm) 379 Plus: Investment in affiliates
Number of shares repurchased (mm) 0.63 Less: Debt (ST+LT) (enter as -)
Number of shares issued (mm) 1.77 Less: Preferred stock (enter as -)
Less: Minority Interest (enter as -)
Basic shares outstanding 861.38 Equity value
Dilutuve impact of options/warrants 1.77 Diluted shares outstanding
Dilutive impact of shares from other securities 0 Equity value per share
Net diluted shares outstanding 863.15 Market premium / (discount) to fair va
Net Debt = Debt + Preferred stock + M
Investment in affiliates
 Net Debt = Debt + Preferred stock + M
Investment in affiliates
Sensitivity analysis

Equity value per share

Long term growth rate (g):
$1,040.23 2.00% 2.50%
12.2%
11.2%
WACC: 10.2%
9.2%
8.2%
7.2%

Equity value per share

Exit EBITDA Multiple
$903.18 7.25x 8.25x
12.2%
11.2%
WACC: 10.2%
9.2%
8.2%
7.2%

Equity value per share

Exit EBITDA Multiple
EBITDA % of plan $903.18 7.25x
80% 60,381
90% 67,928
100% 75,476
110% 83,023
120% 90,571
130% 98,119

Football field

1,250.0 $1,180.82
$1,022.31
1,050.0
850.0 $938.83 $604.59
650.0 $784.07
450.0
250.0 $393.78
 Low Diff. High
DCF Value at 7.25x-11.25x Exit EBITDA Range 784.1 238.2 1,022.3
DCF Value at 2.0%-4.0% Perpetuity Range 938.8 242.0 1,180.8
52 Week Market High/Low 393.78 210.8 604.59
 nlevered beta = Asset beta = Equity beta * E/A + Debt beta *D/A
debt beta is assumed to be 0)
> Asset beta = Equity beta*E/A OR Asset beta*A = Equity beta*E
With A = E+D*(1-t)
> Asset beta = Equity beta*E/(E+D*(1-t))
> Asset beta = Equity beta*1/(1+(D/E)*(1-t))
ompanies in a same industry are assumed to have similar asset beta.

Market cap Debt Tax rate Unlev. b Relev. b

370,296 23,473 18.0% 0.65 0.90
398,423 8,396 10.9% 1.12 0.88
165,551 3,147 31.8% 0.76 0.87
521,015 16,962 26.0% 0.91 0.88
Industry average unlevered beta 0.86

quity Risk Premium=(RM-Rf+CRP) with CRP=Sovereign spr* Multiplier

pital structure (target) Capital structure (current)

Share price as of last close
Latest basic share count
Market value of equity 521,015
Debt 16,962
D/V 3.2%
E/V 96.8%

Assets = Enterprise Value +

+ Cash (less trapped cash)
+ Marketable securities
+ Investment in affiliates
= Equity Value +
+ Debt + Preferred Stock
+ Minority Interest

2014P 2015P 2016P 2017P 2018P

30/09/2014 30/09/2015 30/09/2016 30/09/2017 30/09/2018

60,704 64,179 67,487 71,184 75,472

 51,473 54,056 56,478 59,258 62,452
26.2% 26.0% 26.0% 26.0% 26.0%
37,987 40,001 41,794 43,851 46,214

6,929 7,706 8,483 9,276 10,228

2,302 2,417 2,526 2,650 2,793
(656) (690) (648) (743) (854)
(27) (90) (84) (97) (111)
0 0 0 0 0
0 0 0 0 0
322 1,782 1,097 1,258 1,446
(63) 67 (109) 139 (15)
0 0 0 0 0
0 0 0 0 0
998 1,064 998 1,145 1,316
47,793 52,258 54,057 57,480 61,017
(8,967) (9,417) (9,839) (10,324) (10,880)
0 0 0 0 0
38,825 42,840 44,218 47,156 50,137
10.3% 3.2% 6.6% 6.3%
= assuming CF generated at mid-year)

40,570 44,766 46,205 49,275 52,390

0.37 1.37 2.37 3.37 4.37
39,282 39,696 37,522 36,648 35,686

t EBITDA multiple approach

minal value EBITDA multiple 9.25x
minal year EBITDA 75,472
minal value 698,121
sent value of terminal value 475,523
sent value of stage 1 cash flows 188,833
erprise value 664,355
plied TV perpetual growth rate 1.6%
minal value as % of EV 71.6%
uity Value and Fair Value per share
Perpetuity EBITDA
erprise value 782,650 664,355
s: Cash & marketable securities 150,589 150,589
s: Trapped cash (enter as -) (18,400) (18,400)
s: Investment in affiliates 0 0
s: Debt (ST+LT) (enter as -) (16,962) (16,962)
s: Preferred stock (enter as -) 0 0
s: Minority Interest (enter as -) 0 0
897,877 779,582
uted shares outstanding 863.154 863.154
uity value per share $1,040.23 $903.18
rket premium / (discount) to fair value (41.9%) (33.0%)
et Debt = Debt + Preferred stock + Minority Interest -Cash & marketable securities -
vestment in affiliates
et Debt = Debt + Preferred stock + Minority Interest -Cash & marketable securities -
vestment in affiliates

Equity value per share

Long term growth rate (g):
3.00% 3.50% 4.00% For g changes Diff:
Min 938.8 938.8
25% 962.3 23.47
50% #VALUE! 77.98
75% #VALUE! 102.32
Max 1,180.8 38.22
1,180.8

Equity value per share

Exit EBITDA Multiple For EBITDA multip Diff:
9.25x 10.25x 11.25x Min 784.1 784.1
25% 813.8 29.78
50% #VALUE! 89.34
75% #VALUE! 89.34
Max 1,022.3 29.78
1,022.3

Equity value per share

Exit EBITDA Multiple
8.25x 9.25x 10.25x
For drawing football field chart with
percentile rankings, but it's not
clearer and more informative, so it's
not recommended.
COMPARABLE COMPANY ANALYSIS INPUT

MARKET DATA INPUTS

($ in millions, except per share data)
Place target in first column

Hewlett-
Packard
Company name Apple Inc Google Inc. Company
Ticker AAPL GOOG HPQ
Date of latest quarter 29/Mar/2014 31/Mar/2014 30/Apr/2014
Date of latest fiscal year end (FYE) 28/Sep/2013 31/Dec/2013 31/Oct/2013
Latest quarter Q2 Q1 Select:
Stock price on current date $604.59 $528.86 $33.11
Share price date 19/May/14 19/May/14 19/May/14

SHARES DATA
Basic shares outstanding (mm) 861.38 674.46 1,916.00
Options exercisable
Diluted shares outstanding 861.38 674.46 1,916.00

INCOME STATEMENT DATA

LATEST FISCAL YEAR AAPL GOOG HPQ

28/Sep/13 31/Dec/13 31/Oct/13
Net sales $170,910 $59,825 $112,298
Cost of sales 106,606 25,858 86,380
Gross Profit 64,304 33,967 25,918
SG&A/Other operating expenses 15,305 20,001 18,787
Operating income (EBIT) 48,999 13,966 7,131
Nonoperating income / (expense) 1,156 530 (621)
Pretax income 50,155 14,496 6,510
Tax benefit / (expense) (13,118) (2,282) (1,397)
Net Income 37,037 12,214 5,113
Net income (loss) from discontinued operations 706
Diluted weighted average shares outstanding 931.66 398.14 1,950.00

Non-recurring exclusions
Excluded operating expense / (income)
Excluded nonoperating expense / (income)
Tax effect of Non-recurring exclusions

Normalized (Non-recurring) financials

EBIT $48,999 $13,966 $7,131
Depreciation and amortization expense 6,757 3,939 4,611
 EBITDA 55,756 17,905 11,742
Pretax income 50,155 14,496 6,510
Tax benefit / (expense) (13,118) (2,282) (1,397)
Normalized net income 37,037 12,214 5,113

Diluted EPS calculation (normalized)

Numerator adjustment $2,139
Denominator adjustment
Diluted EPS (normalized) $39.75 $36.05 $2.62

LATEST FISCAL YEAR QUARTERS AAPL GOOG HPQ

Actuals through: Q2 Q1 Select:
Date ending: 29/Mar/14 31/Mar/14 30/Apr/14
Net sales $103,240 $15,420 $55,463
Cost of sales 63,447 5,961 42,440
Gross Profit 39,793 9,459 13,023
SG&A/Other operating expenses 8,737 5,344 9,204
Operating income (EBIT) 31,056 4,115 3,819
Nonoperating income / (expense) 471 357 (337)
Pretax income 31,527 4,472 3,482
Tax benefit / (expense) (8,232) (822) (784)
Net Income 23,295 3,650 2,698
Net income (loss) from discontinued operations (198)
Diluted weighted average shares out. 890.49 685.21 1,922.00

Non-recurring exclusions
Excluded operating expense / (income)
Excluded nonoperating expense / (income)
Tax effect of Non-recurring exclusions

Normalized (Non-recurring) financials

EBIT 31,056 4,115 3,819
Depreciation and amortization expense 4,031 1,086 2,204
EBITDA 35,087 5,201 6,023
Pretax income 31,527 4,472 3,482
Tax benefit / (expense) (8,232) (822) (784)
Normalized net income 23,295 3,650 2,698

Diluted EPS calculation (normalized)

Numerator adjustment
Denominator adjustment
Diluted EPS (normalized) $26.16 $5.33 $1.40

LATEST FISCAL YEAR QUARTERS MINUS 1 YEAR AAPL GOOG HPQ

29/Mar/13 31/Mar/13 30/Apr/13
Net sales $98,115 $12,951 $55,941
Cost of sales 60,706 5,136 43,084
Gross Profit 37,409 7,815 12,857
SG&A/Other operating expenses 7,641 4,067 9,504
Operating income (EBIT) 29,768 3,748 3,353
Nonoperating income / (expense) 809 134 (372)
Pretax income 30,577 3,882 2,981
Tax benefit / (expense) (7,952) (354) (672)
Net Income 22,625 3,528 2,309
Net income (loss) from discontinued operations (182)
Diluted weighted average shares out. 946.63 673.33 1,952.00

Non-recurring exclusions
Excluded operating expense / (income)
Excluded nonoperating expense / (income)
Tax effect of Non-recurring exclusions

Normalized (Non-recurring) financials

EBIT 29,768 3,748 3,353
Depreciation and amortization expense 3,280 899 2,333
EBITDA 33,048 4,647 5,686
Pretax income 30,577 3,882 2,981
Tax benefit / (expense) (7,952) (354) (672)
Normalized net income 22,625 3,528 2,309

Diluted EPS calculation (normalized)

Numerator adjustment
Denominator adjustment
Diluted EPS (normalized) $23.90 $5.24 $1.18

BALANCE SHEET DATA

Data as of: 29/Mar/14 31/Mar/14 30/Apr/14

ST debt (incl. current portion of LT debt) $3,009 $5,396
LT debt 16,962 3,234 17,190
Noncontrolling interests 397
Preferred stock
Gross debt $16,962 $6,243 $22,983
Less: Cash & Cash equivalents (enter as -) (150,589) (59,379) (15,096)
Net debt ($133,627) ($53,136) $7,887

LONG TERM (5 YEAR) GROWTH RATE AAPL GOOG HPQ

Long-term growth rate 3.0% 3.0% 3.0%
Source for estimates:

SUMMARY
LAST TWELVE MONTHS (LTM) FINANCIALS AAPL GOOG HPQ
LTM ending date: 29/Mar/14 31/Mar/14 30/Apr/14
Revenues $176,035 $62,294 $111,820
EBITDA 57,795 18,459 12,079
EBIT 50,287 14,333 7,597
EPS $42.01 $36.14 $2.84

MARKET VALUATION AAPL GOOG HPQ

Share price $604.59 $528.86 $33.11
Diluted shares outstanding (mm) 861 674 1,916
Market capitalization (mm) 520,782 356,696 63,439
Net debt (133,627) (53,136) 7,887
Enterprise value (EV) 387,155 303,560 71,326

LTM MULTIPLES AAPL GOOG HPQ

EV / Revenues 2.2x 4.9x 0.6x
EV / EBITDA 6.7x 16.4x 5.9x
EV / EBIT 7.7x 21.2x 9.4x
P/E 14.4x 14.6x 11.6x

PE/LTG (PEG ratio) 4.8x 4.9x 3.9x

VALUATION MATRIX FOR AAPL

Low Median High

LTM EV / Revenues 0.6x 2.2x 4.9x

EV (Enterprise value=Multiple*LTM Revenue) 112,286 387,155 857,822
Equity value (=EV-Net debt) 245,913 520,782 991,449
Share price (=Equity value/share count) $285.49 $604.59 $1,151.00

LTM EV / EBITDA 5.9x 6.7x 16.4x

EV (Enterprise value=Multiple*LTM EBITDA) 341,276 387,155 950,444
Equity value (=EV-Net debt) 474,903 520,782 1,084,071
Share price (=Equity value/share count) $551.33 $604.59 $1,258.53

LTM EV / EBIT 7.7x 9.4x 21.2x

EV (Enterprise value=Multiple*LTM EBIT) 387,155 472,128 1,065,033
Equity value (=EV-Net debt) 520,782 605,755 1,198,660
Share price (=Equity value/share count) $604.59 $703.24 $1,391.56

LTM P/E 11.6x 14.4x 14.6x

Share price (=multiple*LTM EPS) $489.30 $604.59 $614.85

AVERAGE SHARE PRICE

FOOTBALL FIELD CHART

Methodologies Low Diff: High-Low High
LTM EV / Revenues $285.49 865.51 $1,151.00
LTM EV / EBITDA $551.33 707.20 $1,258.53
LTM EV / EBIT $604.59 786.97 $1,391.56
LTM P/E $489.30 125.54 $614.85

Comparable multiple methodologies

$1,391.56
$1,400
$1,258.53
$1,200 $1,151.00

$1,000

$800

$614.85
$600
$604.59
$551.33
$489.30
$400

$285.49
$200

$0
LTM EV / Revenues LTM EV / EBITDA LTM EV / EBIT LTM P/E
Select: Select: Select: Select: Select: Select: Select:

0.00 0.00 0.00 0.00 0.00 0.00 0.00

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

0 0 0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

0 0 0 0 0 0 0

0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0
 NM NM NM NM NM NM NM
NM NM NM NM NM NM NM
NM NM NM NM NM NM NM
NM NM NM NM NM NM NM

NM NM NM NM NM NM NM

Mean
Mean excl. target

2.6x 2.8x
452,421 485,054
586,048 618,681
$680.36 $718.24

9.7x 11.2x
559,625 645,860
693,252 779,487
$804.81 $904.93

8.3x 15.3x
419,202 768,581
552,829 902,208
$641.79 $1,047.40

13.6x 13.1x
$569.58 $552.08

$805.66
Comments

LTM = annual + latest current FY quarters - equivalent last FY quarters

Enter Non-recurring expenses as positive #, income as negative #

Enter Non-recurring expenses as positive #, income as negative #

Note: If your company has amortization related to bond discounts / premiums, do not include that in this line item. Such amor
Enter as a negative #
n this line item. Such amortization is accounted for in interest expense