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Valuation Inputs
Trailing Twelve Month (TTM) Data High Growth Projections
Total revenue 260,170,000,000 Expected growth rate
Earnings Before Interest and Taxes 71,065,000,000 Length of high growth phase
Net working capital 57,100,000,000 Reinvestment rate
NWC as a % of revenue 21.95% Cost of Capital
Tax Rate

Present Value of Discounted Future Cash Flow

Period 1 2 3 4
Expected Growth Rate 7.52% 7.52% 7.52% 7.52%
Cumulated Growth 107.52% 115.61% 124.30% 133.65%
Reinvestment Rate 10.36% 10.36% 10.36% 10.36%
EBIT 76,409,088,000 82,155,051,418 88,333,111,284 94,975,761,253
Tax rate (for cash flow) 15.94% 16.95% 17.46% 17.96%
EBIT * (1 - tax rate) 64,229,479,373 68,228,127,101 72,911,916,716 77,914,315,501
CapEx-Depreciation 2,360,254,063 2,451,611,184 2,589,666,714 2,734,621,838
Chg. Working Capital 4,293,920,000 4,616,822,784 4,964,007,857 5,337,301,248
Free Cashflow to Firm 57,575,305,310 61,159,693,134 65,358,242,144 69,842,392,415
Cost of Capital 9.81% 9.81% 9.81% 9.81%
Cumulated Cost of Capital 1.10 1.21 1.32 1.45
Present Value 52,431,750,578 50,720,265,076 49,359,947,419 48,034,308,313

Valuation Results
Value at the end of growth phase 1,183,546,052,542

Present Value of FCFF in high growth phase = 431,442,659,661

Present Value of Terminal Value of Firm = 464,265,322,318
Value of operating assets of the firm = 895,707,981,979
Net debt 97,800,000,000 <<Input
Value of Equity 993,507,981,979
Total shares outstanding 4,650,000,000 <<Input
Value of equity per share 213.66
Current stock price 311.43 <<Input
% Under or Over valued -31.39%
 << Update Inputs (Current inputs are from AAPL)
Terminal Projections View AAPL's Current Stock Valuation
7.52% Expected growth rate 2.00%
10 Reinvestment rate 23.41%
10.36% Cost of capital 8.54%
9.81% Tax Rate 21.00%
15.94%

5 6 7 8 9
7.52% 6.42% 5.31% 4.21% 3.10%
143.70% 152.92% 161.04% 167.82% 173.02%
10.36% 12.97% 15.58% 18.19% 20.80%
102,117,938,499 108,669,825,433 114,442,366,560 119,258,101,345 122,959,872,811
18.47% 18.98% 19.48% 19.99% 20.49%
83,256,755,258 88,048,639,359 92,146,704,707 95,420,792,048 97,760,476,477
2,886,733,543 6,155,534,446 9,718,278,892 13,487,648,473 17,359,843,630
5,738,666,302 5,264,374,079 4,638,177,701 3,869,393,600 2,974,335,477
74,631,355,413 76,628,730,834 77,790,248,114 78,063,749,975 77,426,297,370
9.81% 9.81% 9.81% 9.81% 9.81%
1.60 1.75 1.93 2.11 2.32
46,742,492,970 43,705,921,697 40,404,702,730 36,924,470,605 33,351,200,196
date Inputs (Current inputs are from AAPL)
AAPL's Current Stock Valuation

10 Terminal Year
2.00%
176.49%
23.41%
125,419,070,267
21.00% 21.00%
99,081,065,511 101,062,686,821
21,218,937,455 22,266,683,357
1,975,939,981 1,392,091,628
75,886,188,075 77,403,911,836
9.81%
2.55
29,767,600,078