DCF Tool

AAPL

Apple Inc – Electronic Computer Manufacturing
Apple Inc. is an American multinational technology company headquartered in Cupertino, California. Apple is the worlds largest technology company by revenue, with US$394.3 billion in 2022 revenue. As of March 2023, Apple is the worlds biggest company by market capitalization.
Analysis Results
Intrinsic Value $112.06
Latest Price $175.47
Relative Value 57% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 105 95.0
2024 119 98.3
2025 136 102
2026 155 105
2027 176 109
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2220 billion. This corresponds to a present value of 1240 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 509 billion. Adding in the terminal value gives a total present value of 1750 billion.

There are presently 15.6 billion outstanding shares, so the intrinsic value per share is 112.06.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 135,405,000,000
Current Cash 48,304,000,000
Current Liabilities 153,982,000,000
Current Debt 21,110,000,000
Non-Cash Working Capital (NCWC) -45,771,000,000
Change in NCWC -8,100,000,000
EBIT 119,437,000,000
Tax Provision 19,300,000,000
Depreciation and Amortization 11,104,000,000
Capital Expenditure -10,708,000,000
Unlevered Free Cash Flow 92,378,877,097
Current Assets 134,836,000,000
Current Cash 62,639,000,000
Current Liabilities 125,481,000,000
Current Debt 15,613,000,000
Non-Cash Working Capital (NCWC) -37,671,000,000
Change in NCWC 1,182,000,000
EBIT 108,949,000,000
Tax Provision 14,527,000,000
Depreciation and Amortization 11,284,000,000
Capital Expenditure -11,085,000,000
Unlevered Free Cash Flow 95,837,319,832
Current Assets 143,713,000,000
Current Cash 90,943,000,000
Current Liabilities 105,392,000,000
Current Debt 13,769,000,000
Non-Cash Working Capital (NCWC) -38,853,000,000
Change in NCWC -11,637,000,000
EBIT 66,288,000,000
Tax Provision 9,680,000,000
Depreciation and Amortization 11,056,000,000
Capital Expenditure -7,309,000,000
Unlevered Free Cash Flow 48,833,858,162
Current Assets 162,819,000,000
Current Cash 100,557,000,000
Current Liabilities 105,718,000,000
Current Debt 16,240,000,000
Non-Cash Working Capital (NCWC) -27,216,000,000
Change in NCWC 3,864,000,000
EBIT 63,930,000,000
Tax Provision 10,481,000,000
Depreciation and Amortization 12,547,000,000
Capital Expenditure -10,495,000,000
Unlevered Free Cash Flow 59,653,105,131
Current Assets 131,339,000,000
Current Cash 66,301,000,000
Current Liabilities 116,866,000,000
Current Debt 20,748,000,000
Non-Cash Working Capital (NCWC) -31,080,000,000
Change in NCWC -3,203,000,000
EBIT 70,898,000,000
Tax Provision 13,372,000,000
Depreciation and Amortization 10,903,000,000
Capital Expenditure -13,313,000,000
Unlevered Free Cash Flow 52,280,760,723
Current Assets 128,645,000,000
Current Cash 74,181,000,000
Current Liabilities 100,814,000,000
Current Debt 18,473,000,000
Non-Cash Working Capital (NCWC) -27,877,000,000
Change in NCWC -190,000,000
EBIT 61,344,000,000
Tax Provision 15,738,000,000
Depreciation and Amortization 10,157,000,000
Capital Expenditure -12,795,000,000
Unlevered Free Cash Flow 43,452,075,270
Current Assets 106,869,000,000
Current Cash 67,155,000,000
Current Liabilities 79,006,000,000
Current Debt 11,605,000,000
Non-Cash Working Capital (NCWC) -27,687,000,000
Change in NCWC -5,853,000,000
EBIT 60,024,000,000
Tax Provision 15,685,000,000
Depreciation and Amortization 10,505,000,000
Capital Expenditure -13,548,000,000
Unlevered Free Cash Flow 35,787,511,829
Current Assets 89,378,000,000
Current Cash 41,601,000,000
Current Liabilities 80,610,000,000
Current Debt 10,999,000,000
Non-Cash Working Capital (NCWC) -21,834,000,000
Change in NCWC -8,148,000,000
EBIT 71,230,000,000
Tax Provision 19,121,000,000
Depreciation and Amortization 11,257,000,000
Capital Expenditure -11,247,000,000
Unlevered Free Cash Flow 44,309,833,137
Current Assets 68,531,000,000
Current Cash 25,077,000,000
Current Liabilities 63,448,000,000
Current Debt 6,308,000,000
Non-Cash Working Capital (NCWC) -13,686,000,000
Change in NCWC -2,768,000,000
EBIT 52,503,000,000
Tax Provision 13,973,000,000
Depreciation and Amortization 7,946,000,000
Capital Expenditure -9,813,000,000
Unlevered Free Cash Flow 34,151,035,375
Current Assets 73,286,000,000
Current Cash 40,546,000,000
Current Liabilities 43,658,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) -10,918,000,000
Change in NCWC -900,000,000
EBIT 48,999,000,000
Tax Provision 13,118,000,000
Depreciation and Amortization 6,757,000,000
Capital Expenditure -9,076,000,000
Unlevered Free Cash Flow 32,964,350,872
Current Assets 57,653,000,000
Current Cash 29,129,000,000
Current Liabilities 38,542,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) -10,018,000,000
Change in NCWC -1,084,000,000
EBIT 55,241,000,000
Tax Provision 14,030,000,000
Depreciation and Amortization 3,277,000,000
Capital Expenditure -9,402,000,000
Unlevered Free Cash Flow 34,133,335,473

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