Valuation project
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ValuationprojectApple.xlsxBalance sheet
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| Apple Inc (NMS: AAPL) | ||||||||||
| Exchange rate used is that of the Year End reported date | ||||||||||
| As Reported Annual Balance Sheet | ||||||||||
| Report Date | 09/24/2016 | 09/30/2017 | 09/29/2018 | 09/28/2019 | 09/26/2020 | |||||
| Currency | USD | USD | USD | USD | USD | |||||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | Not Qualified | Not Qualified | |||||
| Consolidated | Yes | Yes | Yes | Yes | Yes | |||||
| Scale | Thousands | Thousands | Thousands | Thousands | Thousands | |||||
| Cash & cash equivalents | 20484000 | 20484 | 20289000 | 20289 | 25913000 | 25913 | 48844000 | 48844 | 38016000 | 38016 |
| Marketable securities | 46671000 | 46671 | 53892000 | 53892 | 40388000 | 40388 | 51713000 | 51713 | 52927000 | 52927 |
| Accounts receivable, gross | 15807000 | 15807 | 17932000 | 17932 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Allowances | 53000 | 53 | 58000 | 58 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Accounts receivable, net | 15754000 | 15754 | 17874000 | 17874 | 23186000 | 23186 | 22926000 | 22926 | 16120000 | 16120 |
| Finished goods | 2132000 | 2132 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Inventories | 2132000 | 2132 | 4855000 | 4855 | 3956000 | 3956 | 4106000 | 4106 | 4061000 | 4061 |
| Deferred tax assets | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Vendor non-trade receivables | 13545000 | 13545 | 17799000 | 17799 | 25809000 | 25809 | 22878000 | 22878 | 21325000 | 21325 |
| Other current assets | 8283000 | 8283 | 13936000 | 13936 | 12087000 | 12087 | 12352000 | 12352 | 11264000 | 11264 |
| Total current assets | 106869000 | 106869 | 128645000 | 128645 | 131339000 | 131339 | 162819000 | 162819 | 143713000 | 143713 |
| Marketable securities | 170430000 | 170430 | 194714000 | 194714 | 170799000 | 170799 | 105341000 | 105341 | 100887000 | 100887 |
| Land & buildings | 10185000 | 10185 | 13587000 | 13587 | 16216000 | 16216 | 17085000 | 17085 | 17952000 | 17952 |
| Machinery, equipment, & internal-use software | 44543000 | 44543 | 54210000 | 54210 | 65982000 | 65982 | 69797000 | 69797 | 75291000 | 75291 |
| Leasehold improvements | 6517000 | 6517 | 7279000 | 7279 | 8205000 | 8205 | 9075000 | 9075 | 10283000 | 10283 |
| Gross property, plant & equipment | 61245000 | 61245 | 75076000 | 75076 | 90403000 | 90403 | 95957000 | 95957 | 103526000 | 103526 |
| Accumulated depreciation & amortization | 34235000 | 34235 | 41293000 | 41293 | 49099000 | 49099 | 58579000 | 58579 | 66760000 | 66760 |
| Property, plant & equipment, net | 27010000 | 27010 | 33783000 | 33783 | 41304000 | 41304 | 37378000 | 37378 | 36766000 | 36766 |
| Goodwill | 5414000 | 5414 | 5717000 | 5717 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Acquired intangible assets, net | 3206000 | 3206 | 2298000 | 2298 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Other non-current assets | 8757000 | 8757 | 10162000 | 10162 | 22283000 | 22283 | 32978000 | 32978 | 42522000 | 42522 |
| Total non-current assets | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 234386000 | 234386 | 175697000 | 175697 | 180175000 | 180175 |
| Total assets | 321686000 | 321686 | 375319000 | 375319 | 365725000 | 365725 | 338516000 | 338516 | 323888000 | 323888 |
| Accounts payable | 37294000 | 37294 | 49049000 | 49049 | 55888000 | 55888 | 46236000 | 46236 | 42296000 | 42296 |
| Accrued expenses | 22027000 | 22027 | 25744000 | 25744 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Deferred revenue | 8080000 | 8080 | 7548000 | 7548 | 7543000 | 7543 | 5522000 | 5522 | 6643000 | 6643 |
| Other current liabilities | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 32687000 | 32687 | 37720000 | 37720 | 42684000 | 42684 |
| Commercial paper | 8105000 | 8105 | 11977000 | 11977 | 11964000 | 11964 | 5980000 | 5980 | 4996000 | 4996 |
| Term debt | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 10260000 | 10260 | 8773000 | 8773 |
| Current portion of long-term debt | 3500000 | 3500 | 6496000 | 6496 | 8784000 | 8784 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Total current liabilities | 79006000 | 79006 | 100814000 | 100814 | 116866000 | 116866 | 105718000 | 105718 | 105392000 | 105392 |
| Deferred revenue | 2930000 | 2930 | 2836000 | 2836 | 2797000 | 2797 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Floating & fixed-rate notes | 78384000 | 78384 | 104021000 | 104021 | 104193000 | 104193 | 101679000 | 101679 | 106078000 | 106078 |
| Total debt | 78384000 | 78384 | 104021000 | 104021 | 104193000 | 104193 | 101679000 | 101679 | 106078000 | 106078 |
| Unamortized discount | -174000 | -174 | -225000 | -225 | -218000 | -218 | -224000 | -224 | -314000 | -314 |
| Hedge accounting fair value adjustments | 717000 | 717 | -93000 | -93 | -1456000 | -1456 | 612000 | 612 | 1676000 | 1676 |
| Less: current portion of long-term debt | 3500000 | 3500 | 6496000 | 6496 | 8784000 | 8784 | 10260000 | 10260 | 8773000 | 8773 |
| Term debt | 75427000 | 75427 | 97207000 | 97207 | 93735000 | 93735 | 91807000 | 91807 | 98667000 | 98667 |
| Long-term taxes payable | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 33589000 | 33589 | 29545000 | 29545 | 28170000 | 28170 |
| Deferred tax liabilities | 26019000 | 26019 | 31504000 | 31504 | 426000 | 426 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Other non-current liabilities | 10055000 | 10055 | 8911000 | 8911 | 11165000 | 11165 | 20958000 | 20958 | 26320000 | 26320 |
| Other non-current liabilities | 36074000 | 36074 | 40415000 | 40415 | 45180000 | 45180 | 50503000 | 50503 | 54490000 | 54490 |
| Total non-current liabilities | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 141712000 | 141712 | 142310000 | 142310 | 153157000 | 153157 |
| Total liabilities | 193437000 | 193437 | 241272000 | 241272 | 258578000 | 258578 | 248028000 | 248028 | 258549000 | 258549 |
| Common stock | 31251000 | 31251 | 35867000 | 35867 | 40201000 | 40201 | 45174000 | 45174 | 50779000 | 50779 |
| Retained earnings | 96364000 | 96364 | 98330000 | 98330 | 70400000 | 70400 | 45898000 | 45898 | 14966000 | 14966 |
| Cumulative foreign currency translation | -578000 | -578 | -354000 | -354 | -1055000 | -1055 | -1463000 | -1463 | -1375000 | -1375 |
| Unrecognized gains (losses) on derivative instruments | 38000 | 38 | -124000 | -124 | 810000 | 810 | 172000 | 172 | -877000 | -877 |
| Unrealized gains (losses) on marketable securities | 1174000 | 1174 | 328000 | 328 | -3209000 | -3209 | 707000 | 707 | 1846000 | 1846 |
| Accumulated other comprehensive income (loss) | 634000 | 634 | -150000 | -150 | -3454000 | -3454 | -584000 | -584 | -406000 | -406 |
| Total shareholders' equity | 128249000 | 128249 | 134047000 | 134047 | 107147000 | 107147 | 90488000 | 90488 | 65339000 | 65339 |
Income statement
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| Apple Inc (NMS: AAPL) | ||||||||||||||||
| Exchange rate used is that of the Year End reported date | ||||||||||||||||
| As Reported Annual Income Statement | ||||||||||||||||
| Report Date | 09/24/2016 | 09/30/2017 | 09/29/2018 | 09/28/2019 | 09/26/2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||
| Currency | USD | USD | USD | USD | USD | |||||||||||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | Not Qualified | Not Qualified | |||||||||||
| Consolidated | Yes | Yes | Yes | Yes | Yes | |||||||||||
| Scale | Thousands | Thousands | Thousands | Thousands | Thousands | |||||||||||
| Products | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 213883000 | 213883 | 220747000 | 220747 | ||||||
| Services | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 46291000 | 46291 | 53768000 | 53768 | 40% | 30% | 30% | 25% | ||
| Net sales | 215639000 | 215639 | 229234000 | 229234 | 265595000 | 265595 | 260174000 | 260174 | 274515000 | 274515 | 182122 | 254971 | 331462 | 430900 | 538625 | |
| Cost of sales - products | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 144996000 | 144996 | 151286000 | 151286 | ||||||
| Cost of sales - services | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 16786000 | 16786 | 18273000 | 18273 | ||||||
| Cost of sales | 131376000 | 131376 | 141048000 | 141048 | 163756000 | 163756 | 161782000 | 161782 | 169559000 | 169559 | ||||||
| Gross margin | 84263000 | 84263 | 88186000 | 88186 | 101839000 | 101839 | 98392000 | 98392 | 104956000 | 104956 | ||||||
| Research & development expense | 10045000 | 10045 | 11581000 | 11581 | 14236000 | 14236 | 16217000 | 16217 | 18752000 | 18752 | ||||||
| Selling, general & administrative expense | 14194000 | 14194 | 15261000 | 15261 | 16705000 | 16705 | 18245000 | 18245 | 19916000 | 19916 | ||||||
| Total operating expenses | 24239000 | 24239 | 26842000 | 26842 | 30941000 | 30941 | 34462000 | 34462 | 38668000 | 38668 | ||||||
| Operating income (loss) | 60024000 | 60024 | 61344000 | 61344 | 70898000 | 70898 | 63930000 | 63930 | 66288000 | 66288 | 27% | 49172.886 | 68842.0404 | 89494.65252 | 116343.048276 | 145428.810345 |
| Interest & dividend income | 3999000 | 3999 | 5201000 | 5201 | 5686000 | 5686 | 4961000 | 4961 | 3763000 | 3763 | ||||||
| Interest expense | 1456000 | 1456 | 2323000 | 2323 | 3240000 | 3240 | 3576000 | 3576 | 2873000 | 2873 | ||||||
| Other income (expense), net | -1195000 | -1195 | -133000 | -133 | -441000 | -441 | 422000 | 422 | -87000 | -87 | ||||||
| Other income/(expense), net | 1348000 | 1348 | 2745000 | 2745 | 2005000 | 2005 | 1807000 | 1807 | 803000 | 803 | ||||||
| Income (loss) before provision for income taxes | 61372000 | 61372 | 64089000 | 64089 | 72903000 | 72903 | 65737000 | 65737 | 67091000 | 67091 | 20% | |||||
| Current federal income tax expense (benefit) | 7652000 | 7652 | 7842000 | 7842 | 41425000 | 41425 | 6384000 | 6384 | 6306000 | 6306 | ||||||
| Deferred federal income tax expense (benefit) | 5043000 | 5043 | 5980000 | 5980 | -33819000 | -33819 | -2939000 | -2939 | -3619000 | -3619 | ||||||
| Total federal income tax expense (benefit) | 12695000 | 12695 | 13822000 | 13822 | 7606000 | 7606 | 3445000 | 3445 | 2687000 | 2687 | ||||||
| Current state income tax expense (benefit) | 990000 | 990 | 259000 | 259 | 551000 | 551 | 475000 | 475 | 455000 | 455 | ||||||
| Deferred state income tax expense (benefit) | -138000 | -138 | 2000 | 2 | 48000 | 48 | -67000 | -67 | 21000 | 21 | ||||||
| Total state income tax expense (benefit) | 852000 | 852 | 261000 | 261 | 599000 | 599 | 408000 | 408 | 476000 | 476 | ||||||
| Current foreign income tax expense (benefit) | 2105000 | 2105 | 1671000 | 1671 | 3986000 | 3986 | 3962000 | 3962 | 3134000 | 3134 | ||||||
| Deferred foreign income tax expense (benefit) | 33000 | 33 | -16000 | -16 | 1181000 | 1181 | 2666000 | 2666 | 3383000 | 3383 | ||||||
| Total foreign income tax expense (benefit) | 2138000 | 2138 | 1655000 | 1655 | 5167000 | 5167 | 6628000 | 6628 | 6517000 | 6517 | ||||||
| Provision for (benefit from) income taxes | 15685000 | 15685 | 15738000 | 15738 | 13372000 | 13372 | 10481000 | 10481 | 9680000 | 9680 | ||||||
| Net income (loss) | 45687000 | 45687 | 48351000 | 48351 | 59531000 | 59531 | 55256000 | 55256 | 57411000 | 57411 | 22% | 40066.796 | 56093.5144 | 72921.56872 | 94798.039336 | 118497.54917 |
| Weighted average shares outstanding - basic | 21883280 | 21883.28 | 20868968 | 20868.968 | 19821508 | 19821.508 | 18471336 | 18471.336 | 17352119 | 17352.119 | 17352.119 | |||||
| Weighted average shares outstanding - diluted | 22001124 | 22001.124 | 21006768 | 21006.768 | 20000436 | 20000.436 | 18595652 | 18595.652 | 17528214 | 17528.214 | 17528.214 | 17528 | 17528 | 17528 | 17528 | 17528 |
| Year end shares outstanding | 21344664 | 21344.664 | 20504804 | 20504.804 | 19019944 | 19019.944 | 17772944 | 17772.944 | 16976763 | 16976.763 | 16976.7630 | |||||
| Net earnings (loss) per share - basic | 2.088 | 0.002088 | 2.318 | 0.002318 | 3.003 | 0.003003 | 2.993 | 0.002993 | 3.31 | 0.00331 | 2.2858458939 | 3.2001842515 | 4.160239527 | 5.4083113851 | 6.7603892313 | |
| Net earnings (loss) per share - diluted | 2.078 | 0.002078 | 2.303 | 0.002303 | 2.978 | 0.002978 | 2.973 | 0.002973 | 3.28 | 0.00328 | ||||||
| Cash dividends declared per share | 0.545 | 0.000545 | 0.6 | 0.0006 | 0.68 | 0.00068 | 0.75 | 0.00075 | 0.795 | 0.000795 | ||||||
| Number of full time employees | 116000 | 116 | 123000 | 123 | 132000 | 132 | 137000 | 137 | 147000 | 147 | ||||||
| Number of common stockholders | 25641 | 25.641 | 25333 | 25.333 | 23710 | 23.71 | 23233 | 23.233 | 22797 | 22.797 | ||||||
| Foreign currency translation adjustments | 75000 | 75 | 224000 | 224 | -525000 | -525 | -408000 | -408 | 88000 | 88 |
Cash flow
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| Apple Inc (NMS: AAPL) | ||||||||||
| Exchange rate used is that of the Year End reported date | ||||||||||
| As Reported Annual Cash Flow | ||||||||||
| Report Date | 09/24/2016 | 09/30/2017 | 09/29/2018 | 09/28/2019 | 09/26/2020 | |||||
| Currency | USD | USD | USD | USD | USD | |||||
| Audit Status | Not Qualified | Not Qualified | Not Qualified | Not Qualified | Not Qualified | |||||
| Consolidated | Yes | Yes | Yes | Yes | Yes | |||||
| Scale | Thousands | Thousands | Thousands | Thousands | Thousands | |||||
| Net income (loss) | 45687000 | 45687 | 48351000 | 48351 | 59531000 | 59531 | 55256000 | 55256 | 57411000 | 57411 |
| Depreciation & amortization | 10505000 | 10505 | 10157000 | 10157 | 10903000 | 10903 | 12547000 | 12547 | 11056000 | 11056 |
| Share-based compensation expense | 4210000 | 4210 | 4840000 | 4840 | 5340000 | 5340 | 6068000 | 6068 | 6829000 | 6829 |
| Deferred income tax expense (benefit) | 4938000 | 4938 | 5966000 | 5966 | -32590000 | -32590 | -340000 | -340 | -215000 | -215 |
| Other adjustments | - | ERROR:#VALUE! | -166000 | -166 | -444000 | -444 | -652000 | -652 | -97000 | -97 |
| Accounts receivable, net | 1095000 | 1095 | -2093000 | -2093 | -5322000 | -5322 | 245000 | 245 | 6917000 | 6917 |
| Inventories | 217000 | 217 | -2723000 | -2723 | 828000 | 828 | -289000 | -289 | -127000 | -127 |
| Vendor non-trade receivables | -51000 | -51 | -4254000 | -4254 | -8010000 | -8010 | 2931000 | 2931 | 1553000 | 1553 |
| Other current & non-current assets | 1090000 | 1090 | -5318000 | -5318 | -423000 | -423 | 873000 | 873 | -9588000 | -9588 |
| Accounts payable | 1791000 | 1791 | 9618000 | 9618 | 9175000 | 9175 | -1923000 | -1923 | -4062000 | -4062 |
| Deferred revenue | -1554000 | -1554 | -626000 | -626 | -44000 | -44 | -625000 | -625 | 2081000 | 2081 |
| Other current & non-current liabilities | -2104000 | -2104 | -154000 | -154 | 38490000 | 38490 | -4700000 | -4700 | 8916000 | 8916 |
| Net cash flows from operating activities | 65824000 | 65824 | 63598000 | 63598 | 77434000 | 77434 | 69391000 | 69391 | 80674000 | 80674 |
| Purchases of marketable securities | -142428000 | -142428 | -159486000 | -159486 | -71356000 | -71356 | -39630000 | -39630 | -114938000 | -114938 |
| Proceeds from maturities of marketable securities | 21258000 | 21258 | 31775000 | 31775 | 55881000 | 55881 | 40102000 | 40102 | 69918000 | 69918 |
| Proceeds from sales of marketable securities | 90536000 | 90536 | 94564000 | 94564 | 47838000 | 47838 | 56988000 | 56988 | 50473000 | 50473 |
| Payments made in connection with business acquisitions, net | -297000 | -297 | -329000 | -329 | -721000 | -721 | -624000 | -624 | -1524000 | -1524 |
| Purchases of non-marketable securities | - | ERROR:#VALUE! | - | ERROR:#VALUE! | -1871000 | -1871 | -1001000 | -1001 | -210000 | -210 |
| Proceeds from non-marketable securities | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 353000 | 353 | 1634000 | 1634 | 92000 | 92 |
| Payments for acquisition of property, plant & equipment | -12734000 | -12734 | -12451000 | -12451 | -13313000 | -13313 | -10495000 | -10495 | -7309000 | -7309 |
| Payment for acquisition of intangible assets | -814000 | -814 | -344000 | -344 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Payments for strategic investments | -1388000 | -1388 | -395000 | -395 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Other cash flow from investing activities | -110000 | -110 | 220000 | 220 | -745000 | -745 | -1078000 | -1078 | -791000 | -791 |
| Net cash flows from investing activities | -45977000 | -45977 | -46446000 | -46446 | 16066000 | 16066 | 45896000 | 45896 | -4289000 | -4289 |
| Proceeds from issuance of common stock | 495000 | 495 | 555000 | 555 | 669000 | 669 | 781000 | 781 | 880000 | 880 |
| Excess tax benefits from equity awards | 407000 | 407 | 627000 | 627 | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Payments for taxes related to net share settlement of equity awards | -1570000 | -1570 | -1874000 | -1874 | -2527000 | -2527 | -2817000 | -2817 | -3634000 | -3634 |
| Payments for dividends & dividend equivalents | -12150000 | -12150 | -12769000 | -12769 | -13712000 | -13712 | -14119000 | -14119 | -14081000 | -14081 |
| Repurchases of common stock | -29722000 | -29722 | -32900000 | -32900 | -72738000 | -72738 | -66897000 | -66897 | -72358000 | -72358 |
| Proceeds from issuance of term debt, net | 24954000 | 24954 | 28662000 | 28662 | 6969000 | 6969 | 6963000 | 6963 | 16091000 | 16091 |
| Repayments of term debt | -2500000 | -2500 | -3500000 | -3500 | -6500000 | -6500 | -8805000 | -8805 | -12629000 | -12629 |
| Proceeds from/(repayments of) commercial paper, net | -397000 | -397 | 3852000 | 3852 | -37000 | -37 | -5977000 | -5977 | -963000 | -963 |
| Other cash flows from financing activities | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | -105000 | -105 | -126000 | -126 |
| Net cash flows from financing activities | -20483000 | -20483 | -17347000 | -17347 | -87876000 | -87876 | -90976000 | -90976 | -86820000 | -86820 |
| Net increase (decrease) in cash, cash equivalents & restricted cash | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 24311000 | 24311 | -10435000 | -10435 |
| Cash, cash equivalents & restricted cash, beginning balances | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 25913000 | 25913 | 50224000 | 50224 |
| Cash, cash equivalents & restricted cash, ending balances | - | ERROR:#VALUE! | - | ERROR:#VALUE! | - | ERROR:#VALUE! | 50224000 | 50224 | 39789000 | 39789 |
| Increase (decrease) in cash & cash equivalents | -636000 | -636 | -195000 | -195 | 5624000 | 5624 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Cash & cash equivalents, beginning of the year | 21120000 | 21120 | 20484000 | 20484 | 20289000 | 20289 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Cash & cash equivalents, end of the year | 20484000 | 20484 | 20289000 | 20289 | 25913000 | 25913 | - | ERROR:#VALUE! | - | ERROR:#VALUE! |
| Cash paid (received) for income taxes, net | 10444000 | 10444 | 11591000 | 11591 | 10417000 | 10417 | 15263000 | 15263 | 9501000 | 9501 |
| Cash paid for interest | 1316000 | 1316 | 2092000 | 2092 | 3022000 | 3022 | 3423000 | 3423 | 3002000 | 3002 |
Ratios
| 2016 | 2017 | 2018 | 2019 | 2020 | Average | Forcast Value | |
| P/E | 13.94 | 18.37 | 13.24 | 24.7 | 40.45 | 22.14 | 23 |
| EV/EBIT | 10.01 | 13.59 | 10.43 | 18.69 | 32.21 | 16.986 | 17 |
| EV/EBITDA | 8.58 | 11.79 | 9.12 | 15.82 | 27.82 | 14.626 | 15 |
| Forward P/E | 12.9 | 14.9 | 12.08 | 22.17 | 33.44 | 19.098 | 20 |
| Operating margin | 27.84% | 26.76% | 26.69% | 24.57% | 24.15% | 26.00% | 27% |
| Depreciation/Sales | |||||||
| Net PPE/Sales | 0.0295462279 | 0.0283175512 | -0.0150899014 | 0.0142579592 | 14% | ||
| NWC/Sales | |||||||
| Tax rate | 25.60% | 24.60% | 18.30% | 15.90% | 14.40% | 19.76% | 20% |
| net profit margin | 21.20% | 21.10% | 22.40% | 21.20% | 20.90% | 21.36% | 22% |
| EPS | 2.08% | 2.30% | 2.98% | 2.97% | 3.28% | ||
| Retention ratio | |||||||
| Beta | 1.22 | ||||||
| 10-year T-notes Yield | 1.48% | ||||||
| Market Risk premium | 6% | ||||||
| Cost of Equity | 8.19% | ||||||
| Share price | 146.55 | ||||||
| # of shares outstanding | 17528 | ||||||
| MV of equity | 2,568,759.76 | ||||||
| Cost of Debt | 3.50% | ||||||
| MV of long term debt | 98667 | ||||||
| Tax Rate | 20% | ||||||
| WACC | 7.99% |
Valuation
| Current P/E multiple | 23 | ||||
| Forward P/E multiple | 20 | ||||
| Supergrwoth Rate | 20% | ||||
| EV/EBIT multiple | |||||
| Stock Price as of 10/18/2021 | 146.55 | ||||
| P/E Ratio | 2021 | 2022 | |||
| Current | 52.5744555606 | ||||
| Forward | 64.0036850303 | ||||
| EV/EBIT OR EV/EBITDA | |||||
| EV | 835939.062 | ||||
| MV of debt | 737272.062 | ||||
| # of share outstanding | 17528 | ||||
| Share price | 42.06202 | ||||
| Free Cash Flow | |||||
| Long-term Growth rate | |||||
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Year | 1 | 2 | 3 | 4 | 5 |
| EBIT | 49172.886 | 68842.0404 | 89494.65252 | 116343.048276 | 145428.810345 |
| Tax | 20% | 20% | 20% | 20% | 20% |
| EBIT * (1- tax) (NOPAT) | 39338.3088 | 55073.63232 | 71595.722016 | 93074.4386208 | 116343.048276 |
| Depreciation & Amortization | |||||
| Net Cap Exp. | |||||
| Net Working Capital | |||||
| Cash Flow from the firm | |||||
| WACC | |||||
| Terminal Value | |||||
| PV | |||||
| PV Total | |||||
| MV of debt | |||||
| mv of equity | |||||
| # of share outstanding | |||||
| Share price |
