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|
| Discount free cash flow model |
| Apple Inc. |
| Date: | 2/24/16 |
| assumptions: |
| 3-year growth rate | 9.55% |
| discount rate (wacc) | 10.0% |
| discount factor | | 1.10 | 1.21 | 1.33 |
| | 2015 | 2016 | 2017 | 2018 | terminal value |
| free cash flow | $ 48.1 | $ 52.70 | $ 57.70 | $ 63.20 | $ 632.0 |
| growth rate | | 9.55% | 9.55% | 9.55% |
| discount factor | | 1.10 | 1.21 | 1.33 | 1.33 |
| Present value | | $ 47.9 | $ 47.7 | $ 47.5 | $ 474.8 |
| total firm value per share | | $ 617.9 | billions |
| debt | | $ 64.5 |
| cash | | $ 180.0 |
| total equity value | | $ 733.4 |
| shares outstanding | | $ 5.5 |
| equity value per share | | $133.3 |
| terminal value calculation: |
| using the 10 factor | $ 632.0 |
| Note: Red numbers indicate required inputs |
cvyney200
dcf_model_apple-2.xls
