| Intrinsic Valuation of: AAPL | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $4,410B | |||||
| 2021 | $93B | - (-) | P/E Ratio | 36 | Total Asset | $359B | |||||
| 2022 | $111B | 19.9 (-) | Net Income | $112B | Total Debt | $78B | |||||
| 2023 | $100B | -10.6% (-8.1%) | EBITDA | $145B | Total Liab | $286B | |||||
| 2024 | $109B | 9.3% (7.1%) | Opr Margin | 31.97 | Debt/Equity | 1.06 | |||||
| 2025 | $99B | -9.2% (-14.7%) | PreTax Margin | 31.97 | BV/Share | 5 | |||||
| 5Y Average FCF | $102B | 2.5% (-5.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 9.26% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (2.5%) | ||||||||||
| 2026 | $102B | MBG Intrinsic Value | $74 | ||||||||
| 2027 | $105B | ||||||||||
| 2028 | $107B | ||||||||||
| 2029 | $110B | ||||||||||
| 2030 | $113B | ||||||||||
| 2031 | $116B | ||||||||||
| Terminal Value | $1,748B | Net Worth/Share | $5 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $1,509B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $36B | $100 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $78B | WACC | 7.3% | 123 | 132 | 143 | 156 | 174 | |||
| Equity Value | $1,467B | 8.3% | 104 | 110 | 118 | 126 | 137 | ||||
| Shares Outstanding | 14,687,356,000 | 9.3% | 90 | 95 | 100 | 106 | 113 | ||||
| 10.3% | 80 | 83 | 87 | 91 | 96 | ||||||
| DCF Intrinsic Value | $100 | 11.3% | 71 | 74 | 76 | 80 | 83 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||