| Intrinsic Valuation of: APP | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 12 | Market Cap | $168B | |||||
| 2021 | - | - (-) | P/E Ratio | 43 | Total Asset | $7B | |||||
| 2022 | $412M | - (-) | Net Income | $3B | Total Debt | $4B | |||||
| 2023 | $998M | 142.1% (270.3%) | EBITDA | $4B | Total Liab | $5B | |||||
| 2024 | $2B | 107.8% (18.7%) | Opr Margin | 75.75 | Debt/Equity | 1.65 | |||||
| 2025 | $4B | 90.2% (11.9%) | PreTax Margin | 71.98 | BV/Share | 1 | |||||
| 5Y Average FCF | $2B | 15.0% (100.3%) | |||||||||
| 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): | 14.00% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $4B | MBG Intrinsic Value | $104 | ||||||||
| 2027 | $4B | ||||||||||
| 2028 | $5B | ||||||||||
| 2029 | $5B | ||||||||||
| 2030 | $5B | ||||||||||
| 2031 | $5B | ||||||||||
| Terminal Value | $49B | Net Worth/Share | $7 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $40B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $128 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $4B | WACC | 12.0% | 147 | 151 | 157 | 163 | 169 | |||
| Equity Value | $39B | 12.5% | 140 | 144 | 149 | 154 | 160 | ||||
| Shares Outstanding | 305,732,000 | 13.0% | 133 | 137 | 141 | 146 | 151 | ||||
| 13.5% | 127 | 131 | 134 | 138 | 143 | ||||||
| DCF Intrinsic Value | $128 | 14.0% | 122 | 125 | 128 | 132 | 136 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||